The Global Construction Aggregate Market Growth Accelerated By Rising Infrastructure Development Project

 

Construction aggregates are crushed stones or gravels that have various particle sizes and are used in construction of roads, buildings, bridges, etc. Aggregates provide good compressive strength and durability to concrete structures. Rapid urbanization and increasing infrastructure development projects undertaken by governments worldwide are boosting the demand for construction aggregates.

The global construction aggregate market is estimated to be valued at US$ 470 Bn in 2023 and is expected to exhibit a CAGR of 7% over the forecast period 2023-2027, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the construction aggregate market is rising government investments in infrastructure development projects. Several countries are undertaking major infrastructure projects such as highways, airports, metro rails, and new cities to boost economic growth. For example, China's Belt and Road Initiative involves building roads, railways, and ports connecting China with Asia, Europe, and Africa. In India, the government's National Infrastructure Pipeline comprises over 7,000 projects. Similarly, the US government has earmarked around $1 trillion for upgrading its aging infrastructure. Growing infrastructure development is significantly increasing the demand for construction aggregates worldwide.

Segment Analysis
The global construction aggregates market is segmented by type into crushed stone, sand, gravel, and others. The crushed stone segment dominates the market and accounts for more than 60% share globally. Crushed stone is widely used in construction activities for making concrete and asphalt for building roads, bridges, tunnels, and other construction projects. It is affordable and readily available natural resource with high compressive strength. This makes it an ideal choice for usage as aggregate in the construction industry.

Key Takeaways
The Global Construction Aggregate Market Size is expected to witness high growth in upcoming years. The global construction aggregate market is estimated to be valued at US$ 470 Bn in 2023 and is expected to exhibit a CAGR of 7% over the forecast period 2023-2027.

The growth can be attributed to rapid urbanization and increasing construction activities around the world. Regionally, Asia Pacific dominates the global market and the trend is anticipated to continue in coming years. China, India, and countries in Southeast Asia are major contributors to the regional market. China alone consumes over 50% of the global construction aggregates owing to massive investments in transport, energy and urban infrastructure projects under Belt and Road initiative. In India, the government's focus on roads, affordable housing and smart cities has significantly boosted consumption of construction aggregates. Europe and North America are also important regional markets driven by investments in railway & road infrastructure projects. However, their growth is expected to be modest compared to exponential rise seen in developing economies of Asia Pacific and Middle Eastern regions.

Key players:
Key players operating in the construction aggregates market are Vulcan Materials Co., CRH Plc., Heidelberg Cement AG, Martin Marietta Materials Inc., LafargeHolcim Ltd., CEMEX S.A.B. de C.V., EUROCEMENT Holding AG, and Adelaide Brighton Ltd. Vulcan Materials Co. and CRH Plc. have sizable market presence with vertically integrated operations across countries. These players export crushed stone, sand, and gravel to address shortages in regional markets.

For More Insights, Read: https://www.newswirestats.com/construction-aggregates-market-demand-growth-and-regional-outlook-by-2030-2/

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