ID: MRFR/CO/1016-HCR | February 2021 | Region: Global | 100 pages
Construction aggregate market was valued at USD 337.8 billion, and is expected to witness 5.4% CAGR during the forecast period.
The global construction aggregate market has witnessed a surge due to the growth of the construction industry over the past few years. Rapid infrastructural development coupled with business capital investments in emerging economies, such as China and India, have propelled the demand for the construction aggregates. The increasing government investments in road and railway projects are expected to support the sales prospects of construction aggregates, globally. Additionally, projects such as the expansion of new airport structures and remodeling of old airports will continue to fuel the demand for construction aggregates. Furthermore, the growing number of Special Economic Zones (SEZs) are also boosting the global construction aggregates market. Special Economic Zones (SEZs) are established to promote industrialization and economic growth through sustainable development. As per the Ministry of Commerce, SEZs can enjoy tax breaks, simplified procedures, flexible regulations and restrictions, exemption from customs and duties to promote the export of goods, foreign investment, employment opportunities, and develop infrastructure facilities, more effectively. Due to such government policies, the number of SEZs is growing, significantly, which in turn, propels the growth of the global market. Hence, in 2018, The base year considered for the study of the market, is 2018, and the forecast period for the global construction aggregate market is 2019 to 2024.
The global construction aggregate market has been segmented region-wise into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Asia-Pacific accounted for the largest market share of around 50% and is also expected to witness the fastest growth rate during the forecast period. This can be attributed to the booming construction industry in the residential, commercial, industrial, and infrastructure sectors, which is expected to contribute to the demand for construction aggregate market in the region.
North America accounted for the second largest market, which is anticipated to exhibit sustainable growth rate during the forecast period. Repair and renovation activities in the real estate industry and the commercial sector is projected to augment the demand for construction aggregates in the region.
The Key Players operating in the global market are LSR Group (Russia), HeidelbergCement AG (Germany), Martin Marietta Materials Inc. (US), Cemex SAB de CV ADR (Mexico), Vulcan Materials Company (US), CEPSA (Spain), CRH plc (Ireland), Adelaide Brighton Ltd (Australia), ROGERS GROUP INC. (US), and Eurocement Group.
The global construction aggregate market has been segmented based on material and application. On the basis of material, the global market is segmented into crushed stone, gravel, sand, M-sand, and others. On the basis of application, the global market is segmented as residential, commercial, industrial, and infrastructure.
On the basis of material, crushed stone accounted for the larger market share of around 37% in the overall construction aggregate market, which is also expected to witness the highest growth rate during the forecast period. This is because these stones are heavy commodities with low value, making it is more economical to use crushed stones in construction. These stones are mostly used in applications, such as road construction, paving blocks and concrete for sidewalks, driveways, patios, homes, and office buildings.
On the basis of application, in 2018, the infrastructure segment held the largest market share, which is also anticipated to witness highest growth rate in the global market. The construction industry in emerging economies such as China and India, has witnessed an investment inflow, owing to the numerous government initiatives to develop better infrastructure (heavy civil works, such as rail, road, dams, and irrigation canals). For instance, in India, the government has taken initiatives to establish Special Economic Zones (SEZs), which promote industrialization and economic growth. The Ministry of Commerce, India, has reduced the number of regulations and decreased the taxes to increase FDI and develop the infrastructure in the country.
Additionally, the residential segment is anticipated to witness significant growth in the global construction aggregate market, owing to the rapidly growing population coupled with rapid urbanization. This drastic change has further increased the need for residential buildings especially in emerging countries, such as China and India. Hence, global construction companies are coming up with new contractual projects and expanding their presence in India.
The global construction aggregate market is highly competitive and fragmented with many players, across the globe. These players have adopted various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players are expansions & investments, acquisitions, product development, and agreements.
|Market Size||2027: 337.8 USD Billion|
|CAGR||5.4% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Vehicle Type, OEM Makers|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||LSR Group (Russia), Heidelberg Cement AG (Germany), Martin Marietta Materials Inc. (US), Cemex SAB de CV ADR (Mexico), Vulcan Materials Company (US), CEPSA (Spain), CRH plc (Ireland), Adelaide Brighton Ltd (Australia), ROGERS GROUP INC. (US), and Eurocement Group|
|Key Market Opportunities||
|Key Market Drivers||The growing number of Special Economic Zones (SEZs)|
Frequently Asked Questions (FAQ) :
Construction Aggregate Market was valued at USD 337.8 billion.
The projected CAGR of the construction aggregate market would be 5.4% during the forecast period of 2019-2024.
The APAC construction aggregate market would enjoy its leading position in the market and ensure further growth.
The crushed stone segment would lead the construction aggregate market.
The infrastructure segment would take the construction aggregate market forward.