Global Construction Aggregates Market Surges with Increasing Construction Activity
Construction aggregates refer to a category of construction materials that includes sand, gravel, slag, stones, recycled concrete, crushed stone, and geosynthetic aggregates. Construction aggregates are extensively mined and used as composite materials for making asphalt and concrete. The main purpose of construction aggregates is to strengthen the composite material that is being used in the construction. Construction aggregates are popularly used in drainage applications, as they have better hydraulic conductivity when compared to soils. Owing to this reason, construction aggregates are used for laying the foundation for septic drain fields, French drains, road side edge drains, and retaining wall drains. These materials are also used as foundation for railroads and roads for preventing differential settling under the construction.
Residential Sector to See Maximum Application of Construction Aggregates
The application of construction aggregates is primarily seen in areas of residential, commercial, residential, infrastructural and industrial construction. According to research analysts, the global construction aggregates market will reach US$468.2 bn by the end of 2021 from US$329.3 bn in 2015, growing at a steady CAGR 6.0% in the next six years. Between 2015 and 2021, the construction aggregates volume in the residential segment will grow at a CAGR of 6.10% by the end of 2021.
Increasing Research and Development Activities to Propel Construction Aggregates Market
The steady growth of the global construction aggregates market is attributable to the producers and manufacturers making huge investments in research and development activities to improve the technologies. Furthermore, the increasing use of manufactured sand and recycled aggregates in several constructions is propelling the global construction aggregates market. In the near future, the growth of infrastructure across the globe is also expected to encourage this market. However, some of the restraints on the global construction aggregates market are expensive transportation costs, strict regulations regarding zoning, seasonal factors, and increasing energy costs. In the near future, the burgeoning construction industry, improved spending on the construction sector, the rise in cement consumption, and growing GDPs in developing countries will make a significant contribution to the pace of the global construction aggregates market.
China to Lead Global Construction Aggregates Market
Geographically, the global construction aggregates market is segmented into South America, North and Central America, Southern Europe, Northern Europe, CIS countries, China, India, Australia and New Zealand, the Middle East and Africa, and Rest of Asia Pacific. As of 2014, China held the leading position in the overall construction aggregates market, accounting for 26.4% in terms of volume. China was closely followed by North and Central America. The increasing use of construction aggregates is responsible for the expanding market in this region.
However, China will continue to be the fastest growing region in the global construction aggregates market. The country will register a CAGR of 7.50% in the given forecast period in the global construction aggregates market. Furthermore, developing regions such as the Middle East and India will witness a remarkable growth rate in the construction aggregates market in the coming six years.
Some of the important players in the global construction aggregates market are Heidelberg Cement AG, Martin Marietta Materials Inc., Lafarge-Holcim Ltd., Vulcan Materials Company, LSR Group PJSC, CEMEX S.A.B. de C.V., CRH plc, and EUROCEMENT Holding AG. Most of these players are focusing on mergers and acquisitions along with expanding their capacities in order to gain leading positions in the global construction aggregates market.
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