Construction aggregates is fastest growing segment fueling the growth of construction aggregates market

The global construction aggregates market is estimated to be valued at US$ 528.09 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Construction aggregates are basic materials such as sand, gravel, crushed stone, slag, recycled concrete and geosynthetic aggregates that are used with cement, concrete or bituminous mixtures to produce composite materials for construction purposes. The need for basic materials for developing infrastructure and construction is driving the demand for construction aggregates globally.

Market key trends:
One of the key trends in the construction aggregates market is increasing demand from infrastructure development projects. Governments around the world are investing significantly in infrastructure development projects such as roads, bridges, flyovers, metro rails, airports etc. to drive economic growth. The growing infrastructure sector is expected to boost the demand for construction aggregates during the forecast period.

Segment Analysis
The global construction aggregates market is segmented into crushed stone, sand & gravel, slag and recycled concrete. Among these, the crushed stone segment dominated the market and accounted for more than 50% share of the global market in 2023. Crushed stone is relatively hard and durable aggregates that can withstand weathering, abrasion or chemical decay and widely used for road bases and railway ballasts.

Key Takeaways
The Global Construction Aggregates Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing infrastructure development activities globally.

Regional analysis
Asia Pacific dominated the global construction aggregates market with around 35% share in 2023 owing to strong presence ofemerging economies like China and India which are witnessing rapid industrialization and urbanization. China alone accounts for over 50% of aggregates consumption in the region. Europe and North America are also significant markets for construction aggregates due to ongoing highway maintenance and rehabilitation activities.

Key players operating in the construction aggregates market are China Resources Cement Holdings Limited, EuroCement Group, Vulcan Materials Company, LafargeHolcim, LSR Group, Adbri, Cemex, Heidelberg Cement AG, and Martin Marietta Materials. The market remains highly fragmented with the top 10 companies accounting for less than 40% share. Companies are focusing on strategic mergers and acquisitions to expand their regional presence.

Read more: https://www.rapidwebwire.com/construction-aggregates-market-demand-share/