The global construction materials market is experiencing growth due to infrastructure development and surge in urbanization and population.
Wilmington, Delaware, Oct. 26, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Construction Materials Market by Material Type (Aggregates, Cement, Bricks and Blocks, Metals, Others), By End-Use (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032”. The report indicates that the global market for construction materials garnered $1.2 trillion in 2022 and is expected to value at $1.7 trillion by the year 2032 with 3.8% CAGR during the forecast period of 2023 to 2032.
The global construction materials market is a vital and ever-changing sector in the global economy, comprising a diverse array of products essential for building commercial, infrastructure, and residential projects. These materials encompass glass, cement, aggregates, concrete, wood, steel, plastics, and numerous others. The market’s expansion is closely linked to trends in sustainability considerations, population growth, urbanization, and technological progress. As the industry transitions towards more eco-friendly and innovative solutions, like recycled and energy-efficient materials, the construction materials market remains in a state of continual evolution, significantly influencing the development of the modern built environment.
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Drivers, restraints, and opportunities:
The global construction materials market is witnessing rapid growth due to surging urbanization and population. On the contrary, the fluctuation in costs associated with construction materials hinders market growth. The escalating demand for sustainable construction materials will provide ample growth opportunities for the market in the future.
Report Coverage & Details:
|Market Size in 2022||$1.2 trillion|
|Market Size in 2032||$1.7 trillion|
|No. of Pages in Report||299|
|Segments covered||Material Type, End-Use, Region.|
|Drivers||Rise in population and urbanization.
|Opportunities||Growing demand for green construction materials.|
Russia-Ukraine war impact analysis
- The construction materials market has significantly affected by the Russia-Ukraine conflict. Shortage of raw materials like cement, timber, and steel and high prices due to the war are impacting construction projects across the globe. The conflict has disturbed the exports of these countries as they are both key suppliers and producers of these materials.
- The infrastructure development and construction projects are affected due to the decline in foreign investment in the region. Geopolitical tensions and investor uncertainty are the major factors behind this scenario. Furthermore, the imposition of sanctions and trade restrictions has added to the difficulties encountered by the construction materials market. Consequently, construction firms are contending with elevated expenses, project delays, and heightened market instability.
- In response to these challenges, stakeholders are actively exploring sourcing alternatives, aiming to diversify both materials and suppliers. The enduring consequences will be contingent on the conflict duration and the response across the globe, but it is anticipated that the construction materials market will continue to encounter difficulties if geopolitical tensions exist.
The aggregates segment to continue its dominance throughout the forecast timeframe
In terms of material type, the aggregates segment held the largest share in 2022, accounting for nearly two-fifths of the overall market revenue and is anticipated to sustain its lead position throughout the forecast timeframe. Aggregates play a vital role in the construction industry, serving as indispensable components in asphalt, concrete, road bases, and various other building materials. The development in infrastructure and construction drives the demand for aggregates. However, the cement segment is expected to manifest the highest CAGR of 4.4% during the forecast period. Cement is an important component that acts as a binder in the manufacturing of mortar, concrete, and other construction materials. It is a fine powder that, when blended with water, transforms into a paste that solidifies over time, effectively bonding aggregates and various materials to produce robust and enduring structures. Cement performs a core role in construction, owing to its ability to supply stability and strength to a broad range of construction applications.
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The residential segment to retain its lead from 2023 to 2032
Under the end-use category, the residential segment garnered the largest share of around half of the total market revenue in 2022 and is expected to maintain its dominance from 2023 to 2032. In residential construction, a diverse range of construction materials is employed to craft secure, comfortable, and aesthetic homes. Moreover, the commercial segment is estimated to experience the fastest growth with 4.1% CAGR during the forecast period. The utilization of construction materials in the commercial sector is fundamental for establishing secure, functional, and visually pleasing spaces that serve a variety of businesses and industries. Various types of commercial buildings demand specific materials to fulfill their unique needs. Steel and concrete are employed for columns, framing, and beams to construct robust and adaptable office spaces. Additionally, glass partitions, drywall, raised flooring systems, and modular office systems offer flexibility and customization for layouts.
Asia-Pacific to garner the major share with highest growth by 2032
On the basis of regional analysis, the market in Asia-Pacific for construction materials was largest, grabbed the lion’s share of nearly half of the overall market revenue and is estimated to continue this trend during the forecast period. The same region would experience the largest CAGR of 4.0% throughout the forecast timeframe. The Asia-Pacific region is currently undergoing substantial urbanization, which has resulted in the construction of commercial areas, infrastructure projects, and residential complexes aimed at accommodating the expanding urban populations.
Top players in the global construction materials market:
- SIKA AG
- CEMEX, S.A.B. DE C.V.
- KNAUF DIGITAL GMBH
- LIXIL CORPORATION
- GRASIM INDUSTRIES LIMITED
- AMBUJA CEMENTS LTD
The report offers an in-depth analysis of the key players in the global construction materials market. These companies have implemented various strategies, including the collaborations, introduction of new products, expansion efforts, agreements, joint ventures, and other approaches, all with the aim of expanding their market share and sustaining their leading positions in various regions.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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