First publishedon www.AggBusiness.com
Global demand for construction aggregates is set to grow at a healthy rate until 2024, according to a new report by a leading independent business market research company.
Future Market Insights’ (FMI) new study Global Construction Aggregates Market: Industry Analysis and Opportunity Assessment, 2016–2024, says the global construction aggregates market is set to expand at a CAGR of 6.1% in the period 2016-2024, reaching a market value of US$468.2 billion by 31 December 2024.
FMI’s report states that construction aggregates are a broad category of granular materials such as crushed stone, stone, and gravel etc., which are widely used in the construction sector.
An overview accompanying the new report continues: “Aggregates are the world’s most mined materials. Aggregates have a number of features, including wear and tear resistance and volume stability. New trends in construction aggregates, such as manufactured sand and recycled aggregates, along with rising investment in infrastructure globally are driving the global construction aggregates market; whereas high cost of transportation, regulations concerning stringent zoning, seasonal factors, and rising energy costs are expected to act as restraints.”
The growth of the construction industry, increasing construction spending, especially in developing economies such as India and the Middle East, are said by FMI to be some of the other major market drivers.
During the FMI report forecast period, new and ongoing infrastructure projects will continue to swallow up the greatest volumes of construction aggregates. By product type, sand will remain the largest revenue generating segment. However, the crushed stone segment is expected to expand at a higher CAGR of 7.2% during the forecast period.
Among regions, China is expected to dominate the construction aggregates market throughout the forecast period, expanding at a modest CAGR of 4.7% in terms of value. In 2017, the Chinese market for construction aggregates will witness an impressive Y-o-Y growth of 7.2% over 2016. North and Central America will constitute the next key market, accounting for over 17% market value share by the end of forecast period.
The new FMI report also outlines global upcoming construction projects and major events impacting the construction aggregates market, along with a list of the top importers and exporters of construction aggregates globally. Capacity factor analysis for each region is also included in the report. Furthermore, construction value added as a percent of GDP for key economies have been included.
FMI states that the leading global construction aggregates market players are focused towards mergers and acquisitions, and on expanding their production capacities. Key players in the worldwide market included in the new report are HeidelbergCement, Martin Marietta Materials, LSR Group PJSC, EUROCEMENT, LafargeHolcim, CEMEX, Vulcan Materials Company, and CRH. The reports also focus on key developments and strategies of these key market players.