Forecast: Global agg demand growth to carry into 2031

Persistence Market Research says a variety of factors will contribute to steady aggregate demand growth around the world over the next 10 years. Photo: P&Q Staff

Persistence Market Research (PMR), a third-party research organization, estimates the global construction aggregate market to expand by 6.8 percent over the next 10 years.

PMR says a rapid expansion of the construction sector, notably in emerging nations in Asia Pacific, is projected to drive the construction aggregate market. Demand for construction aggregate is increasing for commercial and residential construction work across major markets, PMR adds, driven by increased activity in the refurbishment and renovation sector across the world.

Additionally, PMR says macroeconomic factors such as urbanization and industrialization will continue to generate significant demand. Increased tourism and a growing need for modern workplaces, malls and commercial buildings will also demand a large supply of construction aggregate, while a booming residential construction industry will help to propel aggregate demand.