As per a recent market analysis by Future Market Insights (FMI), the global recycled concrete aggregates market is expected to be worth US$ 8,775.81 million in 2022, rising to US$ 16,785.4 million by 2032. From 2022 to 2032, the demand for recycled concrete aggregates is expected to increase at a steady CAGR of 6.7 percent.
Growing environmental awareness, as well as the importance of recycled materials in the construction industry, are expected to drive demand for recycled concrete aggregates. The construction industry is expected to present several growth prospects for the recycled concrete aggregates market's key players. This is owing to its ability to create jobs, which can assist the industry in shifting toward sustainability and digitization.
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The sales of recycled concrete aggregates are quickly increasing as a result of increased residential construction and infrastructure development. Furthermore, developing-country governments are implementing a wide range of housing programmes and residential projects, creating a demand for low-cost, recycled construction aggregates.
The demand for recycled concrete aggregate is increasing since it is more environmentally friendly than processing construction aggregate, which has a negative influence on the environment. As a result, construction companies prefer recycled concrete aggregates, fueling market expansion. Furthermore, recycled concrete aggregate is used as a filter material to add volume, strength, and resistance to erosion.
The structure, fundamental gravity, and surface roughness of the product are determined by recycled concrete aggregates. It is less expensive than cement and may be used in large quantities, which is one of the primary factors affecting recycled concrete aggregate sales over the predicted period.
“The adoption of recycled concrete aggregates is growing as a feasible substitute for conventional sources and is becoming a popular trend in industrialised nations.”- FMI Analyst.
Key Takeaways:
- The unprocessed category dominated the market in 2021, accounting for 60% of sales of recycled concrete aggregates worldwide.
- With 31% of global sales in 2021, the roadway and pavement segment dominated the market.
- North America dominated the recycled concrete aggregates market and accounted for the greatest revenue share of around 41% in 2022 as a result of the rising demand for recycled concrete aggregates as a sustainable source throughout the region.
- The market for recycled concrete aggregates has the biggest development potential in the Europe region.
- Due to a lack of experience, a lack of understanding of the advantages of recycled aggregates, as well as changes in laws and regulations, the Middle East and Africa are now facing slow growth.
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Competition Landscape in the GCC Countries Medical Tourism Market
The market for recycled concrete aggregates is highly fragmented, with multiple regional and local companies providing solutions in a specific geographic area.
The market has experienced an increase in the number of developing enterprises and new market entries due to the nature of the sector and the lack of unduly demanding technical and capital requirements. The sector is also governed by environmental regulations, which differ by area.
Established enterprises with a strong compliance policy have a significant presence in established countries, while mid-sized and new players in emerging markets continue to seek services to help them stay in compliance. Manufacturers are most likely to create collaborations with major construction corporations and government organisations in order to increase sales.
Major players present in the recycled concrete aggregates market are Lehigh Cement, Vulcan Materials Company, FERMA CORP, LafargeHolcim, Top Grade Site Management, LLC, Delta Sand Gravel Co., CEMEX S.A.B. de C.V., Southern Crushed Concrete, Big City Crushed Concrete, Independence Recycling of Florida.
Recent Developments in the GCC Countries Medical Tourism Market:
- CRH spent $3.5 billion to acquire Ash Grove Cement Company in Overland Park, Kansas.
- CEMEX supplied roughly 55,000 cubic yards of ready-mix concrete for Plaza Coral Gables phase one, which is scheduled to be completed in 2020. CEMEX is also planning to provide more than 170,000 cubic metres of hydraulic concrete for a 50-kilometer stretch of the main commerce route connecting Mexico and the United States.
- LafargeHolcim has been awarded a CAD 100 million infrastructure contract by the British Columbia Ministry of Transportation and Infrastructure for a major highway repair project in Vancouver, Canada. LafargeHolcim also acquired Metro Mix, LCC, a Colorado ready-mix concrete manufacturer.
- Aggregates USA, LCC was purchased by Vulcan Materials Company. In addition to three granite quarries, the deal includes sixteen train distribution yards in South Carolina, Florida, and Georgia.
