In its new research report, Market Research Future (MRFR), emphasizes that the global construction aggregate market 2020 is expected to grow exponentially, securing a substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
Owing to the growth of the construction industry in the last few years, the global construction aggregate demand has seen a surge. The market for construction aggregates has been driven by rapid infrastructural growth coupled with business capital investments in developing economies such as China and India. Increasing government spending on road and rail infrastructure is expected to help to build overall revenue opportunities globally. In addition, projects, like constructing new airport infrastructure and remodeling old airports, will continue to fuel the need for building aggregates. Furthermore, the large number of Special Economic Zones (SEZs) is also improving the global demand for construction aggregates. Special Economic Zones (SEZs) are developed through sustainable development to encourage industrialization and economic growth. According to the Ministry of Commerce, SEZs will more effectively enjoy tax cuts, streamlined procedures, flexible regulations and controls, exemption from customs and duties to facilitate merchandise exports, foreign investment, job opportunities, and the growth of infrastructure facilities. The number of SEZs is increasing significantly as a result of these government policies, which in effect propels the growth of the global economy.
The global construction aggregate market has been analyzed based on material and application.
On the basis of material, the global market is segmented into gravel, crushed stone, sand, M-sand, and others. On the basis of material, crushed stone assessed as the larger market share of around 37% in the construction aggregate market, which is also poised to witness the highest growth rate over the review period.
On the basis of application, the global market is segmented as residential, industrial, commercial, and infrastructure. On the basis of application, in 2018, the infrastructure segment accountef for the largest market share, which is also estimated to witness the highest growth rate in the global market.
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The global business regional analysis was conducted in four major regions, including Asia Pacific, North America, Europe, and the rest of the world. Asia-Pacific accounted for about 50 percent of the largest market share and is also projected to see the significant growth rate during the forecast period. It can be attributed to the booming construction industry in the residential, commercial, manufacturing, and transportation sectors projected to add to the region’s demand for the aggregate building market. Furthermore, due to the increasingly growing population coupled with rapid urbanization, the residential segment is expected to experience substantial growth in the global construction aggregate market. This drastic change has further escalated the need for residential buildings, particularly in emerging countries like China and India. As a result of numerous government initiatives to build better infrastructure (heavy civil works, such as rail, road, dams, and irrigation canals), the construction industry in emerging economies such as China and India has witnessed an investment inflow. In India, for instance, the government has taken steps to establish Special Economic Zones (SEZs) that encourage industrialization and economic development. India’s Ministry of Commerce has lowered the number of regulations and lowered the taxes to raise FDI and improve the country’s infrastructure.
North America represented the second largest market over the forecast period, which is projected to exhibit a sustained growth rate. Repair and restoration activities in the real estate sector and the commercial sector are projected to increase demand for building aggregates in the region.
The major market players operating in the global market as identified by MRFR are LSR Group (Russia), HeidelbergCement AG (Germany), CRH plc (Ireland), Martin Marietta Materials Inc. (US), Vulcan Materials Company (US), Cemex SAB de CV ADR (Mexico), CEPSA (Spain), Adelaide Brighton Ltd (Australia), ROGERS GROUP INC. (US), and Eurocement Group.
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