ReportLinker, which published the report, said it has conducted an impact survey to update its figures amid the COVID-19 crisis. It estimates the value of the global market at US$393.6bn in 2020, and this is now projected to reach a revised size of US$559.8bn by 2027, growing at a CAGR (compound annual growth rate) of 5.2% from 2020-2027.
The sand segment of the global market is projected to record a 5.8% CAGR and reach US$236.6bn by the end of 2027. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the gravel segment is readjusted to a revised 5.1% CAGR for the next 7-year period.
The US construction aggregates market is estimated at US$106.6bn for the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$116.3bn by 2027 with a CAGR of 8% from 2020-2027. The markets in Japan and Canada are forecast to grow at 2.8% and 4.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.
In the global crushed stone market the USA, Canada, Japan, China and Europe will drive the estimated 4.3% CAGR for this segment. The market size of US$132.4bn in 2020 will reach a projected US$177.2bn by the end of 2027, with China remaining among the fastest growing regional markets. Driven by countries including Australia, India and South Korea, the market in Asia-Pacific is forecast to reach US$74.6bn by 2027, while Latin America is predicted to expand at a 5.7% CAGR from 2020-2027.