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Construction Aggregates Market
Construction Aggregates Market to Register 6.8% CAGR with Increasing Government Expenditure on Infrastructure Development: FMI
JUMEIRAH LAKES TOWERS, DUBAI, UNITED ARAB EMIRATES, December 8, 2021 /EINPresswire.com / -- Future Market Insight's (FMI) latest survey provides in-depth analysis on the critical trends and macro-economic indicators affecting growth in the construction aggregates market . The report examines market attractiveness across various segments in terms of product type and application. The survey also discloses hidden opportunities for the market players to capitalize on during the assessment period (2021-2031)
As per a detailed analysis by FMI, the global construction aggregates market is poised to top US$ 344.4 Bn in 2021. Increasing applications of construction aggregates across the commercial, industrial, residential, infrastructure sectors are fueling the demand in the market. On account of this, the market is estimated to surpass a valuation of US$ 664.6 Bn by the end of 2031.
Increasing government support and investments for the development of commercial and residential projects across India, China, the U.S., and the U.K. is estimated to favor the growth in the market. Driven by this, the demand in the market is anticipated to rise at a CAGR of 6.8% over the forecast period 2021-2031.
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Historically, the demand for construction aggregates grew at 3.8% CAGR between 2016 and 2020. However, demand is expected to surge with numerous upcoming infrastructure projects across developing economies to fuel the expansion of the construction industry.
For instance, in 2020, India and China announced their plan to construct 100 and 300 smart cities across countries, respectively, according to a report by the Royal Society Publishing. In addition to this, increasing construction of hotels and resorts to expand the tourism sector is estimated to create lucrative opportunities for growth in the market.
Based on product type, the crushed stone segment is projected to outpace other segments, accounting for the largest share in the market through 2031. Easy availability, cost-effectiveness, and impressive mechanical properties of crushed stone are some of the attributes driving the growth in the market.
“Growing adoption of advanced technologies such as real-time analytics for the production of recycled aggregates to enhance sustainability and increase the efficiency of manufacturing processes is expected to facilitate the growth in the market,” says a FMI analyst.
Key Takeaways from Construction Aggregates Market Study
•The U.S. is projected to emerge as the most remunerative market in North America, creating an incremental opportunity of US$ 16.4 Bn in 2021.
•Germany is estimated to hold a significant share in the Europe market, accounting for nearly 29.4% of the sales between 2021 and 2031.
•China is forecast to emerge as a highly lucrative market for construction aggregates through 2031, owing to the increasing number of massive infrastructure projects in the country.
•South Korea and Japan are expected to register swift growth in the market, collectively accounting for around 7.8% of total sales in 2021.
•On the basis of application, the infrastructure segment is anticipated to hold the maximum sales, favored by the increasing government emphasis towards urbanization.
Key Drivers
•Increasing construction of bridges, expressways, railways lines, and roadways, owing to the surging trend of urbanization across China, India, Brazil, and the U.S. is increasing the sales of construction aggregates across infrastructure segment.
•Growing usage of construction aggregates as an alternative to natural sand for construction activities, due to the implementation of stringent regulation regarding environmental and land use is expected to boost the market.
Key Restraints
•High cost of transportation due to heavy-weight and volume of construction aggregates is hampering the growth in the market.
•Implementation of stringent zoning regulations and laws on construction aggregate extraction in populated areas might impede the growth in the market.
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Competitive Landscape
As per FMI, the top 5 players operating in the global market are Heidelberg Cement AG, Martin Marietta Materials Inc., LSR Group, LafargeHolcim Ltd, and Cemex SAB de CV ADR.
Key companies are emphasizing on product launches and expansion of their production facility to cater to the demand for construction aggregates. Apart from these strategies, mergers, acquisitions, and strategic collaborations will hold significance during the assessment period.
For instance,
•In May 2021, Martin Marietta Materials Inc. announced acquiring HeidelberCement's Western U.S. business for US$ 2.3 Bn. The acquisition will assist the company to expand its production of cement, aggregates, ready-mix concrete, and asphalt and strengthen its footprint across the U.S.
•In January 2018, Vulcan Materials Company, a leading building materials company, announced the acquisition of a U.S.-based producer of construction aggregates, Aggregates USA LLC. The strategy will assist the company to increasing its production construction aggregates in the country.
Some of the key players operating in the market profiled by FMI are:
•Heidelberg Cement AG
•Martin Marietta Materials Inc
•LSR Group
•LafargeHolcim Ltd.
•Cemex SAB de CV ADR
•Vulcan Materials Company
•CRH plc
•Adelaide Brighton Ltd.
•Eurocement Group
•ROGERS GROUP INC.
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More Valuable Insights on Construction Aggregates Market
A detailed study by FMI provides an unbiased analysis of vital factors favoring the growth in the global construction aggregates market through 2021 and beyond. The survey offers refined sales projections in construction aggregates market with detailed segmentation:
By Product Type:
•Crushed Stone
•Sand
•Gravels
By Application Type:
•Commercial
•Residential
•Industrial
•Infrastructure
By Region:
•North & Central America
•South America
•India
•China
•Australia & New Zealand
•Middle East
•Africa
•Rest of APAC
•Southern & Western Europe
•CIS & Eastern Europe
•Northern Europe
Key Questions Covered in the Report
•The report offers insight into construction aggregates market demand outlook for the forecast period 2021-2031
•The market study also highlights projected sales growth for construction aggregates market between 2021 and 2031
•Construction aggregates market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
•Construction aggregates market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Construction Aggregates Market estimates and forecast 2021-2031 - Future Market Insights News Provided By FMI December 08, 2021, 12:24 GMT Share This Article Distribution channels: Building & Construction Industry , Chemical Industry
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