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Aggregates Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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  • 120 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5318764

Quick Summary:

In the ever-evolving world of construction, staying abreast of current market performance and future projections is critical. With this in mind, our latest comprehensive market research report on the aggregates market offers valuable insights and strategic analysis that senior executives need to navigate the complexities of this pivotal industry.

As the primary material used in construction applications, aggregate is a key driver in the global economy. Despite short-term disruptions affecting its growth, the market's long-term prospects remain robust, fueled by increasing demand for residential and commercial construction activities worldwide. The development of smart aggregates, in particular, presents new opportunities for market expansion.

Our report provides a granular view of market trends, highlights key players, and offers detailed region-specific data, with a particular focus on the Asia-Pacific region, which dominates global consumption. This incisive business intelligence is aimed at enabling informed decision-making and driving strategic advantage in the aggregates market.

The aggregates market is projected to register a CAGR of more than 6% during the forecast period.

The construction industry was negatively impacted due to the COVID-19 pandemic. Most projects were halted due to the unavailability of raw materials in time. Also, at the end of 2020, a new COVID-19 strain was detected in Europe, due to which manufacturing and industrial activities were affected in the first half of 2021. However, the market has recovered to pre-pandemic levels in 2022.

Key Highlights

  • Over the long term, the major factor driving the market studied is the increasing demand for residential and commercial construction activities across the globe.
  • Various factors, including supply chain disruption, shortage of subcontractors and materials, and the termination of contracts to control expenses, are affecting the growth of the market across the world. Due to these factors, the aggregates market is affected on a short-term basis.
  • The development of smart aggregates is likely to act as an opportunity for the market to grow.
  • The Asia-Pacific region dominates the global market, with the largest consumption being registered in China, India, and Japan.

Aggregates Market Trends

Growing Demand from Construction Applications

  • Aggregate is a broad category of coarse to medium-grained particulate material used in construction activities, which includes sand, gravel, crushed stone, slag, recycled concrete, and geosynthetic aggregates. Aggregates are the most mined materials in the world. Aggregate materials are mixed with cement, bitumen, lime, gypsum, or other adhesives to form concrete or mortar that forms a major part of building blocks.
  • In 2020, the total value of new construction put in place was about USD 1,469 billion in the United States, which reached about USD 1,590 billion in 2021, with a growth rate of about 8%. Thus, this increased the demand for flooring and roofing, which, in turn, increased the demand for the aggregates market.
  • China is in a construction mega-boom. The country has the largest building market in the world, making up 20% of all construction investment globally. China is expected to spend nearly USD 13 trillion on buildings by 2030. ​
  • Additionally, in India, massive urbanization is expected to happen in the next decade, pushing the demand for the aggregates in the construction sector.
  • For instance, India is trying to build more than 100 smart cities all over the country to achieve rapid urbanization, which is expected contribute greatly for the aggregates demand in the country during the forecast period.
  • Hence, with the growing construction activities, the demand for aggregates is expected to rapidly increase over the forecast period.

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region is expected to dominate the aggregates market during the forecast period. With growing construction activities in countries such as China, India, and Japan, the consumption of aggregates is increasing in the region.
  • According to the Chinese Ministry of Water Resources, CNY 703.6 billion (~ USD 98 billion) was invested in water-conservation infrastructure projects in 2022, a 63.9% increase over the same time in 2021.
  • In November 2022, the Ministry of Road Transport and Highways sanctioned projects worth INR 68,000 crore (~USD 8.25 billion) in India, increasing the scope of the market studied.
  • In March 2021, the Parliament of India passed a bill to create a USD 2.5 billion development finance institution called National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India.
  • According to the Department for Promotion of Industry and Internal Trade (DPIIT), foreign direct investments in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activities stood at USD 28.64 billion and USD 26.22 billion respectively, between April 2000 and June 2022.
  • The Chinese government has rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities over the next ten years, creating a major scope for construction activity and increasing the demand for the aggregates market during the forecast period.
  • The abovementioned factors, coupled with government support, will contribute to the increasing demand for the aggregates market during the forecast period.

Aggregates Market Competitor Analysis

The aggregates market is partially fragmented, with the players occupying marginal shares in the industry. Some major companies (not in any particular order) are China Resources Cement Holdings Limited, EUROCEMENT Group, Vulcan Materials Company, LSR Group, and Holcim Limited.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study



4.1 Drivers
4.1.1 Growing Demand from the Buildings and Construction Segment
4.1.2 Other Drivers
4.2 Restraints
4.2.1 High Transit and Overhead Cost
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition

5 MARKET SEGMENTATION (Market Size in Value)
5.1 By Aggregate Type
5.1.1 Sand
5.1.2 Gravel
5.1.3 Slag
5.1.4 Crushed Stone
5.1.5 Other Aggregate Types
5.2 By Application
5.2.1 Construction Buildings Railways Roadways Others
5.2.2 Insulation
5.2.3 Other Applications
5.3 By Geography
5.3.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.3.2 North America United States Canada Mexico
5.3.3 Europe Germany United Kingdom France Italy Rest of Europe
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle East and Africa Saudi Arabia South Africa Rest of Middle East and Africa

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 CEMEX SAB de CV
6.4.2 China Resources Cement Holdings Limited
6.4.3 EUROCEMENT Group
6.4.5 Holcim Limited
6.4.6 LSR Group
6.4.7 Martin Marietta
6.4.8 Tarmac
6.4.9 Vulcan Materials Company

7.1 Development of Smart Aggregates
7.2 Other Opportunities

Companies Mentioned

A selection of companies mentioned in this report includes:

  • China Resources Cement Holdings Limited
  • Holcim Limited
  • LSR Group
  • Martin Marietta
  • Tarmac
  • Vulcan Materials Company