Aggregates Market Size, Share, Growth Analysis, By Product type(Crushed stone, sand, gravel, others), By Application(Residential, commercial, industrial, infrastructure), By End use(Concrete, road based, coverings, others), By Region - Industry Forecast 2024-2031

Aggregates Market size was valued at USD 507.46 billion in 2019 and is poised to grow from USD 534.95 billion in 2023 to USD 837.3 billion by 2031, growing at a CAGR of 5.72% in the forecast period (2024-2031).

Construction aggregates are the most mined commodity on the planet and are essential components of composites such as asphalt  and concrete. These materials are created by drilling down to smaller pieces natural sources such as limestone, rock traps, and granite. Construction aggregates are fundamental materials used in the construction of roads, airports, runways, parking lots, and railroads. This material is also used to purify water, prevent soil erosion, and filter it. The development of infrastructure projects as a result of global urbanization has driven the aggregates market. The demand for offices, residential properties, and commercial malls has resulted in an abundance of building aggregates all over the world. Increasing investments by the government on improving transport facilities and enhancing their energy (power generation) networks has fueled the demand.

The impact of the pandemic reshapes global aggregates market as certain manufacturers close down or reduce production due to a lack of downstream demand. While some are having their production halted as a precautionary measure by their respective governments to combat the spread of the virus. Consumers in certain countries are focused on being more regional by looking at the magnitude of the pandemic and the subsequent actions of national authorities. Business dynamics in the Asia Pacific region were very dynamic in these situations, weakening on a regular basis and making stability difficult.

US Aggregates Market  is poised to grow at a sustainable CAGR for the next forecast year.