The global construction market size is expected to decline from USD 11,217.4 billion in 2019 to USD 10,566.8 billion in 2020. However, the industry showed signs of recovery since the beginning of 2021 and is expected to reach a market size of USD 13,572.4 billion in 2024, projecting a CAGR of 6.0% between 2020 and 2024. Prior to the COVID-19 outbreak, the construction industry had been showing signs of weakness, with the residential market struggling due to rising unemployment, majorly in India, liquidity crunch in the non-bank financial sector, and a decline in new residential projects launched.
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The situation was expected to improve in 2020 due to government initiatives such as improving liquidity position and expanded infrastructure investments. Still, the COVID-19 outbreak and the resultant disruption in the economy have exacerbated the situation around the world. For example, many construction companies had to shut down their activities due to the movement and unavailability of labor.
The residential sector is the largest construction sector. The COVID-19 pandemic has mostly impacted the construction industry and changed the demand drivers for recovery. The construction industry performed well in the first quarter of 2020, particularly in the new residential segment. However, as the pandemic spread, many active projects, as well as new business permits, were withheld by government authorities. Homeowners in regions with a high number of COVID-19 cases are limiting contractor access or entrance into homes and are preferring DIY projects as families are staying at home.
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All segments of non-residential building construction typically decline in recessionary conditions. However, the decline in this sector is mainly due to the COVID-19 outbreak. Owing to the global lockdown and shutdown involving social distancing, remote working, and the closure of industries and other commercial activities, the non-residential construction sector has been impacted negatively. As a result of which, the entire supply chain has been disrupted; the builders and designers are continually dealing with local regulations and labor requirements. Thus, the construction firms report new project delays, and the projects are put on hold.
The COVID-19 pandemic has affected all industries globally. The heavy & civil engineering sector, which was already facing multiple challenges due to lack of capital and credit avenues to insolvencies, multiple frauds, and regulatory burden under the Environment Laws and the Real Estate (Regulation and Development) Act, 2016, is now affected by the COVID-19 pandemic. Reverse migration, disruption of supply chains, among others, are some of the multiple consequences which the sector would be facing. Despite all these factors, the heavy & civil engineering construction sector is likely to resume its activities.
The key players in the construction industry include Bechtel Group (US), Balfour Beatty (UK), Grupo ACS (Spain), China State Construction Engineering Corporation Limited (China), L&T Construction (India), PCL Construction Enterprises (Canada), and Skanska Construction (Sweden).
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COVID-19 Impact Analysis on Construction Aggregates Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the construction aggregates market include Неіdеlbеrg Сеmеnt АG, Маrtіn Маrіеttа Маtеrіаlѕ, Іnс., LЅR Grоuр РЈЅС, LаfаrgеНоlсіm Ltd., СЕМЕХ Ѕ.А.В.
dе С.V., Vulсаn Маtеrіаlѕ Соmраnу, СRН рlс, Еurосемеnт Ноldіng АG., Аdеlаіdе Вrіghtоn Lтd.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Construction Aggregates Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/construction-aggregates-market/download-sampleMarket DynamicsThe market is predominantly driven by the growth of the construction sector over the past year.
In addition to this, rapid infrastructural development coupled with rising investment activities, mainly in emerging countries like India and China, has surged the demand for construction aggregates.
