The Construction Aggregates Market size was valued at $375.3 billion in 2021, and is estimated to reach $621.1 billion by 2031, growing at a CAGR of 5.05% from 2022 to 2031. Natural deposits, such as granite, limestone, and falling rocks are mined for aggregates by drilling and blasting rocks into smaller pieces. They are the building blocks of composite materials such as asphalt concrete and concrete.
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These construction aggregates are utilized in foundations of airport runways, highways, trains, and parking lots. They are also used for soil erosion management, filtration, and purification. Construction aggregates have emerged as a potential alternative to address infrastructure concerns as the gap between demand and supply of natural sand remains unbridged. Construction aggregates are still used for infrastructural, commercial, industrial, and housing development projects, despite serious worries about natural resource depletion.
Top Companies
The major players profiled in the construction aggregates market analysis include Adelaide Brighton Ltd., Cemex SAB de CV, CRH plc, Heidelberg Cement AG, HOLCIM, Martin Marietta Materials Inc., ROGERS GROUP INC., SIKA Group, Vicat SA, and Vulcan Materials Company.
Population growth tends to increase product demand, owing to increase in housing, apartment and work construction. Government interest in housing projects and travel and tourism activities can boost the acceptance of building aggregate. These aggregates can be used for various projects in the construction sector. In addition, aggregates are used in concrete to reduce cracks and most importantly, add strength to the structure. Increase in investments in development of leisure projects and growing tourism industry is expected to drive construction aggregates market growth.
Increasing innovations in aggregate manufacturing technology to improve the efficiency and productivity of manufacturing processes with high quality products are expected to drive growth of the global aggregate market during the forecast period. For instance, the Haver & Boecker Hydro Clean cleaning system removes toxic substances from aggregates, reducing water consumption by approximately 75% compared to traditional log washer. In addition, initiatives of Building Information Modeling (BIM) rapidly accompanies digital transformation in the construction sector. BIM provides support, in terms of time management, cost planning, and sustainability in the use of raw materials, reducing waste and improving overall project performance. These factors are drive growth of the construction aggregates market.
High transportation costs of building aggregates, which are expensive as they are carried from far away mining locations to construction sites. Transportation expenditures make up around half of all building costs. As a result, the construction aggregates industry growth is projected to be limited during the forecast period, owing to high transportation costs of building materials.
In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering growth of the construction aggregates market. However, this situation is improving as governments have relaxed some norms around the world for resuming business activities.
Strong mining restrictions promote use of environmentally friendly construction aggregates. These variables provide market participants with profitable chances to combine product innovation and local manufacturing expansion. In turn, these factors create ample opportunities for the market growth.
The global construction aggregates market is segmented on the basis of type, application, transportation method, and region. By type, the market is divided into crushed stone, sand, and gravel. By application, it is categorized into commercial, residential, and industrial. By transportation method, it is segmented into trucks, trains, and ships. Region wise, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global construction aggregates market share and LAMEA is anticipated to secure a leading position during the forecast period.
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