Construction aggregate or simply identified as aggregate is a broad category of grained particulate material such as sand, crushed stone, gravel, recycled concrete, slag, and geosynthetic aggregates. Aggregates are the most mined materials in the world and are widely used in development projects, construction of buildings, and infrastructure projects.
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Based on the end user, the construction aggregate market has been categorized into infrastructure, residential, commercial, and industrial. Globally, infrastructure held a sizeable share in the market during the historical period. This is largely driven by the fact that a large amount of aggregates is used in development of roads, bridges, ports, and highways. Moreover, governments across various nations are increasingly focusing on boosting their infrastructure spending in a bid to boost their economic growth. This is positively impacting the growth of the market.
Based on region, the construction aggregate market is categorized into Europe, North America, Asia-Pacific, Latin America, and Middle East and Africa. Among all the regions, North America held a significant share in the market in 2017, owing to the modernization and upgradation of ageing infrastructure in the U.S. and Canada. The U.S. held the largest share in the North American construction aggregate market in 2017, valued at over $1.0 trillion. This is owing to the fact that the country is rapidly modernizing its ports and highways. The large-scale construction industry of the country is likely to aid the growth of the market during the forecast period.
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Major trend being witnessed in the global construction aggregate market is the increased investments for boosting the capacity of aggregates. With the onset in construction projects across different countries across the world, the companies engaged in the production of aggregates are looking into expanding their production capacity. The infusion of fresh investment is driven by the objective to produce high-quality aggregates. Thus, rising investment trend is likely to result in greater availability of high-quality aggregates used in the construction industry.
The major driver identified in the construction aggregate market is the increasing investment in the construction of commercial projects. A large number of commercial projects, including commercial centers, office complexes, mixed-use buildings, and hotels have cropped up in different parts of the world. Countries such as the U.A.E., Saudi Arabia, Malaysia, Thailand, China, and several European nations are largely dependent on tourism industry, which continue to attract investment in the development of hotels and recreational projects. The development of such projects will continue to aid the growth of the market in the coming years.
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