New York, March 28, 2023 (GLOBE NEWSWIRE) -- By 2023, the Global Construction Aggregates Market will be worth more than US$ 394.47 billion. According to the research conducted by Persistence Market Research, the global market of Construction Aggregates consumption across the world is expected to be worth of US$ 636.46 Billion by the end of 2033. Consumption of Construction Aggregates is projected to increase at 4.9% CAGR during the period of 2023 and 2033 on a volume basis.
The construction aggregates market refers to a broad category of materials such as crushed stone, gravel, sand, and other materials that are used in the construction industry. These materials are used in the construction of various infrastructure projects such as roads, bridges, airports, and residential and commercial buildings. The global construction aggregates market has been witnessing steady growth in recent years due to the increasing demand for infrastructure development worldwide. This research report aims to provide a comprehensive analysis of the construction aggregates market, including market trends, drivers, challenges, and opportunities.
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Market Drivers:
The growth of the construction aggregates market is primarily driven by the increasing demand for construction materials in the construction industry. The growth in population, urbanization, and industrialization has led to the construction of new infrastructure projects, which has, in turn, led to an increase in the demand for construction aggregates. Additionally, the increasing investment in infrastructure development by governments worldwide is expected to further drive the growth of the construction aggregates market.
Market Trends:
One of the significant trends in the construction aggregates market is the increasing use of recycled aggregates. The construction industry is one of the significant contributors to waste generation. Recycling construction waste, including concrete, asphalt, and other materials, is gaining traction as an eco-friendly alternative to traditional construction aggregates. The use of recycled aggregates not only reduces waste but also reduces the carbon footprint of the construction industry.
Market Players:
Global Market key Companies are Heidelberg Cement AG, Martin Marietta Materials Inc., LSR Group, Lafarge Holcim Ltd., Cemex SAB de CV ADR, Vulcan Materials Company, CRH PLC, Adelaide Brighton Ltd., Eurocement Group, ROGERS GROUP INC. and more
These companies are primarily engaged in the extraction, processing, and supply of construction aggregates, such as crushed stone, gravel, sand, and other materials, for use in various construction projects.
In order to remain competitive in the market, these companies are focusing on various strategies such as mergers and acquisitions, new product development, and partnerships and collaborations.
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For example,
- In July 2021, LafargeHolcim announced a cooperative agreement research project with its subsidiary company Geocycle aimed at mineral recycling. The research project will be conducted in collaboration with the US Army Corps of Engineers Research and Development Center (ERDC) to study how construction demolition material can be used for energy recovery and production of construction aggregates.
- in 2020, CRH plc completed the acquisition of Ash Grove Cement Company, which helped the company to expand its product offerings in North America.
- in 2019, LafargeHolcim launched a new range of sustainable construction aggregates, which helped the company to strengthen its position in the market.
In addition to the large players, there are also several small and medium-sized players operating in the market, particularly in developing regions such as Asia-Pacific and Latin America. These companies compete on the basis of price, product quality, and delivery time, among other factors.
Market Challenges:
One of the significant challenges faced by the construction aggregates market is the increasing transportation cost of these materials. The transportation of construction aggregates from mines to construction sites can be expensive, and the cost of transportation can significantly affect the profitability of the construction aggregates industry. Additionally, environmental regulations related to mining and transportation of construction aggregates can also pose challenges to the growth of the market.
Regional Analysis:
The Asia Pacific region dominates the global construction aggregates market, accounting for a significant share of the market. The increasing investment in infrastructure development in countries such as China, India, and Indonesia is expected to drive the growth of the market in the region. Additionally, the construction of new infrastructure projects, such as airports, highways, and railways, is expected to provide significant opportunities for growth in the market.
Market Opportunities:
The increasing demand for sustainable construction materials presents a significant opportunity for the construction aggregates market. The construction industry is increasingly focusing on the use of sustainable materials that have a low carbon footprint and are eco-friendly. The development of new sustainable construction aggregates that are sourced and manufactured in an eco-friendly manner is expected to provide a significant opportunity for growth in the market.
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Market Segmentation:
The construction aggregates market can be segmented on the basis of type, application, and region.
- By Type ( Crushed Stones, Manufactured Sand, Natural Sand, Gravel, Recycled Construction Aggregates, Other Construction Aggregates)
- By Application (Construction Aggregates for Commercial Use, Construction Aggregates for Residential Use, Construction Aggregates for Industrial Use, Construction Aggregates for Infrastructure Use)
- By Region (North & Central America, South America, Northern Europe, Southern & Western Europe, CIS & Eastern Europe, India, China, Australia & New Zealand, Rest of Asia Pacific, Middle East and Africa)
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