by The global Recycled Construction Aggregates Market is estimated to be valued at US$ 42.8 billion in 2022 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled construction aggregates are building materials that are derived from the demolition, construction, or excavation of existing structures. These materials are processed and reused to create new construction products. The market for recycled construction aggregates is witnessing significant growth due to the increasing focus on sustainability and the need to reduce construction waste. Products associated with this market include recycled concrete, asphalt, and crushed stone.
Market Dynamics:
The two main drivers propelling the growth of the recycled construction aggregates market are sustainability and cost savings. Both environmental regulations and consumer demand are pushing the construction industry to adopt more sustainable practices. Recycled construction aggregates help in reducing the extraction of natural resources and the carbon footprint associated with traditional construction materials. Additionally, using recycled aggregates can lead to cost savings for construction companies, as they are often cheaper than virgin materials.
One example of a driver is the increasing use of recycled concrete in infrastructure projects. The construction industry is the largest producer of waste globally, and concrete waste accounts for a significant portion of this waste. By recycling concrete, not only can the waste be diverted from landfills, but the resulting recycled concrete can be used as a substitute for virgin aggregates in various construction applications.
Another example of a driver is the cost savings associated with using recycled aggregates. Construction companies can save money by using recycled materials, as they are typically cheaper than virgin aggregates. This cost advantage is particularly attractive for large-scale construction projects, where substantial amounts of construction aggregates are required.
Segment Analysis:
The Recycled Construction Aggregates Market can be segmented based on the type of material and end-use application. Concrete accounts for a dominant share in the market, as it is the most commonly recycled construction material. Within the concrete segment, crushed stone is the most popular sub-segment due to its versatility and wide range of applications, including road construction, foundations, and landscaping.
PEST Analysis:
Political: Governments around the world are implementing regulations to promote sustainability in the construction industry. These regulations encourage the use of recycled materials and impose restrictions on the disposal of construction waste.
Economic: The economic factor driving the growth of the recycled construction aggregates market is the cost-saving potential associated with using recycled materials. Construction companies can reduce their expenses by opting for recycled aggregates instead of more expensive virgin materials.
Social: There is a growing awareness among consumers about the need for sustainable construction practices. Customers are increasingly demanding environmentally friendly and recycled products, leading to an increase in the adoption of recycled construction aggregates.
Technological: Advances in recycling technologies have made it easier and more cost-effective to process and recycle construction waste. These technologies enable the production of high-quality recycled aggregates that meet the required standards for construction applications.
Key Takeaways:
The Global Recycled Construction Aggregates Market Demand is expected to witness high growth, exhibiting a CAGR of 9.5% over the forecast period, due to increasing sustainability practices and cost-saving opportunities.
The fastest-growing and dominating region in the recycled construction aggregates market is North America. The region has stringent regulations promoting the use of recycled materials and a well-established recycling infrastructure.
Key players operating in the global recycled construction aggregates market include Tarmac, Delta Sand & Gravel Co., LafargeHolcim Ltd., Aggregate Industries Management, Inc., CEMEX, Vulcan Materials Company, CESPA, Green Stone Materials, CRH Plc., and Heidelberg Cement AG. These companies are focusing on expanding their production capacity and developing innovative recycling technologies to meet the growing demand for recycled construction aggregates.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
