The global construction aggregates market is expected to expand at a compound annual growth rate (CAGR) of 6.1% in the period 2016-2024, reaching a market value of US$468.2 billion by the end of 2024, according to a new study by Future Market Insights (FMI).
The new FMI study titled ‘Global Construction Aggregates Market: Industry Analysis and Opportunity Assessment, 2016–2024’ states that 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. The growth of the construction industry, increasing construction spending, especially in developing economies such as India and the Middle East, are some of the other major market drivers. Conversely, high transport costs, regulations concerning stringent zoning, seasonal factors, and rising energy costs are expected to act as restraints to market growth.
During the 2016-2024 forecast period, infrastructure segment will continue to account for the maximum share of the total construction aggregates market and is anticipated to expand at a healthy CAGR during the forecast period. By product type, sand will remain the largest revenue generating segment; however, 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 year-on-year 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 latest FMI research outlines how 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. Aggregates are the world’s most mined materials, the study emphasises, with a number of features, including wear and tear resistance and volume stability.
Key players in the global construction aggregates market included in the new FMI report are Heidelberg Cement,
