PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1483198
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1483198
Global construction aggregates market is estimated to be valued at USD 437.73 Bn in 2024 and is expected to reach USD 607.77 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 437.73 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 4.80% | 2031 Value Projection: | US$ 607.77 Bn |
Construction aggregates are natural or synthetic granular materials such as sand, gravel, crushed stone, slag, or recycled concrete, and are basic raw material used in construction industry. Increasing infrastructure development and construction activities worldwide boosts the consumption of construction aggregates. Government initiatives focused on development of roads, dams, bridges, airports has positively influenced the market growth. Development of real estate sector and individual homes has also boosted demand for construction aggregates. Megaprojects and smart city developments across emerging economies are anticipated to offer lucrative opportunities over the forecast period. However, factors such as shortage of raw materials and rigid environmental regulations can hamper the market growth.
Market Dynamics:
Rising construction activities supported by government initiatives for infrastructure development are the key drivers propelling the global construction aggregates market growth. Majority of countries are investing heavily in road construction, urban infrastructure development, and affordable housing projects which requires huge quantities of aggregates annually. For instance, the Indian government announced the National Infrastructure Pipeline project outlay of USD 1.5 trillion over 2019-2025 timeframe focusing on energy, roads, urban infrastructure and railways. However, shortage of high-quality raw materials due to environmental protection laws and depletion of resources poses a challenge for manufactures and acts as a major restraint. Strict regulations regarding mining and quarrying activities especially in developed countries of North America and Europe also impact the supply of aggregates. The market players have opportunities to adopt new technologies like usage of artificial or synthetic aggregates produced from industrial wastes. Investments in recycling and reuse of construction debris provide opportunities for the market growth. Rising demand for green buildings utilizing recycled aggregates provides growth prospects over the forecast period.
Key Features of the Study:
Detailed Segmentation-