New York, June 24, 2020 (GLOBE NEWSWIRE) — The global Aggregates market is forecast to reach USD 723.28 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the concrete industry for commercial purposes due to its usage in concrete and cement manufacturing, railway ballast, and road base and coverings. Infrastructure aging and the growing construction industry are projected to fuel the growth of the demand for building aggregates over the forecast period. Investment in technology is likely to be a primary priority in the coming years. Developed and emerging countries also depend on expanding the infrastructure market.
For instance, the country will have a substantial investment requirement of USD 4.50 trillion by 2040, according to India’s 2019 economic survey. India spends around USD 200.00 billion a year, which is about 7.0% to 8.0% of its GDP. Also, Middle East region infrastructure spending is fueling demand for construction aggregates and related products. Healthy economic development and population expansion in emerging economies, particularly in the Asia Pacific and the Middle East, is expected to increase construction spending.
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The US infrastructure sector is in dire need of upgrading as the country has witnessed an increase in the incidents bridge collapse in recent years. As per 2017 statistics from the American Society of Civil Engineers (ASCE), nearly 9.1% of the country’s bridges are structurally deficient. In the coming years, the nation is expected to see a significant increase in the growth of bridge infrastructure. In the forecast period, China is expected to lead the construction of high-rise buildings. According to the Council’s statistics on Tall Buildings and Urban Habitat, China accounted for nearly 60.0% of new high-rise construction in 2017. A similar high-rise construction boom has been observed across the Middle East and Southeast Asia.
The aggregates industry currently faces various environmental challenges. Exploration and processing contribute to environmental issues, including increased dust, vibrations, noise, and soil water levels. Different commodity supply and fluctuating competition placed pressure on industry vendors, and this has also forced firms to cut costs and focus on better customer service.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are rapidly changing their practices and purchasing priorities to meet the demand of a pandemic that has reduced the need for aggregates. A sequence of both positive and negative shocks will arise over a few months, as producers and their vendors adapt to changing demands of customers. The export-dependent economies of many regions look vulnerable, with an unfortunate global situation. Global Aggregate markets are reshaped by the impact of this pandemic when certain manufacturers either close down or decrease their production because of a lack of downstream demand. While some are having their production suspended as a precautionary measure by the governments of their respective nations to combat the spread of the virus. For certain countries, consumers are centered on being more regional by looking at the magnitude of the epidemic and the consequent actions of the national authorities themselves. In these situations, business dynamics in Asia Pacific regions were very dynamic, weakening regularly, making stabilizing themselves difficult.
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Further key findings from the report suggest
- Based on product type, sand generated a revenue of USD 58 billion in 2019 and is expected to grow with a CAGR of 6.0% in the forecast period, owing to its wide variety of applications in concrete production along with cement, coarse aggregates, and water.
- The concrete industry expected to grow with a CAGR of 5.6% in the forecasted period due to numerous regulatory reforms, including the introduction of real estate regulatory bills and the inclusion in the real estate sector of 100.0% foreign direct investment.
- The commercial sector is the major contributor to the Aggregates market. The commercial sector of the Asia Pacific region is the major shareholder of the market and held around 32.3% of the market in the year 2019 owing to various government measures, such as a lowered number of regulations and taxes.
- The Asia Pacific region dominated the market for Aggregates in 2019. Driving the market is the region’s strong emphasis on cost-effective and advanced procedures implemented in the industry. The Asia Pacific region held approximately 65.0% of the market, followed by North America, which held around 17.0% market in the year 2019.
- Key participants include Martin Marietta Materials Inc., HeidelbergCement AG, LafargeHolcim, Eurocement Group, CEMEX S.A.B. de C.V., CRH plc, Vulcan Materials Company, LSR Group, Adelaide Brighton Ltd., and Hanlon Concrete, among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/aggregates-market
For the purpose of this report, Reports and Data have segmented into the global Aggregates market on the basis of product type, end-user, application, and region:
Product Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Crushed Stone
End-User Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Road Base & Coverings
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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