The global construction aggregate market is growing continually, with the burgeoning construction industry. Construction aggregates are one of the largest used building materials.
Also, due to the availability in abundance, they are reasonably priced. This, in turn, makes these materials an important element of the construction sector and hence its market is ever increasing.
The market is expected to garner substantial traction in the years to come. According to Market Research Future (MRFR), the global construction aggregate market size is estimated to ascend enormously by 2030, registering an impressive CAGR during the review period (2021-2030). Rise in construction activities in residential, commercial and public infrastructure sectors boosts the market demand.
Other factors bolstering the market growth include the continually growing world populace that needs quality homes and the rising economic growth worldwide that increases the consumer purchasing power. Conversely, volatility in prices and the demand-supply gap are the major factors impeding the market growth. Nevertheless, vast consumption of these materials in building and construction sectors worldwide would support the market growth throughout the assessment period.
Competitive Analysis
The global construction aggregate market appears to be highly competitive and diversified, with the presence of many well-established players having a regional and global presence. Mergers acquisitions, collaborations, and brand reinforcement remain the key trends for leading players in the smart camera market.
Major Players
Players leading the construction aggregate market are HeidelbergCement AG (Germany), LSR Group (Russia), Martin Marietta Materials Inc. (US), Vulcan Materials Company (US), Cemex SAB de CV ADR (Mexico), CEPSA (Spain), Adelaide Brighton Ltd (Australia), CRH plc (Ireland), Eurocement Group, and Rogers Group Inc. (US), among others.
Segmentation
The market is segmented into materials, applications, and regions. The material segment is sub-segmented into crushed stone, gravel, sand, M-sand, and others. Among these, the crushed stone segment accounts for the larger market share as these stones are heavy commodities with low value, making it is more economical to use in construction. The segment is further expected to witness the highest growth rate during the forecast period.
The application segment is sub-segmented into residential, commercial, industrial, and infrastructure. The infrastructure segment holds the largest market share due to numerous government initiatives to develop better infrastructure in emerging economies such as China and India. The segment is further anticipated to witness the highest growth rate over the assessment period. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Regional Analysis
The Asia Pacific region dominates the global construction aggregate market. The largest market share attributes to the booming construction industry in the region. Besides, rising government initiatives for infrastructure development, such as rail, road, dams, and irrigation canals, substantiate the market growth. Substantial investments in emerging economies such as China and India in residential, commercial, and industrial sectors contribute to the market demand in the region.
North America stands second in the global construction aggregate market. Rising repair and renovation activities in the real estate and commercial sectors in the region augment the demand for construction aggregates. Europe has also been a major contributor to the global construction aggregate market. Rapid urbanization and industrialization drive the growth of the market.
Industry/ Innovation/ Related News:
Apr. 19, 2021 – Two British companies, Tarmac, a British building materials company and Forth Ports Limited, a port operator, announced signing a long-term agreement to create the largest construction materials terminal in the country. The new material terminal is a purpose-built aggregate processing and manufacturing facility.
Apr. 01, 2021 – Knife River Corp. (the US), a leading provider of construction-related products and services, announced the acquisition of a leading construction aggregates company, Mt Hood Rock Products (the US). Producing high-quality construction aggregates and enabling vertical integration are two of the cornerstones of Knife River’s business strategy. The company is also planning the expansion of its footprints in the country and beyond. This acquisition will create efficiencies and allow growth for Knife River.
