The global constructionmaterials market size stood at USD1,272.60 billion in 2022. The market is estimated to surge from USD 1,320.01 billion in 2023 to USD 1,729.62 billion by 2030,exhibiting a CAGR of 3.9% over theforecast period. The rise can be credited to the surging demand for residential
apartments and growing infrastructure spending.
Thisinformation is provided by FortuneBusiness Insights™ in its research report, titled “Construction Materials Market, 2024-2032”.
Source:
COVID-19 Impact:
Industry Growth Affected Due to Halt on SupplyChain & Construction Activities
Thecoronavirus pandemic resulted in unprecedented economic disruption. The period
led to breaks in supply chains, disruptions in cash flow, shifts in resource
allocation, and others. With the enforcement of appropriate safety measures,
manufacturers resumed work and started taking on new projects. Furthermore, the
pandemic led various firms to develop strategies for building the long-term
availability of construction materials.
Segments:
Aggregates Segment to Gain Traction Driven byBoost in Infrastructure Development
Based onmaterial type, the market is fragmented into aggregates, cement, bricks and
blocks, metals, and others. The aggregates segment is estimated to depict
appreciable growth throughout the projected period. The rise can be attributed
to the increasing demand for modern workplaces, commercial buildings, and
shopping malls.
Residential Segment to Register Substantial SurgeOwing to Urban Migration
On thebasis of end-user, the market for construction materials is subdivided into
commercial, residential, infrastructure, and industrial. The residential segment
is anticipated to exhibit considerable expansion throughout the study period.
The surge is due to population migration from rural to urban areas, owing to
government initiatives for residential development.
Based ongeography, the market is segmented into North America, Europe, Asia Pacific, Latin
America, and the Middle East & Africa.
Report Coverage:
The reportprovides a comprehensive analysis of the key factors boosting the global
business scenario over the forthcoming years. It further gives an insight into
the major trends impelling the industry landscape throughout the projected
period. Additional aspects of the report include the vital steps taken by
leading companies for strengthening their industry position.
Drivers and Restraints:
Favorable Government Initiatives to PropelIndustry Expansion
One of thekey factors impelling the construction materials market growth is the rapid
expansion of remote areas and increased urbanization. This is attributed to the
fact that governments of various countries are looking at smarter ways for
increasing efficiencies, improving the quality of life, and the management of
traffic complexities.
