Market Research Report
Ready-Mix Concrete - Global Market Outlook (2021 - 2028)
|Ready-Mix Concrete - Global Market Outlook (2021 - 2028)|
Published: April 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Ready-Mix Concrete Market is accounted for $767.58 billion in 2021 and is expected to reach $1,495.80 billion by 2028 growing at a CAGR of 10.0% during the forecast period. The ready-mix concrete (RMC) is a mixture of cement, water, sand and aggregates. Manufacturing it and delivering through a transit mixer enables the implementation of precise concrete in the construction project, making it strong and long lasting. It is particularly advantageous when small quantities of concrete or intermittent placing of concrete are required. It is also ideal for large jobs where space is limited and there is little room for a mixing plant and aggregate stockpiles.
Increasing demand for residential structures from construction industry
The expanding construction industry is supporting the market growth. Income growth in the developed and developing countries has accelerated the construction of buildings and housing structures that would lead to the high consumption of concrete. The construction industry is observing tremendous and unparalleled changes due to economic growth and is gradually shifting towards ready-mix concrete for easy and quick use. China, India, Japan, and other Asian nations are the major drivers for market growth.
Effect on construction industry due to novel coronavirus
The restraining factor affecting the growth of the RMC market is the effect of the COVID-19 outbreak on the construction industry. Many construction sites in different countries have been shut down due to the nationwide lockdown. The open sites have been facing disruptions in the supply chains and other operational restrictions. As China is a major producer of concrete, exports banned from the country due to the coronavirus outbreak have caused restrictions within the supply chain. This has caused many regions to shift towards other suppliers leading to a high cost of materials. This high cost is affecting the construction market and is acting as a restricting factor for the market growth.
Labor benefits and high investments
The rising investments from the private sector and help from the governmental organizations lead to the rise in construction opportunities. These include construction of highways, bridges, railroads, urban infrastructure, real estates, power generation sector, commercial buildings, and others. Speedy development of all the above-mentioned structures is leading to a high demand for this type of concrete. This is also supported by the high-end investments in urbanization from the developing countries such as China, India, Mexico, and South Korea from both the government and private sector.
Stoppage in construction activities
The outbreak of the virus has led to temporary stoppage in activities across various industries including construction. Implementation of global lockdown and social distancing have resulted in shutdown of construction activities as labourers and workers were not allowed to work, and companies had to close the project due to lack of construction workers. Moreover, ban over imports and exports have resulted in the lack of raw materials, which, in turn, negatively affects the market.
The residential segment is expected to be the largest during the forecast period
The residential segment is expected to be the largest share in the market. The applications of ready-mix concrete found in residential construction are in kerb bedding and backing, reinforced and un-reinforced foundations, single- and double-story extension, reinforced and unreinforced house floors, garage and septic tank bedding, trench fill, garden shed and wall, drainage, heavy goods vehicle (HGV) parking and driveways, paths, steps, and external paving, and hard standings.
Region with highest share:
Europe is projected to hold the largest share in the market. This growth can be associated with the high demand for residential structures along with the growing industrialization in the region. The governmental projects on infrastructure development are also significantly supporting the market growth of ready-mix concrete in this region.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR in the market. Asia-Pacific is an emerging economy, where market is growing, owing to increased infrastructure development projects. Economic recovery and growth in construction demand is significantly driving the market. China is the major revenue contributor in Asia-Pacific region. Earlier the country has faced a downfall, owing to slow growth in the construction industry but now it is expected to grow at a faster rate due to economic recovery and increased construction demand.
Key players in the market:
Some of the key players profiled in the Ready-Mix Concrete Market include ACC Ltd, Barney and Dickenson Inc, Buzzi Unicem S.p.A, CEMEX S.A.B. de C.V., Dillon Bros Ready Mix Concrete, Hanson Cement Ltd., Heidelberg Cement, Holcim Ltd, Italcementi Group, Lafarge R.W, Livingston's Concrete Service, Inc., R.W. Sidley, Inc, Sidley Inc, SIKA group, U.S. Concrete, Inc, UltraTech Cement, Vicat S.A, and Vulcan Materials Company CRH plc.
In February 2021: ACC Limited introduced low carbon concrete, under the brand name ECOPact, green concrete for sustainable, high-performing, and circular construction. This product innovation is intended to cater to the growing demand for green construction in India.
In May2020: UltraTech developed its in-house technology that collects all the remaining concrete from the construction sites and makes them into slurry for recycling in ready-mix concrete. The plant technology is automated and does not dispose of any solid or water waste, thus it is fully environmentally friendly.
In April 2020: Hanson Group supplied ready-mix concrete to meet the challenges of COVID-19 pandemic in Swansea. The factory is temporarily being formed as an NHS filed hospital for treatment and care of the patients affected from the novel coronavirus.
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