NEW YORK, Dec. 17, 2021 /PRNewswire/ -- According to the market analysis report "Aggregates Market by Application and Geography - Forecast and Analysis 2022-2026", the market is expected to have a YOY growth rate of 4.15% in 2022, growing at a CAGR of 3.85% between 2021 and 2026.
APAC is the largest market for aggregates. Increased number of construction projects in the emerging and advanced economies will facilitate the aggregates market growth in the region. In terms of application segment, the concrete segment held the highest aggregates market share in 2021 and will continue to retain its market dominance throughout the forecast period.
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Vendor Insights
The aggregates market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market. The vendors are deploying organic and inorganic growth strategies to compete in the market. Market vendors are increasing their focus on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. For this, the market players are engaging in strategic partnerships and acquiring promising start-ups, while, strengthening their market presence and foothold.
For instance, In September 2021, CEMEX SAB de CV announced the opening of a new office in Guatemala. Similarly, In July 2021, LafargeHolcim Ltd. announced the expansion of the firestone building products business in Latin America. In terms of product launches, the companies are taking several initiatives to launch innovative product variants to cater to the evolving end-user needs. For instance, In September 2021, LafargeHolcim Ltd. announced the acquisition of the Utelite Corporation in the US, a leading producer of lightweight aggregates. In August 2021, Vulcan Materials Co. announced the acquisition of U.S. Concrete.
Some of the other key market players covered in this report include:
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Key Market Drivers & Challenges:
Rising Investments in the Construction Sector.
The report identifies the rising investments in the construction sector as one of the prominent drivers likely to drive the aggregates market growth. Governments across the globe are backing construction projects for rapidly growing infrastructure development and providing shelter to the ever-growing population. In addition, countries such as India and China have contributed to the increased demand for construction aggregates due to the increase in the number of government-funded investments in infrastructure development.
Illegal mining activities.
Illegal mining activities have emerged as one of the major challenges faced by the global aggregates market, especially that of sand. The illegal sand mining activities have plagued several developing markets that spark the demand for sand. The efforts by governments to curb the illegal mining of sand have proven futile owing to the rapid depletion of sand reserves in many countries. Furthermore, the illegal mining activities associated with sand and gravel have led to increased aggregates prices, especially in the urban areas of different countries, thereby hindering the growth of the global aggregates market.
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Aggregates Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.85% |
Market growth 2022-2026 |
USD 74.96 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.15 |
Regional analysis |
APAC, Europe, North America, MEA, and South America |
Performing market contribution |
APAC at 50% |
Key consumer countries |
China, India, US, Germany, and UAE |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Adelaide Brighton Ltd., CEMEX SAB de CV, CRH Plc, EUROCEMENT Group, HeidelbergCement AG, LafargeHolcim Ltd., LSR Group, Martin Marietta Materials Inc., Rogers Group Inc., and Vulcan Materials Co. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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