Global Construction Aggregates Market was estimated to be valued at US$ 470 Billion in 2021, according to the Global Construction Aggregates Market Report, by Product Type (Crushed Stone, Sand, Gravel, and Other Aggregates), by Application (Commercial, Residential, Industrial, and Infrastructure), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global construction aggregates market was valued at US$ 470 Billion in 2021 and is expected to register a CAGR of 6.0% over the forecast period (2022–2030). The Asia Pacific region is expected to dominate the market over the forecast period and is projected to be the largest and fastest-growing region.
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Key Trends and Analysis of the Global Construction Aggregates Market:
- Increasing focus of manufacturers on recycling aggregates is gaining traction in the market and this trend is expected to augment the construction aggregates market growth over the forecast period. Recycling aggregates is a simple process that involves removing, breaking, and crushing the existing aggregates into fine material of desired size and quality. Moreover, recycling aggregates helps in the protection of natural resources and eliminates the need for disposal. Therefore, the growing focus of manufacturers on recycling aggregates is expected to propel the market growth.
- The manufacturer are adversely affected due to rising energy costs, as mining and production of aggregates require natural gas, petroleum coke, diesel, and coal. Thus, the growing cost of fuel can adversely affect the global construction aggregates market growth. Furthermore, the construction industry is also affected during rainy seasons. Hence, unfavorable weather condition is also expected to hamper the market growth.
- The construction sector was adversely affected by COVID-19. Most construction projects were put on hold due to government's limitations and lockdown. Additionally, a fresh strain of COVID-19 was discovered in Europe around the end of 2020, and by January 2021, it had spread to 22 different countries. The U.K., Germany, Italy, Greece, Poland, and Spain are just a few of the nations that were placed on lockdown in 2021. Manufacturing and industrial activities were impacted in the first half of 2021 as a result of the pandemic.
Key Takeaways of the Global Construction Aggregates Market:
- Among product type, the sand segment dominated the global construction aggregates market in 2021, followed by crushed stone and gravel segments
- Among region, Asia Pacific dominated the global construction aggregates market in 2021, in terms of revenue, followed by North America and Europe
- New product launches, merger & acquisitions, strategic partnership, expansion, and research & development activities are key strategies adopted by players in the global construction aggregates market