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Construction Materials Market 2023: Highlighting New Trends, and Growth Opportunities with Future Innovations till 2032

Sep 27, 2023 6:00 PM ET

Construction Materials Market 2023: Highlighting New Trends, and Growth Opportunities with Future Innovations till 2032

Market Overview

According to a Comprehensive Report by MRFR/Market Research Future (MRFR), Construction Materials Market Information by Material Type, End-User, and Region – Forecast till 2030″, The construction materials industry is bound to rise from USD 1,312.7 Billion in 2023 to USD 1,824.4 Billion by 2032, at 4.20% rate from 2023 to 2032.

Market Synopsis

Construction materials are any materials used to build infrastructure. Numerous naturally occurring materials, such as stones, clay, wood, sand, twigs, and leaves, have been used to construct buildings. The construction industry uses a variety of materials, including bricks, concrete, cement, corrosion inhibitors, wood, ceramics, polymers, steel, recycled materials, glass fibres, rammed earth, bamboo, bituminous materials, and innovative building materials.

The expansion of the commercial and residential construction sectors is a major factor in the market growth for construction materials. Construction companies are increasing their capital investments and putting more of a focus on higher-quality operations and R&D projects in order to meet client demands.

Market Competitive Landscape:

The affluent construction material manufacturers in the market are

  • China National Building Material Co. Ltd.
  • LafargeHolcim Ltd.
  • BBMG Corporation Ltd.
  • HeidelbergCement AG
  • CEMEX S.A.B. de C.V.
  • Knauf Gips KG
  • Lixil Group Corporation
  • Anhui Conch Cement Co. Ltd.
  • Boral Limited

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Market USP Covered:

Market Drivers:

It seems likely that as government spending on infrastructure development, including restoring roads, bridges, and other transportation-related facilities, rises, so will the need for construction materials. The market is growing primarily as a result of the increase in demand for construction and infrastructure projects. Because people want quicker construction and more cheap products, the need for sophisticated building materials is also increasing. The sector is also being propelled by advancements in the technologies used to produce innovative building materials.

The world’s population growth will result in a huge increase in demand for infrastructure, such as streets, subways, tunnels, public spaces, and commercial infrastructure. Two billion more people will inhabit the earth by 2040, with metropolitan populations anticipated to grow by 46%. 

Given the rising consumer demand for goods with quicker manufacturing processes and cheaper production costs, cutting-edge construction materials are in high demand. Using precast and ready-mixed concrete components lessens construction time greatly as well.

Market Restraints:

The growing prevalence of less expensive substitute construction materials and the high initial cost of new material machines may prevent further market growth.

That said, the surge in infrastructure projects worldwide will give the sector a significant boost. The continual expansion of sectors including transport (roads, railroads, tunnels), construction (residential and commercial structures), and mining is driving the need for more infrastructure. It is anticipated that such circumstances will offer lucrative opportunities throughout the anticipated year.

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COVID 19 Analysis

The COVID-19 outbreak caused a global halt in logistical and manufacturing activities, preventing the market for construction materials from expanding. However, the situation got better as governments throughout the world relaxed restrictions on business operations, proving to be a blessing for several major sectors.

Market Segmentation

By Material Type

The Construction material types extensively discussed in the report include aggregates, cement, bricks and blocks, metals, and others. The aggregates segment took the top position in the worldwide market in 2022.

By End-User

Construction materials are used by various end users, some of which are residential, infrastructure, commercial, as well as industrial. Residential segment has been in the lead since 2022.

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Regional Insights

The North American market for construction materials seized the biggest share in 2022 (45.80%). With solid backing from highly developed countries that have high GDP, early adoption of advanced infrastructures, and a well-established construction industry ecosystem, North America has successfully remained the most developed region for a very long time.

In recent years, Canada’s immigrant population has been steadily growing. Every G7 nation except Canada is experiencing population growth that is roughly twice as rapid. The addition of 1.8 million people between 2016 and 2021, whether it was due to temporary or permanent immigration, may be attributed to new arrivals to Canada in roughly 4/5ths of that amount. Despite the fact that COVID-19 decreased global population growth, in the fiscal year 2020, close to 185,000 permanent immigrants entered Canada. As a result, the residential real estate market in Canada has enormous potential.

High infrastructural activity, which supports many industries, is linked to the strong market expansion in the Asia Pacific. On top of this, despite a decline in the product demand during the COVID-19 pandemic, densely populous nations in the region and significant domestic end-user consumption, such as India and China, maintain demand. One of the essential raw elements for creating first-rate infrastructure, which is essential to the expansion of any economy, is construction material.

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