The global construction aggregates market was expected to reach an estimated value of $350.2 billion in 2016, expanding at a CAGR (compound annual growth rate) of 6.1% through 2024.
New trends in construction aggregates such as manufactured sand and recycled aggregates, along with rising investment in infrastructure globally are driving the market. High cost of transportation, regulations concerning stringent zoning, seasonal factors, and rising energy costs are expected to act as restraints to growth of the market. The growth of construction spending, especially in developing economies such as India and the Middle East, are some of the major market drivers.
During the forecast period, the infrastructure segment will continue to account for the maximum share of the total construction aggregates market and is anticipated to expand at a healthy CAGR during the forecast period. Sand will remain the largest revenue generating segment. The crushed stone segment is expected to expand at a higher CAGR of 7.2% during the forecast period.
China is expected to dominate the construction aggregates market throughout the forecast period, expanding at a CAGR of 4.7% in terms of value. In 2017, the Chinese market for construction aggregates will witness impressive growth of 7.2% over 2016. North and Central America will constitute the next key market, accounting for more than 17% of market value share by the end of forecast period.
The re-use or recycling of aggregate materials in road construction also has been something of a growth industry in North America. States across the union are adopting regulations that allow for increasing percentages of recycled asphalt pavement in any asphalt-based road construction project. This particular aspect of aggregate use is looked at in some detail in Roads & Bridges' recent February 2017 issue.
To investigate new developments in aggregate use and application, and also to learn more about the equipment used to deploy it, it's not too late to attend ConExpo/Con-Agg.