The global construction materials market size stood at USD 1,272.60 billion in 2022. The market is estimated to surge from USD 1,320.01 billion in 2023 to USD 1,729.62 billion by 2030, exhibiting a CAGR of 3.9% over the forecast period. The rise can be credited to the surging demand for residential apartments and growing infrastructure spending.

This information is provided by Fortune Business Insights™ in its research report, titled “Construction Materials Market, 2024-2032”.

Source:

https://www.fortunebusinessinsights.com/construction-materials-market-107415

COVID-19 Impact:

Industry Growth Affected Due to Halt on Supply Chain & Construction Activities

The coronavirus pandemic resulted in unprecedented economic disruption. The period led to breaks in supply chains, disruptions in cash flow, shifts in resource allocation, and others. With the enforcement of appropriate safety measures, manufacturers resumed work and started taking on new projects. Furthermore, the pandemic led various firms to develop strategies for building the long-term availability of construction materials.

Segments:

Aggregates Segment to Gain Traction Driven by Boost in Infrastructure Development

Based on material type, the market is fragmented into aggregates, cement, bricks and blocks, metals, and others. The aggregates segment is estimated to depict appreciable growth throughout the projected period. The rise can be attributed to the increasing demand for modern workplaces, commercial buildings, and shopping malls.

Residential Segment to Register Substantial Surge Owing to Urban Migration

On the basis of end-user, the market for construction materials is subdivided into commercial, residential, infrastructure, and industrial. The residential segment is anticipated to exhibit considerable expansion throughout the study period. The surge is due to population migration from rural to urban areas, owing to government initiatives for residential development.

Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report provides a comprehensive analysis of the key factors boosting the global business scenario over the forthcoming years. It further gives an insight into the major trends impelling the industry landscape throughout the projected period. Additional aspects of the report include the vital steps taken by leading companies for strengthening their industry position.

Drivers and Restraints:

Favorable Government Initiatives to Propel Industry Expansion

One of the key factors impelling the construction materials market growth is the rapid expansion of remote areas and increased urbanization. This is attributed to the fact that governments of various countries are looking at smarter ways for increasing efficiencies, improving the quality of life, and the management of traffic complexities.