As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global construction aggregates market reached US$ 344.4 Bn in 2021. Increasing investment in the infrastructure sector is anticipated to propel growth in the market, enabling expansion at 6.8% CAGR through 2031.
Digital transformation in the construction sector is streamlining industrial operations and paving way for technological advancements. This factor is allowing contractors to improve output, which in turn is resulting in high demand for construction aggregates.
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Rapid urbanization in countries such as China and India is encouraging expansion of construction of residential sectors and healthcare facilities, thereby boosting sales of construction aggregates. Besides this, government-backed initiatives for facilitating housing developments in the U.S. and the U.K. will positively shape the demand outlook for construction aggregates.
In addition to residential projects, expansions in the tourism and hospitality sector are creating lucrative growth opportunities for players operating in the market. Construction of hotels and resorts in counties like Germany and Italy is enhancing sales prospects of construction aggregates in the market.
Moreover, demand for sustainable and recyclable construction aggregates is creating avenues for innovation in the market. Leading players are capitalizing on this trend by sustainable alternatives in the market, augmenting the overall market growth.
Key Takeaways from the Construction Aggregates Market Analysis
- Based on product type, crushed stone will dominate the market due to its easy availability and affordable price.
- Construction aggregates will find applications in the infrastructure sector owing to increasing spending towards expansion of roadways and railways projects.
- The U.S. is anticipated to exhibit high growth during the forecast period. Sales in the U.S. is expected total US$ 16.4 Bn in 2021.
- Expansions in the tourism and hospitality sector in Germany will create opportunities for construction aggregates sales.
- China will emerge as the most lucrative market due to increasing industrialization and urbanization in the country.
- Increasing investments in residential and infrastructural development in India will promote sales of construction aggregates in the country.
- Japan and South Korea will collectively account for 7.2% of the total market share.
“Increasing government expenditure on infrastructural development, coupled with the adoption of latest technologies is shaping the growth outlook of construction aggregates market,” says the FMI analyst.
Competitive Landscape
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Heidelberg Cement AG, Martin Marietta Materials Inc, LSR Group, LafargeHolcim Ltd., Cemex SAB de CV ADR, Vulcan Materials Company, CRH plc, Adelaide Brighton Ltd., Eurocement Group, and ROGERS GROUP INC. are among the leading players operating in the construction aggregates market.
As a part of their growth strategies, prominent players are emphasizing on production facility expansion and new product launches. Apart from these strategies, strategic collaborations, mergers and acquisitions will hold significance during the forecast period. For instance:
- In July 2021, Germany-based HeidelbergCement announced its plans to invest in additional grinding capacity for its cement plants. These additions will potentially help the company cater to growing consumers’ demand.
- In May 2021, Martin Marietta Materials Inc. acquired HeidelberCement’s Lehigh Hanson West Region business for US$ 2.3 Bn. The transaction includes the sale of cement, aggregates, ready-mix concrete, and asphalt in the U.S. West region, allowing the company to expand its footprint across the country.
More Insights into the Construction Aggregates Market Report
In its latest report, FMI offers an unbiased analysis of the global construction aggregates market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (crushed stone, sand and gravels), application type (commercial, residential, industrial, infrastructural), and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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