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Aggregate in Road Construction Market Report: Size, Trends, Revenue Insights, and Key Growth Drivers
Aggregate In Road Construction Global Market Report 2024
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According to The Business Research Company's, The aggregate in road construction market size has grown rapidly in recent years. It will grow from $735.36 billion in 2023 to $828.16 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to increasing urbanization, growing population, increasing economic development, growing industrialization, and rising vehicle ownership.
The aggregate in road construction market size is expected to see rapid growth in the next few years. It will grow to $1339.87 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to smart city initiatives, stricter environmental regulations, rising adoption of green construction, growth in public-private partnerships, and urban densification trends. Major trends in the forecast period include greater automation in construction processes, growth of 3D printing technologies in road building, smart road infrastructure integration, expansion of electric vehicle charging networks, and a focus on reducing carbon emissions in construction.
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Market Drivers and Trends:
The increasing road transportation is expected to propel the growth of the aggregate in road construction market going forward. Road transportation refers to the movement of people and goods using vehicles on roads. It encompasses a wide range of transportation modes and vehicles. Road transportation is increasing due to more people owning cars, technological advances, improvements in road infrastructure, urbanization, policy and regulation, and the higher demand for quickly delivering goods as cities grow. Aggregate in road construction enhances road durability, load-bearing capacity, and overall infrastructure quality, enabling the development of more extensive and efficient road networks. For instance, in May 2024, according to statistics published by the Department for Transport UK-based government department, between 2022 and 2023, car traffic on Great Britain's 'A' roads increased by 3.3% to 111.6 billion vehicle miles, while van traffic rose by 1.0% to 24.3 billion vehicle miles. Therefore, the increasing road transportation is driving the growth of the aggregate in road construction market.
Major companies operating in the aggregate in road construction market are focusing on developing innovative products such as carbon-neutral asphalt material to support Aggregate Industries' goal of reducing emissions and achieving net-zero construction. Carbon-neutral asphalt material is a type produced that eliminates or offsets carbon emissions, making its overall environmental impact net zero in terms of carbon dioxide. For instance, in March 2024, AGGREGATE Industries, a UK-based construction and building materials company, launched Foamix Eco. This carbon-neutral, cold-lay asphalt is made with a high percentage of recycled materials, reducing reliance on virgin resources and minimizing energy consumption during production. Its use of on-site recycling, reduced HGV movements, and lower carbon footprint makes it a cost-effective, eco-friendly solution that contributes to achieving net zero construction goals.
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Major Key Players of the Market:
Holcim Group, CRH plc, CEMEX S.A.B. de C.V., Vulcan Materials Company, Buzzi S.p.A., Arcosa Inc., Boral Limited, Breedon Group plc, LSR Group, Adbri Limited, Rogers Group Inc., Carmeuse, Norlite LLC, Eagle Materials Inc., Sully-Miller Contracting Co., Titan America LLC, Stalite Lightweight Aggregate, Salt River Materials Group, Liapor Group, Okanagan Aggregates, Wharehine Construction, Rock Road Companies Inc.
Aggregate In Road Construction Market 2024 Key Insights:
• The aggregate in road construction market size is expected to see rapid growth in the next few years. It will grow to $1339.87 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
• Increasing Road Transportation Drives Growth In Aggregate Road Construction Market
• Innovative Carbon-Neutral Asphalt Supports Net-Zero Goals Through Recycling And Efficiency
• North America was the largest region in the aggregate in road construction market in 2023
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