Construction Aggregates Market to Reach US$ 627 Bn by 2030; Reduced Construction Activities Due to COVID-19-related Restrictions Impeding Market Growth
Published On : Aug 11, 2020
Globally, the construction aggregates market is fragmented in nature. China and India are the largest consumers of construction aggregates across the globe. The market though, is expected to increase at a significant rate, owing to rising demand from the ever-expanding construction industry for the completion of industrial and infrastructural projects across the world.
The global construction aggregates market is estimated to expand at a CAGR of around 7% by value during the forecast period of 2020-2030.
Key Takeaways from Construction Aggregates Market Study
- Key market players across the world are planning to focus on strengthening their partnerships with local EPC companies, and are strategically deploying prime distributors in local regions.
- Aggregate recycling is gaining traction, since it protects natural resources and eliminates the need for disposal, as the process requires using readily available conventional aggregates for concrete and other applications.
- Presence of Chinese companies or heavy import of products from China across the globe has resulted in intensification of competition, especially for regional construction aggregates market players in respective regions.
- The crushed stone type construction aggregate is highly demanded, and is used in almost all types of constructions, such as concrete and paving blocks for driveways, sidewalks, patios, office buildings, homes, and paved roads, either as a base or sub-base material.
- In the application segment, the infrastructure segment will hold almost 40% of the market share over the forecast period.
“Owing to the COVID-19 impact, the global supply chain of construction aggregates has been highly impacted, which has disrupted the overall supply of raw materials. Some key players have also postponed their expansion plans for a certain period of time. In order to overcome this situation, key players, globally, are evaluating better automation solutions in the supply chain, which can supply products/ raw materials without disruption. Moreover, key players are planning to implement innovative value chains to continue production without interruption,” says a PMR analyst.
Construction Aggregates Market Landscape
Globally, key manufacturers are focusing on increasing their regional market share, and are involved in marking their direct presence in local markets through mergers and acquisitions with regional players, along with increasing focus on acquiring stone quarries near potential high-demand locations as well as producing manufactured sand. Some key players are focusing on mega projects to supply construction aggregates and to maintain long-term contracts with government and private firms.
What Does the Future Hold?
Increasing residential projects and infrastructure investments in Asia Pacific, North America and Europe are expected to increase demand at a significant rate. For instance, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for May 2019, which include 1,294,000 building permits, 1,269,000 housing starts, and 1,213,000 housing completions.
Want to Know More?
PMR has published a market research report on the construction aggregates market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the construction aggregates market through three different segments - type, application, and region. The construction aggregates market report also provides supply and demand trends, a comprehensive list of suppliers and distributors in the market, and a detailed overview of the parent market.
For additional insights on how the construction aggregates market will shape up over the next decade, write to email@example.com
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