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The global aggregates market size is expected to reach $608.9 billion in 2026, from $429.1 billion in 2018, growing at a CAGR of 4.6% from 2019 to 2026.
Aggregates are the stone particles that are used to make concrete. It offers volume stability, resistance to erosion & wear, and other chemical & physical properties suitable for construction process. Aggregates are the most mined products around the globe. They are available in a wide variety of types and sizes. Its type includes amber flint, red granite, black basalt, corn flint, pearly quartz, green granite, blue gritstone, CKC, copper slag, Dobbs weir, silver slag, and others. It is used in manufacturing concrete and building railway ballast and roads. Also, widely used construction aggregates include stones, crushed stone, and gravel.
Globally, the aggregates market is largely driven by use of aggregates in construction of bridges, ports, highways, and roads. The key factor that is expected to drive the global aggregates market is the increase in investments on infrastructure. The market is expected to grow rapidly over the estimated timeframe due to the expansion of the construction industry in various developing economies, such as China, India, and Brazil. The government of China is focused to boost its infrastructure and construction spending in a bid to fuel its economic growth. This factor is anticipated to positively impact the growth of the market.
Furthermore, the ongoing trend of constructing smart cities in emerging nations are is also anticipated to fuel the growth of the aggregates market during the forecast.
However, materials such as EPS balls, crushed rubber, crushed glass, and high density polyethene are used as alternatives for aggregate in geo stabilization projects, road bedding, and sub grading material for railroad tracks. Such factors are expected to hinder the market growth. Another major factor that restrains the market growth is the fluctuation in prices of raw materials and requirement for large investment capital to establish aggregate production facilities.
Additionally, many construction firms are focused toward acquisition and mergers to expand their business and increase their production capacities to fulfil the demand from the commercial and infrastructure sector. For instance, in July 2019, Mississippi Lime Co., a subsidiary of HBM Holdings acquired Calera, Ala. Through this acquisition, Mississippi Lime aims to expand its business in North America, which, in turn, is expected to help increase the growth of market.
The market is segmented on the basis of type, application, end user, and region. Depending on type, the market is categorized into crushed stone, sand, gravel, and others. The crushed stone segment has dominated the global aggregates market in 2018 due to its use in paving blocks and as a base material for constructing office buildings, homes, and paved roads. The applications covered for the market include concrete, road base & coverings, and others. The concrete segment is estimated to dominate the global aggregates market throughout the study period due to rise in use of concrete in construction activities. Depending on end user, the market is segmented into residential, commercial, and infrastructure. The infrastructure segment is anticipated to dominate the global aggregates market in the upcoming years.
The market is analyzed across four geographical regions, which include North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Russia, and rest of Europe), Asia Pacific (Japan, China, Australia, India, and rest of Asia Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia Pacific is expected to hold the largest market share throughout the study period, owing to the expansion of the construction industry and strong economic growth in China and India. The Government of China has announced a three year action plan (2018 to 2020) to build mega infrastructure facilities for development of modern China. Similarly, the government of India has started a number of projects for the development of railways and highway & roadway infrastructure, which is expected to complete by 2020. Europe is also witnessing growth in aggregate consumption due to rapid recovery of Eastern Europe countries from financial and fiscal crises and growth in commercial construction activities. North American aggregates market is growing, owing to the presence of competitors such as Martin Marietta Materials Inc., Vulcan Materials Company, and LafargeHolcim Ltd.
However, the LAMEA region is expected to grow at the fastest rate due to large investments in construction of roadways. For instance, the African and middle eastern countries have witnessed significant growth in the consumption of aggregates due to the boom in oil economy and rise in number of infrastructure development projects.
COMPETITION ANALYSIS:
The key market players profiled in the report for the aggregates market include Adelaide Brighton ltd., CEMEX S.A.B. de C.V., CRH Plc, Eurocement Holding AG., Hanlon Concrete, Heidelberg Cement AG, LafargeHolcim Group, LSR Group PJSC., Martin Marietta Materials Inc, and Vulcan Materials Company. Other companies operating in the market are Wharehine, Aggregate Industries, Okanagan Aggregates, Rock Road Companies, and Kuari Pati Sdn Bhd.
Many competitors hold a dominant position in the aggregates market. These companies have adopted partnership and expansion as their key developmental strategy to expand their product portfolio for business expansion. For instance, in July 2018, the UK based subsidiary of LafargeHolcim has signed an agreement with a government owned company, Highways England Company Limited. According to the agreement, LafargeHolcim will offer aggregate, asphalt, and cement for four years for road improvement projects in England.
This report discusses various aspects of the market. In recent times, aggregates were used for various types of applications in construction industries and others. The rise in use of aggregate for construction of highway and artificial islands for the aerospace sector is expected to contribute lucrative growth opportunities for aggregate manufacturers across the globe.
According to Vivek Banik, Sr. Research Analyst, Construction and Manufacturing, “Wide range of domestic players are expanding their business in China and India to increase customer base, enhance effective operations, and product portfolios. This is anticipated to fuel the demand for aggregates in the Asia Pacific region. Also, by application, the concrete segment is expected to experience a rapid surge due to the rise in the construction sector, especially in North America and Asia Pacific.”
KEY BENEFITS FOR STAKEHOLDERS
GLOBAL AGGREGATES MARKET SEGMENTATION
BY TYPE
BY APPLICATION
BY END USER
BY REGION
KEY PLAYERS:
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