According to a recently published report, the construction equipment market worldwide is projected to grow at a CAGR of 4.11 per cent, to reach a market size of $116.20 billion by 2021, while the mining equipment market is projected to grow at a CAGR of 6.42 per cent, to reach $136.03 billion by 2021.
The Asia-Pacific region covering countries such as China, Japan, and India has been identified by the report as the largest and fastest-growing market for construction and mining equipment. The growth, according to the published data will be diven by increasing number of infrastructural projects and revised government regulations on mining. Robust economic growth, coupled with the growing population and rapid urbanization, will also likely boost construction activities across the Asia-Pacific region.
The growth of the infrastructure industry is expected to drive the market for aluminium construction systems. Recognized as a green building material, the demand for aluminium extrusions used in construction has already taken off in developed economies. In countries like India, which is opening up to the global trend of 'green' contsruction, an uptick in infrastructural development will further boost the demand for aluminium contsruction systems, comprising mainly aluminium panels and extrusions.
Currently, the construction and mining equipment market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are Caterpillar Inc. (U.S.), Hitachi Ltd. (Japan), and Joy Global Inc. (U.S.).