USD 507.46 billion
Report ID: SQSG15F2017 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 93 | Figures: 76
Aggregates Market size was valued at USD 507.46 billion in 2021 and is poised to grow from USD 534.95 billion in 2022 to USD 837.3 billion by 2030, growing at a CAGR of 5.72% in the forecast period (2023-2030).
Construction aggregates are the most mined commodity on the planet and are essential components of composites such as asphalt and concrete. These materials are created by drilling down to smaller pieces natural sources such as limestone, rock traps, and granite. Construction aggregates are fundamental materials used in the construction of roads, airports, runways, parking lots, and railroads. This material is also used to purify water, prevent soil erosion, and filter it. The development of infrastructure projects as a result of global urbanization has driven the aggregates market. The demand for offices, residential properties, and commercial malls has resulted in an abundance of building aggregates all over the world. Increasing investments by the government on improving transport facilities and enhancing their energy (power generation) networks has fueled the demand.
The impact of the pandemic reshapes global aggregates market as certain manufacturers close down or reduce production due to a lack of downstream demand. While some are having their production halted as a precautionary measure by their respective governments to combat the spread of the virus. Consumers in certain countries are focused on being more regional by looking at the magnitude of the pandemic and the subsequent actions of national authorities. Business dynamics in the Asia Pacific region were very dynamic in these situations, weakening on a regular basis and making stability difficult.
US Aggregates Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 507.46 billion
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Global aggregates market has been segmented based on product type, application, end use, and region. Based on product type, global aggregates market are further sub-segmented into crushed stone, sand, gravel, and others. On the basis of application, global aggregates market is segmented into residential, commercial, industrial, and infrastructure. Based on end use, global aggregates market is segmented into concrete, road based and coverings, and others. Based on region, the Aggregates Market is divide into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa.
Aggregates Market Analysis by Product Type
The crushed rock is expected to make the largest contribution to the global aggregates market due to its easy availability. The cement can be in combined with crushed stone as these has surface volume property for binding. Aggregates can be smooth surfaced or rough surfaced. Sand is the main component for manufacturing concrete like other aggregates. The crushed stone segment was valued at USD 287.49 billion in 2021 and is supposed to grow at a CAGR of 5.7% from 2022 to 2028.The demand for aggregated product is rising due to enormous growth in construction industry. Due to rapid urbanization in regions of India, Indonesia and China in scaling of housing sector which drives the global aggregates market.
Aggregates Market Analysis by Application
The infrastructure segmented is observed to be the largest segment during the forecast period. Residential is the dominant segment due to increase in urbanization with the increase in population. Infrastructure industry is the backbone of the country. It contributes significantly to quickening overall development and drives its economy's growth because it is one of the robust industries. The Infrastructure segment was valued at USD 2,242.3 billion in 2021 and is expected to reach USD 3,267.3 billion by 2028, a growth rate of 6.48% during the forecast period. In 2021, commercial and infrastructure sectors contributed revenue of over 61%. Some steps are taken by Indian Government as, to establish Special Economic Zones (SEZs) that encourage industrialization and economic development. This drastic change has heighten the need for residential buildings, especially in emerging countries like China and India.
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Global aggregates market is classified into North America, Europe, Asia Pacific, and MEA. Asia-Pacific considered as the booming market in respect of aggregates where there is more construction activities in the regions such as country like India, Japan which has many ongoing and future construction projects of roadways, metros, airports and others. As per the stats released by the IMF, the Asia Pacific economy is likely to be the least affected region due to the COVID-19 pandemic. The Indian construction industry employs over 30 million people and creates assets worth over ₹ 200 billion. It contributes more than 5 per cent to the nation's GDP and 78 per cent to the gross capital formation. Planning of major road ways development in 2022 has done by the Argentina government.
The Middle East & Africa are said to be the second-fastest growing region over the forecast period as the construction industry is forecast to record growth in 2021 of 4.4%. The Middle Eastern construction industry as countries, such as Saudi Arabia and Qatar are projected to remain assures as they move from oil-based economies to manufacturing/service-oriented economies. In North America, the market for eco-friendly building aggregates is growing. Due to their low cost advantages, recycled construction aggregate imports are expected to increase in Latin America, the Middle East, and Africa, which would likely enhance the market in these countries.
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Aggregates Market Drivers
Aggregates Market Restraints
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The global aggregates market is highly competitive and most of the companies have vast distribution channels across regions and are fully integrated across the chain. Companies compete among themselves by aggressive pricing strategy, to gain a higher market share. They also focuses on developing new products with the absorption of new technology and refining its produced products to sustain in the competition and to gain higher market shares among the competition. Along with product innovations, players are aiming at strategic partnerships with regional players to strengthen regional footprint in the market.
Top Players in the Global Aggregates Market
Aggregates Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our aggregate market analysis, leading players are increasing investments in the introduction of new aggregates machinery, which are expected to drive construction aggregates market growth. Some of the main opportunities for aggregate manufacturers include the housing market recovery, ongoing residential and industrial projects in areas such as North America and Asia-Pacific, and increased government spending on infrastructure projects such as transportation and power generation. The ongoing infrastructure projects and their maintenance will also increase aggregates market demand, as almost every developing country has massive projects to complete.
|Market size value in 2021||USD 507.46 billion|
|Market size value in 2030||USD 534.95 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Aggregates Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aggregates Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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