According to a report, “Global Market Study on Construction Aggregates: Industry Analysis and Forecast 2016-2024,” published by Persistence Market Research, the consumption of construction aggregate is estimated to reach 43.3 billion metric tons by the end of 2016, valued at $350 billion. In addition, the market is anticipated to witness a 6.3 percent year-on-year growth in 2016 and the consumption is projected to reach 69.2 billion metric tons at the end of 2024 in terms of volume, the report adds.
Rising infrastructure and renovation projects are major drivers in the global market generating major demand for construction aggregate, the report says. Advanced commercial construction, residential construction, tourism, and manufacturer preferences for recycled aggregate and manufactured sand are expected to fuel demand in the global market. However, depleting natural resources, pollution, and transportation and technological challenges remain obstacles the global market must overcome.
The global market is separated into four product segments: crushed stone, sand, gravel and other aggregates. Of these products, sand is leading with a 44 percent share in terms of revenue in 2016.
Of the four types of segments of the global market – commercial, residential, industrial and infrastructure – the infrastructure segment is expected to provide the largest revenue generation due to increasing investment by public and private sector companies, as well as the government.
In terms of region, the global construction aggregate market is segmented as Northern Europe, Southern Europe, CIS Countries, North and Central America, South America, India, China, Australia and New Zealand, the rest of Asia Pacific, Middle East and Africa. China is the dominating region with a 26.7 percent share in the global market in 2015, followed by North and Central America.
