SAN FRANCISCO, Aug. 21, 2019 /PRNewswire/ -- The global aggregates market size is expected to reach USD 671.1 billion by 2025, escalating at a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. Aging of infrastructure and expanding construction sector are anticipated to drive the growth of construction aggregates market over the forecast period.
Key suggestions from the report:
- Crushed stone segment is anticipated to remain the largest segment over the forecast period, in terms of revenue as well as volume, on account of its massive usage in roadway construction
- Concrete segment is anticipated to grow at a CAGR of 6.8% over the forecast period, in terms of revenue, due to increasing demand in housing sector
- The global construction aggregates market is likely to be dominated by three countries, namely India, China, and the U.S., owing to steady growth in their construction activities in infrastructure as well as real estate sectors
- Asia Pacific accounted for the largest market volume share of 67.2% in 2018 with the remarkable growth of construction sector in the region
- Key companies are attempting to increase their presence through mergers and acquisitions. For instance, in August 2018, LafargeHolcim acquired Metro Mix, LLC, situated in Colorado, U.S., to strengthen its aggregates and cement business in the country.
Read 64 page research report with TOC on "Aggregates Market Size, Share & Trends Analysis Report By Type (Crushed Stone, Sand, Gravel), By Application (Concrete), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/aggregates-market
Infrastructure investment is anticipated to remain a key focus area over the coming years. Both developed and developing economies are concentrating on the expansion of infrastructure sector. For instance, as per the 2019 economic survey of India, the country will have a huge requirement for investment amounting to USD 4.5 trillion by 2040.
India spends around USD 200 billion per year, which is around 7% to 8% of its gross domestic product (GDP). Moreover, high infrastructure spending in the Middle East is fueling the demand for construction aggregates and related products. Strong economic development and population expansion are expected to increase construction spending in emerging economies, especially in Asia Pacific and the Middle East.
The infrastructure sector in the U.S. is in dire need to upgrade as the country has witnessed an increase in bridge collapsing incidents in the past few years. Nearly 9.1% of country's bridges are structurally deficient as per a 2017 statistics by the American Society of Civil Engineers (ASCE). The country is expected to observe a huge surge in bridge infrastructure development over the coming years.
China is expected to lead the construction of high-rise buildings over the forecast period. As per statistics by the Council on Tall Buildings and Urban Habitat, in 2017, China represented nearly 60% of new high-rise building construction. A similar high-rise building boom was observed across the Middle East and Southeast Asia.
Currently, the aggregates industry is facing numerous environmental challenges. Exploration and processing contribute to environmental problems, which include increased noise, dust, vibrations, physically disturbed habitats, and affected groundwater levels. Availability of different products and fluctuating demand have exerted pressure on market vendors. This has also forced companies to cut down their costs and focus on better customer service.
Grand View Research has segmented the global aggregates market on the basis of type, application, and region:
- Type Outlook (Revenue, USD Million; Volume, Million Tons, 2014 - 2025)
- Crushed stone
- Application Outlook (Revenue, USD Million; Volume, Million Tons, 2014 - 2025)
- Road base & coverings
- Regional Outlook (Revenue, USD Million; Volume, Million Tons, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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