Aggregates Market Size to Worth Around USD 837.3 Bn by 2030

Seoul, June 29, 2022 (GLOBE NEWSWIRE) -- Latest Research Study on “Aggregates Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Sand, crushed stone, gravel, slag, recycled concrete, and geosynthetic aggregates are all examples of the broad category of fine to medium grained particle materials known as "aggregates" that are utilized in construction activities. The most fundamental component used in construction is aggregate. In addition to forming up to 80% of a concrete mix and up to 90% of an asphalt pavement, they serve as the basis for buildings, bridges, and roadways. Moreover, for the construction and upkeep of roads, sidewalks, parking lots, airport runways, railway tracks, and a variety of other structures and roadways, aggregate materials are an essential component.

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Key Takeaways:

• Concrete application is predicted to grow at a CAGR of 4.3% from 2022 to 2030
• The Asia Pacific commercial sector accounted of 34.7% market share in 2021
• In 2021, the gravel segment has garnered 17.52% revenue share
• Commercial and infrastructure sectors accounted market share of around 61%
• The crushed stone segment was valued at USD 287.49 billion in 2021 and is expected to grow at a CAGR of 5.7%
  
  

Regional Snapshots

Asia-Pacific proves to be a booming market for the growth of the aggregates market because of growing construction activities in the region such as countries like China, and India, has many ongoing and future construction projects. The market for construction aggregates is anticipated to rise as a result of the expanding tourism sector and rising investment in the implementation of recreational projects. Consequently, it is anticipated that growing travel and tourism sector will stimulate demand for construction aggregates. Also, another factor booming the market in this region is the availability of producers of aggregates in this region is higher than any other region.

Demand for residential to commercial buildings is increasing due to rise in disposable income in this region. Moreover, due to rise in population the need for schools to hotel also rising hence, the construction medium spikes the aggregates market.

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Scope of the Report

Report Highlights

• On the basis of type, the crushed stone segment is expected to make the largest contribution to the aggregates market due to its easy availability. A workable combination requires more cement paste when using crushed stone since these aggregates have a greater surface-to-volume ratio and stronger bonding properties. Aggregate surfaces can either have a smooth or a rough texture. Hence, the crushed stone is used which drives the market in construction sector. Moreover, the addition of crushed stone under a concrete slab will provide a level surface for foundation in both residential and commercial applications. Over time, concrete that is laid directly on the ground may degrade, leading to slab cracking and sinking. Backfill, drainage work, pipe beds, parking lots, and other purposes are additional uses.
• On the basis of application, the infrastructure segment is expected to be the largest segment during forecast period. The backbone of the country is the infrastructure industry. It contributes significantly to quickening overall development and propels its economy's growth because it is one of the most robust industries. A country's ability to compete internationally is strengthened by increased government spending on larger-scale initiatives. Additionally, the integration of cutting-edge technology and the idea of creating smart cities are continuously advancing the nation's infrastructure.
• As most of the developing nations have focused on improving their infrastructure the demand of aggregates market is expected to boost.
  
  

Market Dynamics

Drivers

In both emerging and established nations, urbanization is highly frequent because people are increasingly relocating closer to towns and cities to take advantage of privileged social and economic services and benefits. These include social and economic benefits such improved housing, business prospects, transportation, health care, education, and sanitary conditions. This typically helps to develop land for use in commercial buildings, social and economic support structures, transportation infrastructure, and residential structures. Hence, the rapid increase in urbanization is driving the aggregates market.

Different infrastructure projects and maintenance initiatives by government is one of the major factors that is increasing the demand for such products. Governments are looking for good infrastructure as it facilitates trade, fuels industry, links workers to jobs, gives suffering communities hope, and shields the country from an increasingly unpredictable natural environment.

Restraints

Construction aggregates hefty weight is likely to limit their market growth due to their high transportation costs. The whole administrative expense for building aggregates is made up of roughly 50% transportation costs. Therefore, during the course of the projection period, the market expansion for construction aggregates is anticipated to be constrained by their high transportation costs. In addition, aggregates are expected to have slower market growth due to strict zoning regulations and restrictions on aggregate extraction in populous areas. Due to environmental rules, zoning laws, and land development laws, obtaining clearance for a mining site is a time-consuming and challenging procedure that could take many years.

Opportunities

Over the forecast period, leading players are rising investments in the introduction of new aggregates machinery, that are anticipated to drive the market growth for construction aggregates. Some of the main opportunities for aggregate manufacturers include the housing market recovery, ongoing residential and industrial projects in areas like North America and Asia-Pacific, and increased government spending on the construction of infrastructural projects like transportation facilities and power generation are attracting the market. The ongoing infrastructural projects and their maintenance will also surge the need of aggregates market in larger amount, as almost every developing country has enormous projects to be done.

The rise in population is directly related to this market. The increase in population will lead to have basic needs and house is one of the basic things which every individual owns. Hence, the rate of construction will be fueled by the rising population.

Challenges

Key building materials like steel, cement, and labor are under inflationary pressure, and this is mostly related to the rising price of raw materials and the unavailability of raw materials worldwide, in addition to logistical difficulties and rising fuel prices. However, such price increases seem unavoidable as developers won't be able to absorb these steadily rising input prices without them having an effect on their operations. In addition, the demand for housing has greatly expanded since the last decade, and rising demand always results in price hikes.

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Recent Developments

• Martin Marietta Materials Company successfully acquired the western region of Lehigh Hanson. This acquistion costed $2.3billion to the organization. This acquisition will provide a larger market for the organization which comprises of the aggregates infrastructure along with a couple of cement manufacturing units. This acquisition will provide a better service to a few new areas like the Los Angeles Phoenix and San diego in future.
  
  

Market Segmentation

By Type

• Crushed Stones
• Gravel
• Sand
  
  

By Application

• Concrete
• Road Base & Coverings
• Others
  
  

By End User

• Commercial Use
• Residential Use
• Industrial Use
• Infrastructure Use

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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