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Tagged: industry forecast

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

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.

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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.

 

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