SEATTLE, May 07, 2020 (GLOBE NEWSWIRE) -- Construction aggregate is aggregated that includes a broad range of coarse to medium grained particulate materials such as slag, sand, crushed stone, recycled concrete, gravel, and geosynthetic aggregates. Aggregates are widely mined around the globe for the development of various construction projects such as building and commercial infrastructures such as malls and office buildings. They are highly durable, chemical resistant, and can withstand high-temperature range. All these properties of construction aggregate make them ideal for building high strength infrastructure.
The global construction aggregates market is estimated to account for US$ 393.8 Bn in terms of revenue in 2018 and is predicted to grow at a CAGR of 6.0% during the forecast period (2019 to 2027).
Market Drivers:
Developed as well as developing regions are witnessing several high-scale construction projects as well as residential projects. Growth in the several construction projects across developed and developing regions are projected to drive the market growth of construction aggregate. A significant rise in the housing recovery coupled with the increasing adoption of advanced and durable construction projects are further expected to augment the market growth of construction aggregate over the forecast period.
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Rise in the R &D activities by major players in order to develop advanced technologies for the manufacturing of construction aggregates are projected to accelerate the market growth of construction aggregates. Increasing approvals for mining activities coupled with the rise in the investment in the development of airports, smart cities, and highways are further projected to accelerate the market growth of the construction aggregates over the forecast timeframe.
Market Opportunities:
Increasing urbanization and industrialization around the globe coupled with the increase in the infrastructure development across Asian countries is expected to offer exponential growth opportunities to the market. Rapid economic growth has also favored the construction sector around growth. Moreover, growth in the development of efficient and better road infrastructure due to strict policies regarding road safety is also expected to foster the market growth of the construction aggregates over the forecast period.
The rising renovation of the old building coupled with the government favorable policies is expected to augment the market growth of the construction aggregates. The growing production of aggregate on a large scale in order to meet the rising demand across end-user applications is expected to accelerate the market growth of the construction aggregates. Moreover, expanding presence of digital industry has enabled the manufacturer to sell their product via online platform in order to improve the supply chain. This is expected to propel the market growth of construction aggregate.
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Key Takeaways:
Among product type, sand segment dominated the global construction aggregates market in 2018 with a 43.7% of market share in terms of revenue, followed by crushed stone and gravels respectively.
Among application, infrastructure dominated the global construction aggregates market in 2018 with a 44.2% of market share in terms of revenue, followed by industrial and residential application, respectively. Rising infrastructure investments by the government, is driving the growth of this segment. For instance, according to India Brand Equity Foundation (IBEF), in the Union Budget 2020-21, the Government of India invested US$ 24.27 billion for the transport infrastructure. The Government of India also invested US$ 110.88 million for the up gradation of state government medical colleges at the district hospitals (PG seats).
China dominated the global construction aggregates market in 2018 and accounted for 24.3% of market share in terms of revenue, followed by North & Central America. This is attributed to growing construction industry in Asia Pacific countries such as China and India. For instance, according to Government of Canada, the construction sector grew by 4.5% up in 2018, from 3.5% in 2017.
Market Trends:
Increasing investment by the government in the development of railway infrastructure projects is expected to be a major trend in the market. Growth in the development of energy-efficient buildings due to rising concern over the environment is expected to propel the market growth of the construction aggregates. The growing focus of manufacturers on strengthening their regional as well as global presence by adopting collaboration with small players is expected to foster the market growth over the forecast period.
Companies Covered:
- HeidelbergCement AG
- Martin Marietta Materials, Inc.
- LSR Group
- LafargeHolcim
- CEMEX S.A.B. de C.V.
- Vulcan Materials Company
- CRH
- Eurocement Group
- Adelaide Brighton Ltd.
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Market Segmentation:
By Application
- Commercial
- Residential
- Industrial
- Infrastructure
By Product Type
- Crushed stone
- Sand
- Gravel
- Other Aggregates
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa