Construction Materials Market size is set to grow by USD 1103.44 billion from 2023-2027, increasing number of smart cities boost the market, Technavio

NEW YORK, April 17, 2024 /PRNewswire/ -- The global construction materials market size is estimated to grow by USD 1103.44 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 11.25% during the forecast period. The global urban population exceeded 55% in 2020, leading to the development of new smart cities due to strained urban services. Countries focus on creating energy-efficient cities using materials like steel, wood, concrete, and innovative composites. Manufacturers supply these materials, adhering to certifications and regulations. The market is competitive, fragmented, and shows amalgamation trends, with an emphasis on reducing carbon emissions and adapting to climatic conditions. Sustainable building materials, such as recycled concrete and natural fibers, are preferred. Infrastructure development includes roads, bridges, airports, and residential buildings. Contractors use modern methods and materials for efficient construction. 

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Segment Overview 

This construction materials market report extensively covers market segmentation by Product (Cement, Construction aggregates, Concrete bricks, Construction metals, Others) End-user (Commercial, Industrial, Residential) Geography (APAC, Europe, North America, Middle East and Africa, South America)

Market segmentation by Product

The construction materials market is experiencing robust growth, driven by the demand for eco-friendly and energy-efficient building materials in the commercial sector. Steel, wood, and reinforced concrete remain staples, but innovations like translucent concrete, recycled concrete, and lime mortars are gaining traction. Cement manufacturers are responding with sustainable solutions, such as natural fiber composites and timber concrete composites. Building certifications like LEED are driving the competitive nature of the industry, with fragmentation dominance and amalgamation traits shaping the market. Carbon emissions and climatic conditions are key considerations, leading to the use of raw materials like straw bales, cork, and reclaimed wood. The residential segment and institutional building are major consumers, with customer inclination favoring modern infrastructure, including roads, bridges, airports, and residential buildings. Innovative materials, like lightweight aggregates, are essential for energy-efficient and sustainable building, reducing carbon footprint and adhering to environmental regulations.

Geography Overview

The Construction Materials Market in APAC is experiencing significant growth due to increasing construction activity in emerging countries. Key materials include Steel, Wood, Reinforced concrete, and Translucent concrete. Cement manufacturers are prioritizing building certifications in the competitive and fragmented market, with amalgamation traits emerging. Carbon emission and climatic conditions are critical considerations, leading to the adoption of Recyclable concrete, Lime mortars, Natural fiber composites, Timber concrete composite, and other innovative materials. Raw materials like Straw bales, Cork, Bamboo, Reclaimed wood, and Residential segment demand are on the rise. Institutional building and customer inclination towards modern infrastructure development fuel growth in sectors like Roads, Bridges, Airports, and Residential buildings. Sustainability, energy-efficiency, and lightweight aggregates are essential for reducing carbon footprint and complying with environmental regulations. 

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• The construction materials market faces productivity challenges due to the industry's cyclical nature, low margins, and skills gap. However, advancements in on-site factories, automation, and sustainable materials offer long-term stability and innovation. Key materials include steel, wood, concrete, and emerging options like translucent concrete and natural fiber composites. Regulations, customer preferences, and infrastructure development also influence market trends.
• The construction materials market is significantly influenced by macroeconomic conditions, with moderate growth and volatility negatively impacting demand. Factors such as non-residential real estate markets, labor and healthcare costs, access to credit, and economic uncertainty can affect demand for materials like crushed stone, steel bars, and cement. Key sectors like housing, infrastructure, and commercial projects are impacted by these conditions, potentially leading to massive losses for material manufacturers and construction workers.

Insights on Market Drivers, trends, & Challenges, historic period(2017 - 2021) and forecast period(2023-2027)- Request a sample report!

Research Analysis

The Construction Materials Market is experiencing significant growth due to the increasing demand for modern infrastructure development. Contractors are actively seeking innovative materials for constructing roads, bridges, airports, and residential buildings. Lightweight aggregates, such as recycled concrete and crushed stone, are gaining popularity for their sustainability and energy efficiency. Sustainability and carbon footprint reduction are key considerations in today's construction activities. Structural integrity and durability are essential for housing structures, including apartments and other residential buildings. Steel bars, structural steel, roofing materials like metal sheets, and other construction aggregates are crucial components in ensuring the longevity and strength of these structures. Environmental regulations continue to shape the market, with a focus on using eco-friendly materials and reducing waste.

Market Research Overview

The Construction Materials Market is a significant sector that encompasses a wide range of products used in the construction industry. These materials include concrete, bricks, rods, aggregates, sand, cement, and various other building components. The demand for construction materials is driven by the need for housing and infrastructure development in various regions around the world. The market is also influenced by factors such as government policies, economic conditions, and technological advancements. The use of advanced technologies like 3D printing and prefabrication is gaining popularity in the construction industry, leading to innovation and growth in the market. The construction materials market is a dynamic and evolving industry that requires constant research and development to meet the changing needs of the construction sector. The market is expected to grow steadily in the coming years, driven by increasing urbanization and population growth.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio