Concrete Aggregate Market Forecast and CAGR
The Concrete aggregate market is expected to be driven by the rapid growth of the construction industry, especially in emerging economies in Asia Pacific and the Middle East and Africa in the upcoming years
In the short terms, the construction market will see a show recovery, with a positive growth outlook in the long run. It is in high demand as a result of the growth in residential construction and infrastructure expansion. Government is developing countries are introducing a wide a range of housing schemes and residential projects, sparking a demand for low cost, concrete aggregates.
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What is the Driving Demand for Concrete Aggregate?
The demand for concrete aggregate is being fueled by increased infrastructure spending by governments all over the world. The use of product type in residential building is expected to increase as the housing market in developing countries expands. The demand for use in modern housing is expected to rise as disposable income rises.
Moreover, demand for recycled concrete aggregate is a new development. Construction firms prefer recycled these aggregates because processing construction aggregate has a negative effect on the climate.
It is used as filter material in concrete to add volume, strength, and erosion resistance. The product’s structure, basic gravity, and surface texture are all determined by these aggregates. It is less costly than cement and can be used in as large quantity as possible in the concrete mix.
Which Sector is Most Dominant for the Sales for Concrete Aggregate?
It is granular material such as sand, gravel, crushed stone, and blast furnace slag that makes up 60 to 75 percent of the volume of the finished product. The building industry makes heavy use of these aggregates. Concrete aggregates provide the finished product with wear and erosion resistance as well as volume stability.
They are low-cost fillers that help to keep the cost of concrete down. Aggregate are also used as a foundation material for roads and railroads. On the other words, aggregate are used as a low-cost extender that joins with more costly cement or asphalt to form concrete, or as a solid foundation or road/rail base with predictable, uniform properties.
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Asia Pacific Concrete Aggregate Market Demand
The Asia Pacific region dominates the market. Asia Pacific region is being fueled by the region’s rapid urbanization. Due to an increase in construction and renovation activities, especially in China and India, the market in the area is rapidly expanding.
The region’s well-established construction sector is responsible for this development. According to IMF statistics, the Asia-Pacific economy is expected to be the least affected by the COVID -19 pandemic. Rapid industrialization and urbanization, as well as a revival in foreign investment funding and rising disposable income levels, are expected to fuel construction spending in the region in the coming years, driving aggregate demand.
Europe Demand Outlook for Concrete Aggregate Market
Eastern European countries make a major contribution to Europe’s market. Due to the pandemic, Europe is one of the most affected countries. The regional market is expected to experience a sharp drop in 2020, followed by slow growth until 2027. Furthermore due to the overall economic downturn and political uncertainly, such as Brexit, construction activity in Europe has slowed in the recent years.
Crushed Stone Segment Led the Market in Terms of Revenue
Crushed stone segment was the leading market share holder in 2019, with a sales share of 58.1 percent. Due to easy availability, the segment will grow at the faster CAGR from 2020 to 2027. Except for Delaware, every state in the United State produces crushed stone.
The substance is primarily used as building material in the manufacturing of cement and the construction of roads. Sand, along with coarse aggregate and cement, is commonly used in the production of concrete.
Due to the rapid urbanization, the increasing housing sector in all emerging economies, such as India, Indonesia, and China, is expected to be a key driver for the segment’s development. Gravel is commonly used in the production of concrete blocks, pipes, bricks, and material for road building.
The increase in the number of high-rise buildings, which use a lot of concrete, is driving up demand for the commodity. Over the last decade, the number of high-rise buildings has increased significantly.
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What are the Key Player in the Concrete Aggregate Market?
Some of the major players in the market includes
- CEMEX S.A.B.de C.V
- HeidelbergCement Group
- LafargeHolcim
- MARTIN MARIETTA.
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