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Ready-Mix Concrete Market Growth, Analysis 2027 | Industry Report

Ready-Mix Concrete Market Analysis Report By Application, By Region And Segment Forecasts From 2020 To 2027

Report ID: MN17617844  |  Published: September 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Construction  |  Publisher: Grand View Research

Industry Insights

The global ready-mix concrete market size was worth USD 656.1 billion in 2019. The market is projected to register a 7.9% CAGR over the forecast duration, 2020 to 2027. Rapid construction activities in commercial, residential, and industrial sectors are driving the growth of the market. In addition, developing countries are witnessing significant growth in infrastructural activities, which in turn, projected to drive market growth.

Ready-mix concrete offers benefits such as easy pouring, reduced labor cost along sight supervision. These benefits are anticipated to drive the product demand shortly, as demand for timesaving construction activities is gaining traction. Countries such as China, Singapore, Mexico, South Korea, and India are making significant investments in construction activities, which is projected to spur the product demand.

U.S. ready-mix concrete markeThe acceptance of ready-mix concrete has surged over the past few years in the construction of commercial, residential, road, power generation, and manufacturing facilities. In addition, rapid urbanization coupled with infrastructural development is supplementing the growth of the market.

Ready-mix concrete is used as a substitute for traditional concrete. Its growing popularity is attributed to features such as enhanced quality, easy to use, and convenience. In addition, efficient utilization, wastage reduction, and low cost of inventory result in the lower overall cost of construction projects.

To transport the ready-mix concrete to the construction site from the mixing plant, specialized vehicles are needed, which results in a higher cost of transportation. This factor may restrain the growth of the market. However, in case of a bulk demand, the mixing plant can be installed near the construction site, which can reduce both time and the cost of transportation.

Application Insights

Based on the application, the residential construction category held the largest share in the ready mix concrete market occupying over 34.0% in 2019. Further, the segment is estimated to register robust growth primarily because of the increasing trend of nuclear families in regions such as Europe, North America, and the Asia Pacific.

Further, the rising population and increasing disposable income in countries such as China and India are anticipated to spur market growth shortly. The Asia Pacific is witnessing rapid growth in the development of industries owing to supporting government initiatives. This factor is further likely to bolster the product demand.

Global ready-mix concrete market

Over the past few years, investment in the construction of the commercial building such as offices, restaurants, malls, hospitals, supermarkets, and hotels have surged considerably. These commercial construction activities are required to be finished in a short period, thereby, driving the demand for ready-mix concrete.

On the other hand, infrastructure construction is likely to register the highest growth with an 8.4% CAGR over the next seven years. The growth is attributed to the rising construction of airports, roads, dams, and other construction sites. Governments across the globe are increasing the budgets for infrastructural development, which is likely to boost the demand for ready-mix concrete.

Regional Insights

The Asia Pacific accounted for over 69% share in the ready-mix concrete market in 2019 and emerged as the leading region. Further, the region is projected to register an 8.3% CAGR from 2020 to 2027. Increasing infrastructural development in countries such as China, India, Singapore, and Thailand is attributing to the growth of the region. In addition, governments in India and China are increasingly investing in the development of roads as part of their infrastructural development. Moreover, the Indian government has introduced the mission smart city in 2015 to develop 100 smart cities by 2023. Such initiatives are predicted to be the major boost for the ready-mix concrete.

North America, on the other hand, is witnessing robust growth, primarily because of increasing demand from the United States. Owing to the high growth potential in the residential sector, the United States is projected to witness significant demand for ready-mix concrete. Factors such as the rising trend of nuclear families and low mortgage rates are driving the demand for household construction in the country. Further, the country is witnessing increasing demand for ready-mix concrete owing to rapid infrastructural development.

Impact of COVID-19

The market has witnessed a sharp decline in demand owing to the outbreak of COVID-19. The pandemic has forced to close off various industrial operations including construction projects. Several construction projects were put on hold as governments implemented social distancing norms. Labor migration further hampered the industry.

However, governments across the globe are reopening the economy step-by-step. The construction projects have resumed, albeit slowly. With increasing support from the government, the market is projected to recover shortly.

Ready-Mix Concrete Market Share Insights

The market is characterized by the presence of several small and large players operating in both local and international markets. Key players in the market are UltraTech Cement, Lafarge, Holcim Ltd, R.W, UnicemS.p.A, Sidley, Inc., and ACC Ltd among others. Major companies have established their plants in the countries such as India and China owing to huge growth opportunities.

The market players are also emphasizing offering quality services at an affordable cost to gain a competitive edge in the market. The establishment of ready-mix plants near a construction site is gaining traction as it helps in saving both cost and time.

Report Scope

Attribute

Details

The base year for estimation

2019

Actual estimates/Historical data

2016 - 2018

Forecast period

2020 - 2027

Market representation

Volume in Million Tons, Revenue in USD Billion and CAGR from 2020 to 2027

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Germany, U.K., China, India, Brazil,

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analysts working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of the customization


Segments Covered in the Report
 

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global ready-mix concrete market report on basis of application and region:

• Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 - 2027)
    • Commercial Building
    • Residential Building
    • Infrastructure
    • Industrial Utilities

• Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 - 2027)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • the Asia Pacific
        • China
        • India
    • Central and South America
        • Brazil
    • MEA

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