GREEN BUILDINGS BOOST RECYCLED CONCRETE AGGREGATE DEMAND
The global recycled concrete aggregates market is projected to expand at 8.0% CAGR during the forecast period. Total market size is likely to increase from US$ 9,053.7 Million in 2023 to US$ 19,500.1 Million by 2033. Growing demand for sustainable construction practices and eco-friendly building materials will fuel the demand for recycled concrete aggregates market. Rapid urbanization along with increasing construction activities globally is another factor that is boosting the market. Builders and contractors are utilizing recycled concrete aggregates for the construction of new roads and other structures. Recycled concrete aggregates have become ideal alternatives to virgin ones due to their various advantages. These aggregates are inexpensive, durable, and eliminate the need for mining. They are being increasingly used for various construction applications. The increasing trend of using recycled concrete aggregates in the thriving building & construction industry will boost the global market. Rising environmental concerns will also play a key role in fuelling recycled concrete aggregate sales over the next ten years. Gravel and crushed stone hold dominating shares by weight in the overall concrete aggregates market owing to their extensive applications in fills, concrete manufacturing, and low cost Key Factors Driving the Global Recycled Concrete Aggregates Industry The construction industry is a key contributor to global carbon emissions, and the use of recycled concrete can help to reduce the industry's environmental impact. Recycled concrete aggregates are made from materials that would otherwise end up in landfills, reducing the amount of waste generated by construction projects. Various governments around the world are implementing regulations and initiatives aimed at reducing waste and promoting sustainability in the construction industry. This in turn is creating a fertile ground for the development of the recycled concrete aggregates industry. As more companies and governments seek to reduce their environmental impact, there is a growing demand for sustainable construction practices and materials. Using recycled concrete aggregates can be cost-effective, as it reduces the need for new aggregates and can lower transportation costs. Further, recycled concrete aggregates are often less expensive than traditional aggregates. Recycled concrete aggregates are often more durable than traditional aggregates, as they have already undergone the hardening process. This makes them well-suited for use in construction applications where durability is a key consideration, such as road construction and building foundations. Recycled concrete aggregates are a sustainable alternative to traditional aggregates, providing similar performance while reducing the need for new natural resources. They are expected to give tough competition to virgin materials thanks to their various advantages Opportunities in the Global Recycled Concrete Aggregates Market The global market for recycled concrete aggregates has several opportunities for growth and development. One of the main opportunities is the increasing demand for sustainable construction materials and practices. The use of recycled concrete in construction can reduce the need for virgin aggregates. It can help minimize waste and reduce the environmental impact of the construction industry. This can be particularly important as more companies are seeking to meet sustainability targets and increase their use of sustainable materials. The availability of recycled concrete aggregates can help companies achieve these goals while also reducing their costs and improving their bottom line. Another opportunity for the global market is the growing need for infrastructure development globally. Several emerging economies require new infrastructure to support their growing populations and economies. The use of recycled concrete can provide a cost-effective and sustainable solution for infrastructure development, which can increase the demand for recycled concrete aggregates. As more governments and private companies invest in infrastructure projects, demand for recycled concrete aggregates is likely to increase, providing new opportunities for growth in the market. Product & Application that Generates Most Revenue Based on product type, the gravel, and crushed stone segment dominates the global market with more than 45% value shares. It remains the key revenue-generation segment for recycled concrete aggregate manufacturers. Gravel is a coarse aggregate that is composed of small rock fragments. It is commonly used in construction projects that require drainage, such as roadways and foundation drains. Crushed stone, also known as angular rock, is another type of coarse aggregate that is commonly used in construction projects The popularity of gravel and crushed stone in the recycled concrete aggregates market stems from their versatility and ability to provide excellent drainage and load-bearing properties. They are widely used in various construction projects, including roadways, driveways, and foundations, as well as for decorative purposes in landscaping. By application, road & pavement is generating more than 67% of revenue in the global market. Recycled concrete aggregates (RCAs) are in high demand for road and pavement applications globally due to their availability, cost-effectiveness, sustainability, durability, and performance. The products are obtained from the demolition of old concrete structures and provide reliable, long-lasting materials for construction projects. The use of RCAs in road and pavement applications reduces the need for virgin materials, promotes sustainable construction practices, and minimizes waste sent to landfills. Recycled concrete aggregates are known to withstand heavy traffic loads and harsh weather conditions, making them ideal materials for road and pavement construction. Overall, the use of RCAs in road and pavement applications is increasingly popular due to their numerous benefits and ability to meet sustainability goals. Competitive Landscape The global market is highly fragmented with several leading manufacturers holding limited shares in the market. Top-5 players identified in the report are anticipated to hold more than 24% of the overall market share only. Rest 79% of the market share is anticipated to be distributed along local and regional players. Key market participants are targeting emerging economies with fresh regulations over recycled concrete aggregates to boost their revenue and market presence. Small and medium-sized manufacturers are focusing on providing cost-effective, and value-for-money products to improve their market penetration.
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