The market is expected to generate an incremental $ opportunity of US$ 2,61,723.8 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00302 Format: PDF Pages: 325
Global Construction Aggregates Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Construction Aggregates Market was worth US$ 3,87,144.0 Mn and is expected to grow at a CAGR of 5.3% over the forecast period. While the historical CAGR is 4.8%, the market is expected to hit US$ 6,48,867.8 Mn by 2032 end.
Construction aggregates, essential components of composite materials like asphalt and concrete, are the most mined commodity in the world. By drilling down the larger rocks to tiny bits, these materials are created from natural resources, including limestone, rock traps, and granite. Under roads, airports, runways, parking lots, and trains, construction aggregates are employed as the foundational material. Additionally, this substance filters, prevent, and purifies water.
Other major market drivers include expanding the construction industry and rising construction spending, particularly in developing economies such as India and the Middle East. High transportation costs, stringent zoning regulations, seasonal factors, and increasing energy costs, on the other hand, are expected to limit the market growth.
During 2017-2032, the infrastructure segment will continue to account for the largest share of the total construction aggregates market and is expected to expand at a healthy CAGR. Sand will continue to be the most profitable product type; however, the crushed stone segment is expected to grow at a faster CAGR of 7.4% during the forecast period.
ChemView Consulting has analyzed that the construction industry is being pushed by digital transformation to improve project management, transparency, and cost efficiency. Construction companies implement advanced technologies such as Building Information Modeling (BIM), drones, and 3D printing to optimize their construction processes. This is expected to boost demand for construction aggregates over the forecast period.
RESIDENTIAL PROJECTS DRIVING CONSTRUCTION AGGREGATES SALES
Population growth and rapid urbanization which has increased aggregate construction sales. Governments in numerous nations have been driven to provide incentives for residential construction due to population migration from rural to urban areas. For instance, the Indian government’s Pradhan Mantri Awas Yojna – A housing For All program, grants home loans to individuals to help them construct necessary dwelling areas.
MANUFACTURED SAND WILL EMERGE AS AN ALTERNATIVE TO NATURAL SAND
Natural sand from riverbeds is being depleted due to rising natural sand usage in construction projects. As a result of ongoing sand mining activities around the world, strict environmental and land use regulations have been put in place, making the extraction of natural sand challenging and expensive.
If not processed appropriately, natural sand’s high silt and clay concentration make it challenging to mix with the concrete. In addition, high-quality sand pits are frequently found in isolated areas, which drives transportation expenses.
Due to these considerations, contractors are actively switching from natural sand to synthetic sand. Crushing rocks and quarry stones into tiny, sand-size particles creates manufactured sand. It is possible to successfully convert low-value by-products of rock crushing into high-value manufactured sand.
DIGITAL TRANSFORMATION IS DRIVING THE CONSTRUCTION INDUSTRY TOWARD IMPROVED PROJECT MANAGEMENT, TRANSPARENCY, AND COST EFFICIENCY
Digital transformations in the construction industry have introduced a new approach, allowing key construction companies and the workforce to adopt a technology framework that will assist them in meeting the industry’s current challenges.
The adoption of Building Information Modeling (BIM) hastened digital transformation in the construction industry. BIM aids in time management, cost planning, raw material sustainability, waste reduction, and improved overall project performance.
Market Segments Covered in Report
By Region and Country:
Why does Sand & Gravel remain the dominant product type?
Sand will continue to be the most profitable product type; however, the crushed stone segment is expected to grow at a faster CAGR of 7.4% during the forecast period.
Sand and gravel’s easy availability and affordability will promote wider adoption in the construction industry. Cement, an essential binding ingredient in the building industry, is made from sand and gravel.
Cement will be used extensively as the housing sector expands in many nations, including India, China, and the United States. Additionally, the market’s sales will be boosted by crushed stone’s remarkable mechanical qualities and plentiful availability.
Why is it anticipated that Residential Segment would be the most popular and rapidly expanding application?
Strong economic growth in developing nations and low-interest rates in many wealthy countries are driving up demand for residential real estate. The market is predicted to expand during the forecast due to several factors, such as increased private building investments, technological advancements, and rising disposable income. The government’s increased investment in housing and infrastructure is also encouraging market expansion.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
Major players focus on production facility expansions and product innovations to develop sustainable construction aggregates. Along with product innovations, players seek strategic alliances with regional players to expand their geographic footprint in the market.
The global market is extremely competitive, and most businesses have extensive distribution networks extending over numerous geographic areas and are completely integrated along the whole value chain. Companies compete based on various variables, such as an aggressive price approach to increase their market share.
The key developments in the Global Construction Aggregates Market are:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|