According to the latest report by IMARC Group, titled "Aggregates Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global aggregates market reached a value of US$ 530.9 Billion in 2022. Aggregates refer to coarse to medium grained materials that are generally utilized in construction activities. They are obtained from natural deposits, such as including geosynthetic and recycled concrete, by using blasting and drilling of rock into smaller pieces. They are usually used to form mortar or concrete by mixing with bitumen, cement, gypsum and lime. They are widely utilized for providing stability, volume, and resistance to the finished product. Since aggregates possess the ability to hold back precipitates that contain impurities, they are extensively used for water purification, filtration and the prevention of soil erosion, thus significantly influencing the product demand across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aggregates Market Trends:
The global market is primarily driven by significant growth in the construction industry. In line with this, the increasing investments by private and public in infrastructural development projects across emerging economies are providing a boost to the demand for aggregates. Coupled with the growing preference for renovation activities in existing buildings, this is further propelling the product uptake. Furthermore, the numerous initiatives undertaken by the governments of several countries for providing housing facilities in rural locations are creating a positive market outlook. Moreover, eco-friendly aggregates produced from recycled substances due to an enhanced focus on sustainable development are gaining widespread prominence among the end-users. Additionally, continual technological advancements, such as the integration of heavy-duty components with rock crushing machines that aid in maximizing efficiency and reliability, are considered to be major growth-inducing factors. Other factors, including escalating popularity of green construction and extensive research and development (R&D) activities conducted by key players, are also projected to contribute to the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 667.9 Billion by 2028, expanding at a CAGR of 3.7% during 2023-2028.
- On the basis of the type, the market has been segregated into crushed stone, sand, gravel and others.
- Based on the application, the market has been segmented into concrete, road base and coverings, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.Some of these players include ADBRI Limited, Cement Industries of Malaysia Berhad (United Engineers Malaysia Berhad), Cemex S.A.B. de C.V., China Resources Cement Holdings Limited, CRH Plc, Eurocement Group, HeidelbergCement AG, LafargeHolcim Ltd, LSR Group, Martin Marietta Inc., Rogers Group Inc. and Vulcan Materials Company.
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