LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global construction aggregates market to grow at a CAGR of over 6% during the period 2018-2022, according to their latest report.
Increasing preference for pea gravel over crushed stone is a key trend, which is expected to impact the market. The global construction aggregates market is witnessing the increasing adoption of and preference for pea gravel over crushed stone. Pea gravel or pea stones refer to small pea-sized stones. They are typically preferred over crushed stone for applications and above-ground projects. The different options pertaining to color enable the use of pea gravel as an apt solution to complement landscaping.
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In this report, Technavio analysts highlight the rising investments in the construction sector as a key factor contributing to the growth of the global construction aggregates market:
Rising investments in the construction sector
The increasing investments in the construction sector have driven the global construction aggregates market as construction aggregates are important materials for construction activities. APAC and EMEA have been witnessing a drastic increase in investments in construction activities backed by the government. For instance, the Gulf Cooperation Council (GCC) has contributed to the economic transformation by focusing on infrastructure development, thereby driving the growth of the global construction aggregates market during the forecast period.
According to a senior analyst at Technavio for metals and minerals research, “Investments in the construction industry would drive the demand for construction aggregates from the transport, commercial, retail, and hospitality sectors. The expenditure on construction activities is estimated to range from USD 150 billion to USD 200 billion, thereby driving the demand for construction aggregates. Countries such as India and China have contributed to the increased demand for construction aggregates owing to the increase in the number of government-funded investments in infrastructure development.”
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Global construction aggregates market segmentation
This market research report segments the global construction aggregates market by product type (sand, crushed stone, gravel, and other aggregates) and key regions (the Americas, APAC, and EMEA).
Of the four major product segments, the sand segment held the largest market share in 2017, accounting for nearly 45% of the market, followed by the crushed stone segment. The crushed stone segment is expected to witness the maximum growth over the forecast period while all the other segments are expected to witness a decline in their market shares.
APAC was the leading region for the global construction aggregates market in 2017, accounting for a market share of over 55%, followed by the Americas and EMEA. APAC is also expected to witness the maximum growth over the forecast period, increasing its market share by close to 2%.
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