IMARC Group, a leading market research company, has recently releases report titled “Aggregates Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global aggregates market share, trends, size and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How Big is the Aggregates Market?
The global aggregates market size reached US$ 551.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 740.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.2% during 2024-2032.
Factors Affecting the Growth of the Aggregates Industry:
- Urbanization and Infrastructure Development:
Urbanization and infrastructure development are among the most significant factors driving the market growth. The urban population is increasing rapidly, leading to a corresponding need for expanded infrastructure to support these growing communities. Furthermore, urbanization necessitates the construction of residential buildings, commercial spaces, transportation networks, and utilities, all of which require large quantities of aggregates such as sand, gravel, and crushed stone. Additionally, governments and private sectors are investing heavily in infrastructure projects to improve connectivity and enhance economic growth. In this regard, the construction of highways, railways, airports, and ports requires substantial amounts of aggregates for foundational purposes.
- Construction Industry Growth:
The construction sector, encompassing residential, commercial, and industrial projects, relies heavily on aggregates for building foundations, concrete production, road construction, and various structural components. It is experiencing significant growth due to increasing investments in housing and commercial real estate development. Residential construction is particularly notable as the demand for housing rises with population growth and urban migration. The construction of new homes, apartments, and housing complexes requires a vast amount of aggregates for concrete and asphalt, which are essential for creating strong and durable structures. Additionally, commercial construction projects such as shopping malls, office buildings, hotels, and entertainment complexes are on the rise, fueled by economic development and increasing consumer spending.
- Government Initiatives and Investments:
Government initiatives and substantial investments in infrastructure projects are critical factors propelling the market growth. Many governments recognize the importance of robust infrastructure for economic development and societal well-being, leading to significant budget allocations for infrastructure development. Public works projects, funded by national and regional governments, encompass a wide range of construction activities, including the building of highways, bridges, tunnels, and public transportation systems. These projects require massive quantities of aggregates for construction purposes, driving the demand for these essential materials. Additionally, policies aimed at promoting sustainable development and green infrastructure spur investments in projects that utilize recycled aggregates, thereby boosting the market growth.
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Aggregates Market Report Segmentation:
Breakup By Type:
- Crushed Stone
- Sand
- Gravel
- Others
Crushed stone holds the majority of the market share due to its durability, versatility, and strength, making it essential for various infrastructure projects.
Breakup By Application:
- Concrete
- Road Base and Coverings
- Others
Concrete accounted for the largest market share as it is fundamental in nearly all types of construction projects, from residential buildings to large-scale infrastructure.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific's dominance in the market is attributed to rapid urbanization and industrialization, leading to extensive construction activities and high demand for aggregates.
Global Aggregates Market Trends:
Recent innovations and advancements in aggregate processing equipment and technologies, which improves efficiency and reduce costs, is driving the market growth. Additionally, the increasing global population, leading to higher demand for housing and infrastructure, thereby increasing the need for aggregates, is boosting the market growth. Besides this, rapid economic development and rising gross domestic product (GDP) in various countries, which increase construction activities, is contributing to the market growth. Furthermore, the rising need for reconstruction, repair, and maintenance of existing infrastructure is acting as another growth-inducing factor.
Leading Companies Operating in the Global Aggregates Industry:
- ADBRI Limited
- Cement Industries of Malaysia Berhad (United Engineers Malaysia Berhad)
- Cemex S.A.B. de C.V.
- China Resources Cement Holdings Limited
- CRH Plc
- Eurocement Group
- HeidelbergCement AG
- LafargeHolcim Ltd
- LSR Group
- Martin Marietta Inc.
- Rogers Group Inc.
- Vulcan Materials Company.
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