The global Aggregates market is forecast to grow at a rate of 5.8% from US $458.97 billion in 2019 to US $723.28 billion by 2027, says a new report out this week from Reports and Data.
According to the report: “Residential & commercial construction and infrastructure are essential aggregate end-use industries.
“Its use in the manufacture of concrete and cement, railway ballast, and road base is expected to fuel their demand over the predicted period.
“With increased investments in infrastructure projects across the globe, the market is projected to expand steadily.
“Around US $2.5 trillion is spent annually in the water, electricity, and transport industries worldwide, respectively. Over the last decade, China has emerged internationally as a significant player in the building industry.
“The country’s rapid infrastructural development and steady economic growth have helped the country’s construction sector progress.
“Economic growth is also driving freight transport levels, mainly in terms of domestic consumption. Moreover, increasing prosperity has resulted in expanded vehicle ownership, which has further intensified the need for investment in highways.
“The demand for aggregates to be used in road networks is projected to fuel the industry growth over the forecast period.
“China’s government has set investments of nearly USD 2.10 trillion in its 13th Five-Year Plan for the period 2016-2020 for the development of transport and infrastructure projects. The government classified the investment into four segments — roads, water, civil aviation, and railroads.
“It is, therefore, anticipated that government-sponsored projects could fuel aggregate demand and, in effect, stimulate business growth over the forecast period.
“The crushed stone segment was the largest product segment in 2019. The growth of the construction industry is leading to increased demand for the product, particularly in emerging economies.
“Favorable government policies also drive demand for the product by industry. In the construction sector, sand is classified as fine aggregates. The product is widely used in concrete production, along with cement, coarse aggregates, and water.
Approximately 110 tons of the product is used to make 53 cubic meters of concrete. Due to the rapid development of housing sectors, particularly in developed countries, a significant growth trend is expected to be witnessed in demand for cement across the globe.
“In terms of value, the gravel held 17.41% of the market share in 2019.”
For more information and detailed charts, please go the following Reports and Data summary page, where you will also find download information: https://www.reportsanddata.com/report-detail/aggregates-market