Construction Materials Market to Reach $1.7 Trillion, Globally, by 2032 at 3.8% CAGR: Allied Market Research

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29 Aug, 2023, 10:20 ET

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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 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: -

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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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