by The construction aggregates market is estimated to be valued at US$ 528.09 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Construction aggregates are granular materials such as sand, gravel, crushed stone, slag, recycled concrete, and geosynthetic aggregates used in construction. The various products associated with construction aggregates include crushed stone, sand, gravel, and others. Construction aggregates find wide application in road bases and subbases, concrete production, and asphaltic concrete mixes. They provide strength, bulk, and other vital qualities for construction.
Market Dynamics:
Rising government spending on infrastructure development projects is a key driver propelling the global construction aggregates market growth over the forecast period. Governments around the world are investing heavily in projects such as roads, bridges, railways, and buildings to boost economic growth. For instance, the Infrastructure Investment and Jobs Act passed by the US government in 2022 allocates USD 1.2 trillion to rebuild and upgrade roads, bridges, railways, ports, and power grids over the next 5 years. Such large-scale infrastructure development initiatives significantly boost the demand for essential construction materials like aggregates.
Increasing construction of residential and commercial buildings is another factor augmenting the construction aggregates market expansion. Factors such as rapid urbanization, growing population, rising disposable incomes are driving the need for new residential and commercial construction activities globally. Construction aggregates find wide usage in concrete, cement, and other construction materials required for building activity. Therefore, the growth of the overall construction sector directly increases the consumption of aggregates.
Segment Analysis
The construction aggregates market is dominated by the crushed stone segment, which holds around 60% of the overall market share. Crushed stone is highly durable and cost effective as compared to gravel and sand. It has applications across residential, commercial and infrastructure construction projects for making cement concrete, asphalt concrete, road bases, railroad ballast, portland cement and many more.
PEST Analysis:
Political: Favorable government policies and initiatives towards infrastructure development are boosting investments in road projects, rail networks, affordable housing which is driving the demand for construction aggregates.
Economic: Steady growth of the global economy, rising disposable incomes and urbanization are increasing construction activities worldwide thereby augmenting market growth.
Social: Changing lifestyles, rapid migration to cities and mega construction projects of smart cities are propelling the construction sector.
Technological: Use of advanced crushing and processing equipment, automated quarrying techniques and robotics are improving productivity and optimizing resource utilization.
Key Takeaways:
The Global Construction Aggregates Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing investments in infrastructure development worldwide. The Asia Pacific region dominates the market with over 45% share owing to large population and rapid industrialization in countries like China and India. Regional analysis Key players operating in the construction aggregates market are China Resources Cement Holdings Limited, EuroCement Group, Vulcan Materials Company, LafargeHolcim, LSR Group, Adbri, Cemex, Heidelberg Cement AG, and Martin Marietta Materials. The key players are focusing on mergers and acquisitions to expand their product portfolio and geographical footprint. Key players Regional analysis Key players The global construction aggregates market size was valued at US$ 528.09 Bn in 2023 and is projected to reach over US$ 760 Bn by 2030 owing to robust growth of residential and commercial construction sectors globally. Asia Pacific held the largest market share in 2023 led by strong demand from China, India and other developing nations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
