Aggregates Market Size to increase by USD 74.96 Billion | Market Research Insights highlight the Rising Investments in the Construction Sector as Key Driver | Technavio

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:

• Adelaide Brighton Ltd.
• CEMEX SAB de CV
• CRH Plc
• EUROCEMENT Group
• HeidelbergCement AG
• LafargeHolcim Ltd.
• LSR Group
• Martin Marietta Materials Inc.
• Rogers Group Inc.
• Vulcan Materials Co.

Find additional highlights on the growth strategies adopted by vendors and their product offerings. Read Sample Market Research Report.

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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