New trends in construction aggregates, including manufactured sand, and recycled aggregates, along with rising investment in infrastructure are driving the global construction aggregates market, according to a new report by Future Market Insights.
Called Global Construction Aggregates Market: Industry Analysis and Opportunity Assessment, 2016–2024, it also found that high cost of transportation, regulations regarding zoning, seasonal factors, and rising energy costs are expected to act as restraints to growth of the global construction aggregates market.
Other major market drivers include the growth of the construction industry, increasing construction spending, specifically in India and the Middle East. The analysis showed that the global construction aggregates market is estimated to reach a value of US$ 350.2 Bn in 2016, which is expected to expand at a compound annual growth rate (CAGR) of 6.1% through 2024. It will reach a market value of US$ 468.2 Bn by 2024 end.
Infrastructure segment, during the forecast period, will continue accounting for the maximum share of total construction aggregates market and is expected to expand at a healthy CAGR during the forecast. Sand will remain the largest revenue generating segment, but crushed stone segment is estimated to expand at a higher CAGR of 7.2%.
China is expected to dominate the construction aggregates market throughout the forecast period, expanding at CAGR of 4.7%. Last year, the Chinese market for construction aggregates will witness Y-o-Y growth of 7.2% over 2016. In addition, North and Central America account for over 17% market value share by the end of forecast period.
The report also focuses on key developments and strategies from leading market players such as Heidelberg Cement AG, Martin Marietta Materials, Inc., LSR Group PJSC, Eurocement Holding AG, LafargeHolcim Ltd., Cemex S.A.B de C.V, Vulcan Materials Company, and CRH.