Construction Aggregates Market, by Product Type (Crushed Stone, Sand, Gravel, and Other Aggregates), by Application (Commercial, Residential, Industrial, and Infrastructure), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Construction aggregates are the materials used as reinforcements in construction to increase the strength of composite materials. The size of these materials ranges from finely grained to medium coarse and are available in different forms such as sand, crushed stones, slag, gravel, and others.
Market Dynamics
The market is anticipated to grow substantially in forthcoming years owing to surge in infrastructure developments across the globe, especially in emerging economies. Governments are focused on strengthening their infrastructures in transportation and energy sector to boost the economic growth of the country. Geographically, Asia Pacific is projected to witness the fastest growth in next few years on the account of the rising number of construction projects in the region.
Companies involved in the market are increasing the production of high-quality aggregates which is likely to provide more strength and durability to the composite materials. Moreover, key players are expanding their production capacity to meet the rising demands for construction aggregates. This is expected to propel the market growth in the next few years.
According to preliminary data by Invest Gate, from Q1 to Q2 of FY 2020, China's construction industry shrank by around 3.1%. The demand for aggregate product was projected to decrease throughout the course of FY 2020 due to restrictions on the flow of commodities and weak growth in the building and construction sector.
According to a report issued by the International Monetary Fund (IMF) in April 2020, the country's GDP was predicted to rebound by the second quarter of FY 2020 when imposed lockdowns were lifted and new supportive policies were put into place. This is likely to boost the market growth in China.
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