Construction Materials Market to grow by USD 1103.44 billion between 2023-2027
According to a research report “ Construction Materials Market” by Product (Cement, Construction aggregates, Concrete bricks, Construction metals, Others) End-user (Commercial, Industrial, Residential) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 1103.44 billion at a CAGR of 11.25% during the forecast period. In light of the expanding urban populace accounting for over 55% of the global population in 2020, the demand for smart cities is surging. This trend is driven by the strain on existing urban infrastructure, including transportation and road networks. To address these challenges, numerous nations are investing in the development of new smart cities. These urban areas will prioritize energy-efficient construction materials and road networks, ultimately enhancing the efficiency of public transportation systems..
Browse market data tables, figures, and in-depth TOC on “Construction Materials Market” by Product (Cement, Construction aggregates, Concrete bricks, Construction metals, Others) End-user (Commercial, Industrial, Residential) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2027.
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By Product, the Cement segment is projected to dominate the market size in 2024.
In the burgeoning construction materials market, businesses are prioritizing eco-friendly and energy-efficient solutions in response to escalating demand from the commercial sector. Green structures, adhering to environmental regulations and boasting reduced energy consumption, are the new norm. Premium thermal insulation, durability, and energy efficiency are non-negotiable attributes. Innovative manufacturers are delivering on this need with groundbreaking products, such as recycled concrete, eco-insulation, and energy-efficient glass, all contributing to LEED certification attainment.
By End-user, Commercial segment is expected to hold the largest market size for the year 2024.
In the dynamic construction materials market, cement, specifically ordinary Portland cement (OPC), plays a pivotal role as a key ingredient in producing concrete for large-scale projects such as buildings, civil works, and industrial estates. With its superior binding properties, cement is an indispensable commodity in growing economies. Despite the high production volume and anticipated increase during the forecast period, cement manufacturing remains a cost-intensive process, particularly for long-distance transportation.
APAC is forecasted to hold the largest market size by region in 2024.
The construction materials market in APAC is experiencing significant growth due to the expanding construction sector in emerging economies. With a burgeoning urban population, there is a heightened demand for new residential and commercial infrastructures. Notably, the Indian government's USD8 billion investment in the Odisha Economic Corridor Project underscores this trend, with six industrial clusters in Gopalpur, Bhubaneswar, Kalinganagar, and eight in Paradip, Kendrapada, Dhamra, and Subarnarekha. This substantial investment in infrastructure development will undoubtedly fuel the demand for construction materials in the region.
The Construction Materials Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the dynamic realm of construction, the market for materials plays a pivotal role in shaping affordable housing structures and modern infrastructure projects. Key materials include metal sheets for roofing and structural steel for frames, as well as recycled concrete and crushed stone as construction aggregates. Sustainability is a critical consideration, with energy-efficient construction and sustainable building practices utilizing innovative materials like lightweight aggregates. Environmental regulations guide the industry, influencing the use of recycled materials and the reduction of carbon footprint. Contractors leverage these materials in constructing residential buildings, apartments, and large-scale projects such as airports, bridges, and roads. Fluctuating raw material prices and the need for structural integrity and durability remain ongoing challenges in this market.
Market Research Overview
In the dynamic construction materials market, there is a growing trend towards the use of eco-friendly materials such as reclaimed wood, bamboo, cork, straw bales, and natural fiber composites. These materials are increasingly preferred for their amalgamation traits in institutional building and commercial projects due to their competitive nature and building certifications. Raw materials like lime mortars, recyclable concrete, and cement are also in high demand, influenced by macroeconomic factors such as urbanization and rising prosperity. The cement sector faces fluctuating raw material prices and carbon footprint concerns, leading to the exploration of innovative materials like translucent concrete and ferrocement. The competitive nature of cement manufacturers drives the production of concrete for highrise buildings, industrial structures, and smart buildings. However, labor shortages and the massive loss caused by construction activities necessitate the use of durable and sustainable materials like steel, metal sheets, and roofing materials. Environmental regulations and the demand for energy-efficient construction and sustainable building practices further influence the market. Lightweight aggregates and innovative materials are gaining popularity for their contribution to structural integrity and durability. Infrastructure development projects, including airports, bridges, roads, and modern infrastructure, continue to drive the demand for construction materials.
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