PUBLISHER: SkyQuest | PRODUCT CODE: 1250079
PUBLISHER: SkyQuest | PRODUCT CODE: 1250079
Global Aggregates Market size was valued at USD 507.46 billion in 2021 and is expected to worth around USD 837.3 billion by 2028, growing at a CAGR of 5.72% during the forecast period (2022-2028).
Construction aggregates are the most mined resource on earth and are crucial parts of composite materials like asphalt and concrete. Natural resources like granite, limestone, and rock traps are broken down into smaller pieces to produce these commodities. Roads, airports, runways, parking lots, and trains can all be built with the help of construction aggregates. In addition to filtering and stopping soil erosion, this substance is used to clean water. The aggregates market has been fueled by the growth of infrastructure projects as a result of worldwide urbanisation.
Building aggregates are in plentiful supply all around the world as a result of the demand for offices, homes, and retail complexes. The demand has been spurred by the government's increasing spending in constructing new transportation infrastructure and expanding its energy (power generation) infrastructure.
The pandemic's effects change the global aggregates market as some firms curtail or cease output as a result of a lack of downstream demand. While some have had their manufacturing stopped as a preventative measure by their respective governments to stop the virus from spreading. When examining the scope of the epidemic and the ensuing responses of state authorities, consumers in some nations are more regionally focused. In these circumstances, the Asia-Pacific region's business dynamics were very volatile, frequently weakening and making stability challenging.
Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Aggregates Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
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 market is divide into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa.
Drivers
To benefit from privileged social and economic services and benefits in both emerging and developed countries, people are progressively moving closer to towns and cities. They include social and economic benefits including better housing, employment possibilities, transportation, access to health care, an improved education, and hygienic circumstances. This typically helps with the development of land for businesses, residential constructions, social and economic infrastructure, and transportation systems.
The government's numerous infrastructure projects and maintenance activities are one of the main reasons boosting demand for such products. In order to enable trade, support industry, connect employees to jobs, give hope to disadvantaged populations, and safeguard the nation from an ever-more-volatile natural environment, governments seek for solid infrastructure.
Restraints
Construction aggregates' market growth is projected to be constrained by their high transportation costs. The majority of the administrative expenditures for building aggregates are related to transportation. As a result, during the projection period, it is anticipated that high transportation costs will restrain the market for construction aggregates. Aggregate market growth is anticipated to be slower as a result of rigorous zoning rules and limitations on aggregate extraction in highly populated areas. Due to environmental regulations, zoning restrictions, and land development laws, getting approval for a mining site is a challenging and time-consuming process that could take many years.
Market Trends
The most often mined materials globally are aggregates. Building blocks are mostly made of these aggregated materials mixed with cement, gypsum, and lime. In India, rapid urbanisation is anticipated to occur over the next ten years, which is anticipated to drive up demand for aggregates in the building industry. In order to achieve rapid urbanisation throughout the nation, which is anticipated to have a significant impact on aggregate demand during the projection period, India is working to create more than 100 smart cities across the nation. The demand for aggregated products is anticipated to rise quickly over the projection period after analysis of the construction sector's growth and demand.