Concrete Aggregates Market size was over USD 402.57 billion in 2023 and is expected to exceed USD 768.56 billion by 2036, growing at over 5.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of concrete aggregates is evaluated at USD 418.99 billion. The growth of the market can be attributed to the increasing construction activities on a global level, backed by rising urbanization and growing population. Currently, over 7.5 million people are employed in the construction industry, contributing about 5% of the overall employment in the economy. Concrete aggregates are an inexpensive alternative for fillers of cement, which reduces the cost of construction. This is estimated to boost the market growth. The total production of concrete in 2019 amounted to almost 4 billion metric tons, globally. The rapid growth of construction industry is projected to fuel the market growth.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
5.1% |
|
Base Year Market Size (2023) |
USD 402.57 billion |
|
Forecast Year Market Size (2036) |
USD 768.56 billion |
|
Regional Scope |
|
The market is segmented by type into gravel, crushed stone, sand, recycled concrete, and others, out of which, the recycled concrete segment is anticipated to hold the significant share in the global concrete aggregates market over the forecast period on account of growing environmental awareness and adoption of recycled concrete. Recycled concrete is being increasingly used for making pavement, parking lots, and driveways, which is expected to boost the market growth.
Our in-depth analysis of the global market includes the following segments
|
By Type
|
|
|
By Application |
|
North America Market Analysis
On the basis of geographical analysis, the global concrete aggregates market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is anticipated to account for largest revenue share by 2036, on the back of rising construction activities in United States, and Canada. The U.S. construction sector valued at around USD 1.4 trillion in 2020. Moreover, increasing private residence construction and urbanization in the region is estimated to fuel the market growth.
APAC Market Statistics
The market in the Asia Pacific region is anticipated to garner significant market share during the forecast period, owing to the rapid urbanization and growing population in countries, such as, India, and China.
· July, 2021: Holcim Ltd launched a range of green cement, which has at least 30% lower carbon footprint with equal to superior performance, named ECO Planet.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?