Global consumption of construction aggregates is expected to reach 62.9 billion tonnes by 2024 end, up from 43.3 billion tonnes in 2016, says a new report.
Persistence Market Research Forecasts on Global Construction Aggregates Market says sand will record the maximum demand, recording an absolute incremental opportunity of nearly $ 89bn over 2016-2024.
Global construction aggregates market is anticipated to see year on year growth of 6.3% in 2016.
Increasing activities in infrastructure and renovation sectors are amongst the key drivers propelling the demand for construction aggregates globally. In addition, the macroeconomic factors such as open-ended industrialization and urbanization will continue to drive substantial demand for construction aggregates. Other factors identified to impact the market include enhanced tourism, advancing commercial construction sector, and rapidly thriving residential construction sector. Growing preference among manufacturers for recycled aggregates and manufactured sand is currently a key trend in the market.
Environmental pollution due to extensive construction activities can pose a strong challenge to the growth of the global construction aggregates market. In addition, the market is also estimated to witness deterring growth owing to the challenges regarding transportation, technological limitations, and seasonal variations compelling restricted utilization. Depleting natural resources, a longstanding challenge, can also restrain the growth of the global construction aggregates market.
On the basis of product type, sand will remain the largest segment, accounting for 44 % revenue share of the market in 2016. The crushed stone segment will ramp in higher revenues as compared to gravel and other aggregates.
Based on the application, the construction aggregates market is governed by four major applications, including residential, commercial, industrial, and infrastructure, among which infrastructure segment is expected to account for the highest revenue share.
On the basis of the region, China recorded a dominant market share of 26.7% in 2015. China is anticipated to lead the market in 2016, followed by North and Central America. India will also maintain a key position in the market. Other regions that are expected to represent stagnant market status throughout 2016. Northern Europe will witness sluggish growth owing to gradual economic recovery. Canada, Singapore, Kuwait, and Qatar were prominently identified to import construction aggregates in 2015, whereas China, Norway, Germany, and Ukraine are the major exporters.