The global concrete aggregates market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing construction activities on a global level, backed by rising urbanization and growing population. Currently, over 7.5 million people are employed in the construction industry, contributing about 5% of the overall employment in the economy. Concrete aggregates are an inexpensive alternative for fillers of cement, which reduces the cost of construction. This is estimated to boost the market growth. The total production of concrete in 2019 amounted to almost 4 billion metric tons, globally. The rapid growth of construction industry is projected to fuel the market growth.
The market is segmented by type into gravel, crushed stone, sand, recycled concrete, and others, out of which, the recycled concrete segment is anticipated to hold the significant share in the global concrete aggregates market over the forecast period on account of growing environmental awareness and adoption of recycled concrete. Recycled concrete is being increasingly used for making pavement, parking lots, and driveways, which is expected to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global concrete aggregates market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of rising construction activities in United States, and Canada. The U.S. construction sector valued at around USD 1.4 trillion in 2020. Moreover, increasing private residence construction and urbanization in the region is estimated to fuel the market growth.
The market in the Asia Pacific region is anticipated to garner significant market share during the forecast period, owing to the rapid urbanization and growing population in countries, such as, India, and China.
The global concrete aggregates market is further classified on the basis of region as follows:
Our in-depth analysis of the global concrete aggregates market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The lower expense of concrete aggregates, and its increasing application in construction industry is estimated to boost the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Lack of acceptance of concrete aggregate is estimated to hamper the market growth.
The Asia Pacific region is estimated to provide maximum growth opportunities over the forecast period, owing to the rising population and growing urbanization.
The major players in the market are The Taiwan Cement Corporation, Martin Marietta Inc., Holcim Ltd, HeidelbergCement AG, CEMEX S.A.B. de C.V., Birla Corporation Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The industrial segment is anticipated to hold largest market size in the forecast period owing to the growing demand for low-cost construction in industries.
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