$667.8 Billion Construction Aggregates Market Overview, Growth, Key Players and Forecast by 2032
The global construction aggregates market is growing at a CAGR of 5.2% forecast by 2032
PORTLAND, OREGON, UNITED STATES, October 13, 2023 /EINPresswire.com/ — The global construction aggregates market size was valued at $375.3 billion in 2021, and is projected to reach $667.8 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032
The Construction Aggregates Market are the building blocks of modern infrastructure and play a vital role in the construction industry worldwide. These essential materials are used in a wide range of applications, from the construction of roads and bridges to the creation of buildings and various infrastructure projects. The construction aggregates market is witnessing substantial growth, driven by urbanization, infrastructure development, and the increasing demand for sustainable building materials.
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Top Leading Companies: Vicat SA, Rogers Group Inc., Holcim Ltd., Adelaide Brighton Ltd., CRH, Sika AG, CEMEX S.A.B. de C.V., Martin Marietta Materials Inc., HeidelbergCement AG, Vulcan Materials Company.
The global construction aggregates market has been steadily expanding over the years. In 2021, it was estimated to be worth around $400 billion, and it is projected to grow significantly in the coming years. The primary drivers of this growth are the rapid urbanization, population growth, and industrialization, which have resulted in an increased demand for housing, transportation, and other infrastructure projects.
Commonly, the construction aggregates available in the market are obtained from crushed stones, and another type available in the market is sand & gravel. Out of these two segments, the sand and gravel segment dominated the construction aggregates market share in terms of revenue in 2021 and the crushed stones segment is expected to grow with high CAGR. Sand & gravel are used in various applications apart from construction such as in sandblasting, in metallurgy, in coal-firing power plant, water filtration, and land reclamation.
As the global population continues to grow, more people are moving to urban areas. This trend has created a need for new housing and infrastructure, leading to increased demand for construction aggregates. Sustainable construction practices are gaining prominence, leading to the use of recycled and alternative materials in construction. Recycled concrete and alternative aggregates like slag and crushed brick are becoming popular due to their eco-friendly characteristics. Innovations in the extraction and processing of construction aggregates are improving efficiency and reducing the environmental impact of quarrying and mining activities.
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Furthermore, construction aggregates are largely used in residential and non-residential applications, and out of these two, the residential segment accounted for a larger market share in terms of revenue in 2021. The growing population across the world is a major factor behind the growth of the non-residential sector. However, the residential segment is expected to grow with a higher market share in the coming years. Rising industrialization in urban areas is driving the construction of industrial buildings, and a rise in urbanization is responsible for the construction of urban infrastructure including roads, bridges, tunnels, and others.
Construction aggregates encompass a wide range of materials, including crushed stone, gravel, sand, and recycled concrete. These materials serve different purposes in construction, with crushed stone and gravel used as base materials for road construction and concrete production, and sand being essential for making concrete and as a key component in the manufacturing of glass and electronics.
The construction aggregates market is a critical component of the global construction industry. As the world continues to urbanize and invest in infrastructure development, the demand for construction aggregates is expected to rise. This growth, however, comes with environmental and regulatory challenges that the industry needs to address. The future of the construction aggregates market will likely involve a combination of sustainable practices, digitalization, and the exploration of alternative materials to meet the demands of a rapidly changing world.
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Allied Analytics LLP
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