CONSTRUCTION AGGREGATES MARKET ANALYSIS

Market Concentration and Competitive Landscape

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The world is undergoing rapid urbanization with more people migrating to cities each year in search of better living standards and employment opportunities. According to data from the United Nations, nearly 70% of the world's population is projected to reside in urban areas by 2050, up from 56% in 2018. This unprecedented rate of urbanization is concentrating immense demand for housing, infrastructure and civic amenities in cities and metropolitan regions globally. Construction aggregates, which include crushed stone, sand, and gravel, form the basic raw materials for concrete, asphalt, and other construction applications. As urban areas expand horizontally and vertically to accommodate burgeoning populations, the consumption of construction aggregates to build dwelling units, roads, bridges, commercial structures, is rising sharply. This sustained and immense demand coming from new residential and commercial construction as well as repair and renovation of aging infrastructure in expanding urban conglomerates has emerged as the primary driver propelling the global construction aggregates market in recent times. Regions witnessing some of the most rapid rates of urbanization such as Africa, Asia, and Latin America are expected to account for over 60% of the global demand for construction aggregates through 2030 according to projections by the World Bank. Countries like China, India, Indonesia, Nigeria, and Brazil which already have large urban populations are undertaking massive infrastructure development initiatives to modernize their cities and make them more liveable. Additionally, climate change adaptation projects like flood control systems, seawalls, require huge amounts of stone, sand, and gravel. All of these factors point to the continued healthy growth trajectory of the global construction aggregates industry over the coming years to support urban development worldwide.