The global construction aggregates market is estimated to be valued at US$ 470 billion in 2021 and is expected to exhibit a CAGR of 6.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Construction aggregates are granular materials, such as sand, gravel, crushed stone, and slag, used in the construction industry. They are widely used in various applications, including infrastructure development, residential and commercial construction, and road and railway development. The advantages of using construction aggregates include high durability, cost-effectiveness, and ease of availability. These products play a crucial role in ensuring the strength and stability of structures.
B) Market Key Trends:
One key trend in the global construction aggregates market is the increasing infrastructure development worldwide. Rapid urbanization, population growth, and government initiatives to improve transportation networks and develop smart cities have led to a significant demand for construction aggregates. For example, the "Belt and Road Initiative" in China aims to improve connectivity and infrastructure along the Silk Road Economic Belt and the 21st Century Maritime Silk Road, driving the demand for construction aggregates in the region.
C) PEST Analysis:
- Political: Governments worldwide are investing in infrastructure development to boost economic growth and improve living standards.
- Economic: The growing construction industry and increasing investments in infrastructure projects are driving the demand for construction aggregates.
- Social: Urbanization and population growth are creating a need for new residential and commercial spaces, thereby contributing to the demand for construction aggregates.
- Technological: Advancements in extraction techniques and the use of advanced equipment in quarrying operations are enhancing the efficiency and productivity of the construction aggregates industry.
D) Key Takeaways:
- The global Construction Aggregates Market is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period, due to increasing infrastructure development. For example, the construction of new roads, bridges, and airports in emerging economies is driving the demand for construction aggregates.
- In terms of regional analysis, Asia Pacific is the fastest growing and dominating region in the construction aggregates market. The region is witnessing rapid urbanization and infrastructure development, especially in countries like China and India. These factors are fueling the demand for construction aggregates in the region.
- Key players operating in the global construction aggregates market include China Resources Cement Holdings Limited, EuroCement Group, Vulcan Materials Company, LafargeHolcim, LSR Group, Adbri, Cemex, Heidelberg Cement AG, and Martin Marietta Materials. These companies are focusing on strategic collaborations, mergers and acquisitions, and product innovations to strengthen their market position and meet the growing demand for construction aggregates.