Global construction aggregates market is expected to witness a Y-o-Y growth of 6.3% in 2016
Persistence Market Research Forecasts on Global Construction Aggregates Market: The global consumption of construction aggregates is expected to reach 62.9 billion metric tonnes by 2024 end, up from 43.3 billion metric tonnes in 2016, in terms of volume. Sand will record the maximum demand, recording an absolute incremental opportunity of nearly US$ 89 Bn over 2016-2024.
The global construction aggregates market is anticipated to witness a Y-o-Y growth of 6.3% in 2016. Increasing activities in infrastructure and renovation sectors are amongst the key drivers propelling the demand for construction aggregates globally. In addition, the macroeconomic factors such as open-ended industrialization and urbanization will continue to drive substantial demand for construction aggregates. Other factors identified to impact the market include enhanced tourism, advancing commercial construction sector, and rapidly thriving residential construction sector. Growing preference among manufacturers for recycled aggregates and manufactured sand is currently a key trend in the market.
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Environmental pollution due to extensive construction activities can pose a strong challenge to the growth of the global construction aggregates market. In addition, the market is also estimated to witness deterring growth owing to the challenges regarding transportation, technological limitations, and seasonal variations compelling restricted utilization. Depleting natural resources, a longstanding challenge, can also restrain the growth of the global construction aggregates market.
On the basis of product type, sand will remain the largest segment, accounting for 44 % revenue share of the market in 2016. The crushed stone segment will ramp in higher revenues as compared to gravel and other aggregates.
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Based on the application, the construction aggregates market is governed by four major applications, including residential, commercial, industrial, and infrastructure, among which infrastructure segment is expected to account for the highest revenue share.
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