NEW YORK, July 11, 2019 /PRNewswire/ -- Persistence Market Research (PMR) provides key insights about the global construction aggregates market and offers extensive information through structured market research. The global construction aggregates market was pegged at more than US$ 331 Bn in terms of value at the end of 2019, and is anticipated to reach nearly US$ 623 Bn by the end of the forecast period 2029, growing at a CAGR of ~ 6%.
Regional Government Reforms for Increasing Investments in Infrastructural Projects Boosting Construction Aggregates Market
Regional governments in emerging countries are focusing on achieving continuous upgradation to address infrastructural shortfalls and improve education & healthcare systems and water & sanitation. In line with this agenda, respective governments are placing importance on implementing solutions for sustainable mining and increasing productivity & automation, which has resulted in growth in the construction aggregates market. This is expected to enhance the demand for construction aggregates across the globe. The government has been strategically emphasizing on yielding maximum output from these opportunities by increasing investments on interconnection plans with different countries which has resulted in the growth of the construction aggregates market.
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The growing demand for leisure activities, such as amusement parks and other luxury sports venues, in the U.S., Europe, China, and the Middle East is propelling the construction aggregates markets across the country. This is expected to create opportunities for market players to enhance their product portfolios and is likely to provide a much-needed boost to their revenues, thus propelling the growth of the construction aggregates market.
Increasing Use of Recycled Aggregates to Bolster Demand for Construction Aggregates
Aggregate recycling is a simple process that involves breaking, removing, and crushing existing aggregates into materials of specified quality and size. Aggregate recycling is gaining traction since it protects natural resources and eliminates the need for disposal, as it requires the use of readily available conventional aggregates for concrete and other applications. This has, in turn, resulted in the growth of the construction aggregates market. All construction buildings that were created in the past have a certain life span, after which the structure is unsafe as it can collapse. In addition, the use of recycled aggregates can help save costs and create additional commercial opportunities.
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Technological Innovations in Construction Activities Restraining the Construction Aggregates Market
Technological innovations are among the key restraining factors for real estate owners. Technological disruption is changing customer behavior toward interaction with all types of commercial real estate, which includes retail, office space, hospitality, and others, and this is likely to have a negative impact on the construction aggregates market.
For instance, online rental infrastructure service providing companies can shift their businesses from hotels and apartments by providing rental infrastructural services for recreational purposes. This is likely to decrease the demand for nonresidential construction aggregates over the forecast period.
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Industrial & infrastructural development in emerging economies is expected to create opportunities for the construction aggregates market to grow in the long-term. Majority of the infrastructural development includes the development of inter & intra-country road infrastructure, tunnel development, rail web & new airports, among others. The construction aggregates market is estimated to witness significant growth opportunities. However, high transportation cost & rising energy cost are among factors that are likely to restrain the market growth. However, the demand for construction aggregates is estimated to grow at a rapid pace following the introduction of new production technologies.
Construction Aggregates Market: Competition Landscape
LafargeHolcim Ltd., CRH plc, Martin Marietta Materials Inc., Heidelberg Cement AG, LSR Group, Cemex SAB de CV ADR, and Vulcan Materials Company, are among the key players identified in the construction aggregates market.
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