Construction Aggregates Market SWOT Analysis, Business Growth Opportunities by Top Companies, Future Challenges, Competitive Strategies and Forecast to 2031
As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global construction aggregates market reached US$ 344.4 Bn in 2021. Increasing investment in the infrastructure sector is anticipated to propel growth in the market, enabling expansion at 6.8% CAGR through 2031.
Digital transformation in the construction sector is
streamlining industrial operations and paving way for technological
advancements. This factor is allowing contractors to improve output, which in
turn is resulting in high demand for construction aggregates.
Rapid urbanization in countries such as China and India is
encouraging expansion of construction of residential sectors and healthcare
facilities, thereby boosting sales of construction aggregates. Besides this,
government-backed initiatives for facilitating housing developments in the U.S.
and the U.K. will positively shape the demand outlook for construction
aggregates.
Key Takeaways from the Construction Aggregates Market
Analysis
- Based
on product type, crushed stone will dominate the market due to its easy
availability and affordable price.
- Construction
aggregates will find applications in the infrastructure sector owing to
increasing spending towards expansion of roadways and railways projects.
- The
U.S. is anticipated to exhibit high growth during the forecast period.
Sales in the U.S. is expected total US$ 16.4 Bn in 2021.
- Expansions
in the tourism and hospitality sector in Germany will create opportunities
for construction aggregates sales.
- China
will emerge as the most lucrative market due to increasing
industrialization and urbanization in the country.
- Increasing
investments in residential and infrastructural development in India will
promote sales of construction aggregates in the country.
- Japan
and South Korea will collectively account for 7.2% of the total market
share.
“Increasing government expenditure on infrastructural
development, coupled with the adoption of latest technologies is shaping the
growth outlook of construction aggregates market,” says the FMI analyst.
Competitive Landscape
Heidelberg Cement AG, Martin Marietta Materials
Inc, LSR Group, LafargeHolcim Ltd., Cemex SAB de CV ADR, Vulcan Materials
Company, CRH plc, Adelaide Brighton Ltd., Eurocement Group, and ROGERS GROUP
INC. are among the leading players operating in the construction aggregates
market.
As a part of their growth strategies, prominent players are
emphasizing on production facility expansion and new product launches. Apart
from these strategies, strategic collaborations, mergers and acquisitions will
hold significance during the forecast period. For instance:
- In
July 2021, Germany-based HeidelbergCement announced its plans to invest in
additional grinding capacity for its cement plants. These additions will
potentially help the company cater to growing consumers’ demand.
- In
May 2021, Martin Marietta Materials Inc. acquired HeidelberCement’s Lehigh
Hanson West Region business for US$ 2.3 Bn. The transaction includes the
sale of cement, aggregates, ready-mix concrete, and asphalt in the
U.S. West region, allowing the company to expand its footprint across the
country.
Read Full Report: https://www.futuremarketinsights.com/reports/construction-aggregates-market
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