The global construction aggregates market provides a crucial raw material for the construction industry in the form of crushed stone, sand, gravel, and recycled concrete which makes up the basic structural components of highways, buildings, and various infrastructure projects. The ever-growing infrastructure development needs across both commercial and residential sectors has propelled the demand for aggregates. The construction aggregates find wide usage in road bases and sub-bases, concrete, asphaltic concrete, railroad ballast, agricultural drainage, and others.
The global construction aggregates market is estimated to be valued at US$ 403.2 billion in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period between 2024 to 2031.
Key Takeaways
Key players: Key players operating in the construction aggregates market are HeidelbergCement AG, LafargeHolcim Ltd., CEMEX S.A.B. de C.V., CRH plc, Vulcan Materials Company, Adelaide Brighton Ltd, Martin Marietta Materials, Inc., Oldcastle Materials, Inc., and Rogers Group Inc.
Growing demand: Rapid urbanization and the expanding global population have increased infrastructure Construction Aggregates Market Demand development activities significantly. The growing construction of roads, highways, buildings, and other commercial and residential projects is fueling the demand for construction aggregates.
Global expansion: Leading construction aggregates companies are expanding their global footprint by pursuing strategic mergers and acquisitions to serve the rising international demand. The market is expected to witness substantial gains across emerging nations in Asia Pacific and Middle East & Africa.
Market key trends
Sustainable and recycled Construction Aggregates Companies is a major trend gaining traction in the market. With environmental regulations becoming more stringent, industry players are increasingly focusing on waste management and use of recycled demolition waste as an aggregate material. Adoption of new mining techniques is also helping improve mining efficiencies and optimize aggregate production. Meanwhile, demand for specialized aggregates such as lightweight and high-performance aggregates is surging from applications in the commercial construction sector.
Porter's Analysis
Threat of new entrants: Low capital requirement for startups pose threat of new players entering the market.
Bargaining power of buyers: Large buyers can negotiate lower prices due to high demand of construction aggregates.
Bargaining power of suppliers: Major players have control over mining rights and licenses, resulting in more bargaining power.
Threat of new substitutes: Substitutes like steel and aluminum are commonly used in construction but aggregates have a price advantage.
Competitive rivalry: Intense completion exists among major players to gain higher market share.
Geographical Regions
Asia Pacific accounts for the largest share in the global construction aggregates market in terms of value. China leads the Asia Pacific market accounting for more than 50% of the regional market share. Rapid urbanization and industrialization is driving the demand for construction aggregates in the region.
North America is anticipated to grow at the fastest rate during the forecast period. Increasing spending on infrastructure projects such as road construction is supporting the growth of aggregates market in the US. Rising population is boosting residential construction activities in the region.
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About Author:
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, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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