The global Europe construction aggregates market size is expected to reach USD 23,327.3 million by 2027and is expected to exhibit a CAGR of 4.2% during the forecast period. The growing development of residential skyscrapers will spur opportunities for the Europe construction aggregates market during the forecast period, states Fortune Business Insights, in a report, titled “Europe Construction Aggregate Market Size, Share & Industry Analysis, By Type (Crushed Stones, Sand & Gravel, Recycled Aggregates, and Others), By Application (Structural Material, Ready Mix Concrete, Precast Concrete, Asphalt Types, and Others), By End-Use Industry (Commercial, Residential, Industrial, and Infrastructure), and Regional Forecast, 2020-2027.” The market size stood at USD 17,788.1 million in 2019.
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Market Driver:
Surging Employment Rate to Augment Market Growth
The growing population, coupled with the rising employment rate, has fueled demand for Europe construction aggregates, which will expand the market. The migration of workers toward urban areas with improved living standards can further incite the market's development in the forthcoming years. The increasing demand for high rise buildings in urban areas can have a tremendous impact on the global market. The expansion of buildings and infrastructure such as schools, colleges, industries, and transportation structures can simultaneously improve the market prospects. Moreover, urban hubs such as London and Paris have increasingly used Europe construction aggregates prior to industrialization. Besides, the demand for high-quality construction materials, including aggregates, will foster the market's growth.
Delay in Construction Activities to Disturb Market Amid Coronavirus
The pandemic resulted in the lockdown for many European nations, including Germany, France, and Italy. The lockdown caused an economic recession and disrupted various industries across the continent. According to Eurostat, the EU recorded a contraction of around 14.4% in Q2 of 2020 on YOY basis. The reduced demand for construction materials has further dampened Europe construction aggregates' requisite, thus hindering the market growth. However, the recovery of the market will be seen by 2021, as governments prepare to implement regulations to support green infrastructure, which, in, turn, will augur well for the market.
Regional Analysis:
Germany to Lead the Market Owing to the Increasing Number of Infrastructure Projects
Germany is expected to hold the dominant share during the forecast period. It has been a key hub for infrastructure development with vast urban areas. It currently holds a 14.7% share in the Europe construction aggregates market and is expected to lead during the forecast period. Moreover, the infrastructure projects in Benelux are gaining traction due to the high spending capacity of the people and strong government support. Hence, the demand for aggregates in Belgium and the Netherlands will spur opportunities for the Europe construction aggregate market in the forthcoming years.
Key Development:
July 2020: LSR Group announced that it has acquired Tarayka 3 sand quarry in Kingiseppsky District of Leningrad region of Russia. The acquisition was made to expand its market share in the home region and optimize its logistic
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