Construction Materials Market to be Worth $1,827.5 Billion by 2031

Construction Materials Market Size, Share, Forecast, & Trends Analysis by Material (Bricks, Aggregates, Concrete & Cement, Metals, Mud & Clay, Sand), Application (Residential, Commercial, Industrial, Public Infrastructure), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Construction Materials Market by Material (Bricks, Aggregates, Concrete & Cement, Metals, Mud & Clay, Sand), Application (Residential, Commercial, Industrial, Public Infrastructure), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the construction materials market is projected to reach $1,827.5 billion by 2031, at a CAGR of 3.4% from 2024 to 2031. The growth of the construction materials market is primarily driven by the increasing number of construction projects in developing economies, government initiatives to develop smart cities, and the increasing focus on sustainable building practices. However, fluctuations in raw material prices and stringent international trade policies & mandates restrain the growth of this market.

Furthermore, the adoption of smart technologies & sustainable materials and the introduction of 3D-printed construction materials are expected to offer growth opportunities for the players operating in this market. However, manufacturing & transportation restrictions are a major challenge in the construction materials market.

The construction materials market is segmented by material (bricks, aggregates, concrete & cement, metals, stone, sand, plastic, glass, mud & clay, wood, and other materials), application (residential [apartments & buildings, standalone housing, and other residential applications], commercial [offices, malls & retail stores, hotels & restaurants, educational institutes, medical facilities, and other commercial applications], industrial [warehouses, data centers, manufacturing facilities, and other industrial applications], and public infrastructure [bridges, dams, highways & overbridges, tunnels, railways, water infrastructure, sewers, and other public infrastructure applications]) and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on material, the construction materials market is segmented into bricks, aggregates, concrete & cement, metals, stone, sand, plastic, glass, mud & clay, wood, and other materials. In 2024, the concrete & cement segment is expected to account for the largest share of over 39% of the construction materials market. The large market share of this segment is attributed to the rapid growth of cities worldwide, the rising demand for concrete due to growth in high-rise buildings, commercial spaces, and urban infrastructure, and the development of new concrete formulations & construction techniques. The players in the concrete & cement market are focused on partnerships to introduce technologically advanced products. For instance, in November 2021, Ambuja Cements Ltd (India) partnered with the IITD (Indian Institute of Technology Delhi, India) to develop next-generation calcined clay cement, a low-carbon material, to promote sustainable construction.

However, the metals segment is projected to register the highest CAGR during the period. The segment's growth is driven by increasing investments in infrastructure projects and advancements in high-strength steel and corrosion-resistant metals. For instance, in June 2023, Rio Tinto plc (U.K.) invested $1.1 billion in expanding its state-of-the-art AP60 aluminum smelter equipped with low-carbon technology at Complexe Jonquiere, Canada, to meet customers’ demand for low-carbon, high-quality aluminum for use in transportation, construction, electrical & consumer goods manufacturing.

Based on application, the construction materials market is segmented into residential, commercial, industrial, and public infrastructure. In 2024, the commercial segment is expected to account for the largest share of over 28% of the construction materials market. The large market share of this segment is attributed to the increasing construction of new office spaces, retail stores, warehouses, and other commercial facilities due to growth in business, advancements in construction technologies, and the increasing use of sustainable building practices in the construction of commercial spaces. In November 2023, NCP Industries (U.S.) and Carbon Limit Limited (U.S.) launched their first commercial CCS concrete line with innovative CaptureCrete technology for the building industry.

However, the residential segment is projected to register the highest CAGR during the period. The segment's growth is attributed to the rising global population, the increasing demand for high-rise apartments & condominiums, and government initiatives to develop affordable housing. In October 2023, Tata Housing Development Company (India) announced plans to launch 10 million sq. feet of residential projects over the next 2-3 years, aiming to meet the growing consumer demand.

Based on geography, the construction materials market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 51% of the construction materials market. Market growth in Asia-Pacific is driven by the increasing government investments in infrastructure development projects, the rapid pace of urbanization in the region driving the demand for housing, commercial buildings, and related infrastructure, the increasing focus on sustainable building practices, and economic growth in Asian countries boosting investments in construction projects. In February 2024, the China Cement Association (CCA) signed an agreement with GCCA Inc. (U.K.) to work together on sustainability and low-carbon development of the cement & concrete industry. Asia-Pacific is also projected to record the highest CAGR of over 4.5% during the forecast period.

Key Players

The key players operating in the construction materials market are CRH plc (Ireland), Cemex, S.A.B. de C.V. (Mexico), Heidelberg Materials AG (Germany), LIXIL Corporation (Japan), Ambuja Cements Ltd (India), Knauf Digital GmbH (Germany), China National Building Material Group Co., Ltd. (China), Boral Limited (Australia), Grasim Industries Limited (India), Holcim (Switzerland), BBMG Corporation (China), Anhui Conch Cement Co., Ltd. (China), Saint-Gobain Group (France), Sika AG (Switzerland), and ArcelorMittal (Luxembourg).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of the material and application?
What is the historical market size for construction materials globally?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the construction materials market?
Who are the major players in the construction materials market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the construction materials market?
What are the growth strategies adopted by major market players?
What are the key market trends, and which are the high-growth countries?
Who are the local emerging players in the construction materials market, and how do they compete with the other players?

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