The global construction materials market is driven by the growing population and urbanization.
PORTLAND, Ore., Aug. 29, 2023 /PRNewswire/ -- 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". According to the report, the global construction materials industry generated $1.2 trillion in 2022, and is anticipated to generate $1.7 trillion by 2032, witnessing a CAGR of 3.8% from 2023 to 2032.
The global construction materials market is a dynamic and essential sector within the global economy, encompassing a wide range of products used in the construction of residential, commercial, and infrastructure projects. These materials include aggregates, cement, concrete, steel, wood, plastics, glass, and more. The market's growth is intricately tied to trends in urbanization, population growth, technological advancements, and sustainability concerns. As the industry shifts towards greener and more innovative solutions, such as recycled and energy-efficient materials, the construction materials market continues to evolve, playing a pivotal role in shaping the modern built environment.
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Prime determinants of growth
The global construction materials market is driven by the rising population and urbanization. However, the cost fluctuation associated with construction materials is anticipated to hinder the growth of the market. Nevertheless, the surge in demand for green construction materials is expected to offer lucrative opportunities for market growth in the coming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1.2 trillion |
Market Size in 2032 | $1.7 trillion |
CAGR | 3.8 % |
No. of Pages in Report | 299 |
Segments covered | Material Type, End-Use, Region. |
Drivers | Rise in population and urbanization.
Infrastructure development. |
Opportunities | Growing demand for green construction materials. |
Restraints | Cost fluctuations. |
Russia-Ukraine War Impact Analysis on the Construction Materials Market
- The Russia-Ukraine war has significantly impacted the construction materials market in various ways. Supply chain disruptions due to the conflict have led to increased prices and shortages of key materials such as steel, cement, and timber, hampering construction projects globally. Both Russia and Ukraine are major producers and suppliers of these materials, and the conflict has disrupted their exports.
- Investor uncertainty and geopolitical tensions have led to decreased foreign investment in the region, affecting construction projects and infrastructure development. Moreover, trade restrictions and sanctions have further compounded the challenges faced by the construction materials market. As a result, construction companies are grappling with higher costs, delayed projects, and increased market volatility.
- To adapt, stakeholders are exploring alternative sourcing options, seeking to diversify suppliers and materials. The long-term impact will depend on the duration of the conflict and the global response, but the construction materials market is expected to face ongoing challenges as geopolitical tensions persist.
The aggregates segment to maintain its lead position during the forecast period
Based on material type, the aggregates segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global construction materials market revenue, and is projected to maintain its lead position during the forecast period. The demand for aggregates is driven by various factors related to construction and infrastructure development. Aggregates play a crucial role in the construction industry, serving as essential components in concrete, asphalt, road bases, and other building materials. The cement segment, on the other hand, is projected to grow at the fastest CAGR of 4.4% from 2023 to 2032. Cement is a crucial construction material used as a binder in the production of concrete, mortar, and other construction products. It is a fine powder that, when mixed with water, forms a paste that hardens over time, binding aggregates and other materials together to create strong and durable structures. Cement plays a central role in construction due to its ability to provide strength and stability to a wide range of building applications.
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The residential segment to maintain its lead position during the forecast period
Based on end-use, the residential segment accounted for the largest share in 2022, contributing to around half of the global construction materials market revenue, and is projected to maintain its lead position during the forecast period. In residential construction, a variety of construction materials are used to create safe, comfortable, and aesthetically pleasing homes. The commercial segment, however, is projected to grow at the fastest CAGR of 4.1% from 2023 to 2032. The use of construction materials in the commercial sector is essential for creating functional, safe, and aesthetically pleasing spaces that cater to various businesses and industries. Different types of commercial buildings require specific materials to meet their unique requirements. Steel and concrete are used for framing, columns, and beams to create sturdy and flexible office spaces. Besides, drywall, glass partitions, modular office systems, and raised flooring systems provide flexible and customizable layouts.
Asia-Pacific to maintain its dominance by 2032
Based on region, in 2022, Asia-Pacific held the highest market share in terms of revenue accounting for nearly half of the global construction materials market revenue and is likely to dominate the market during the forecast period. The same region is also projected to grow at the fastest CAGR of 4.0% from 2023 to 2032. The Asia-Pacific region is experiencing significant urbanization, leading to the construction of residential complexes, commercial spaces, and infrastructure to accommodate growing urban populations.
Leading Market Players: -
- AMBUJA CEMENTS LTD
- ARCELORMITTAL
- GRASIM INDUSTRIES LIMITED
- CRH
- LIXIL CORPORATION
- KNAUF DIGITAL GMBH
- CEMEX, S.A.B. DE C.V.
- BORAL
- SIKA AG
- HOLCIM
The report provides a detailed analysis of these key players in the global construction materials market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.
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