PUBLISHER: The Business Research Company | PRODUCT CODE: 1409317
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409317
“Concrete Work Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on concrete work market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for concrete work? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The concrete work market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Concrete work involves the utilization of concrete as a primary construction material for various structures, including footings, foundations, fences, poles, roads, and bridges. The process encompasses using concrete for building infrastructure such as parking garages, pavements, highways, and overpasses.
The primary classifications of concrete work are dry or semi-dry concrete and wet concrete. Dry or semi-dry concrete mixes contain less water compared to conventional mixes, resulting in a drier consistency. This type of concrete work is employed across various construction categories, including elemental constructions, permanent modular buildings, relocatable buildings, structural and architectural components, transportation products, waste handling products, and other applications utilized by both residential and non-residential sectors.
The concrete work market research report is one of a series of new reports from The Business Research Company that provides concrete work market statistics, including concrete work industry global market size, regional shares, competitors with concrete work market share, detailed concrete work market segments, market trends, and opportunities, and any further data you may need to thrive in the concrete work industry. This concrete work market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The concrete work market size has grown strongly in recent years. It will grow from $389.89 billion in 2023 to $415.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed in the historic period within the realm of concrete work can be accredited to several key factors. These include the continuous expansion and evolution of the construction industry, substantial advancements in infrastructure development, the ongoing trend of urbanization, significant investments made by governments in various construction projects, and the continual expansion of the population, necessitating the construction of new structures and developments to accommodate this growth.
The concrete work market size is expected to see strong growth in the next few years. It will grow to $549.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in concrete work is expected to stem from an emphasis on sustainable construction practices, the advancement of smart cities initiatives, the need for resilient infrastructure planning, challenges posed by increasing population density, and an upsurge in renovation and rehabilitation projects. Major upcoming trends in this sector involve the adoption of 3D printing technology, the use of decorative concrete finishes, the application of fiber-reinforced concrete, the implementation of smart concrete solutions, and the integration of circular economy practices.
The concrete work market is anticipated to experience significant growth, driven by increasing investments in new construction projects. Construction projects encompass a range of planned activities for creating, restoring, or upgrading built assets such as buildings, bridges, or tunnels to fulfill specific business objectives. Concrete work plays a crucial role in various construction projects, including floors, basic foundations, exterior surfaces, superstructures, wastewater treatment facilities, and parking structures. The U.S. Census Bureau reported in January 2023 that construction expenditure is projected to reach $1,825.7 billion in 2023, reflecting a 5.7% increase from the estimated expenditure of $1,726.6 billion in January 2022. Consequently, the escalating investment in new construction projects is a key driver propelling the growth of the concrete work market.
The concrete work market is also expected to benefit from the increasing demand for disaster reconstruction. Disaster reconstruction involves the repair and rebuilding of communities, facilities, and ecosystems damaged by natural or man-made disasters. Concrete, with its inherent strengths such as durability, fire resistance, and flexibility, plays a pivotal role in disaster building. Advanced building techniques and technology further enhance the resilience of concrete structures in the face of natural calamities. In 2022, the Emergency Event Database (EM-DAT) recorded 387 natural hazards and catastrophes globally, slightly exceeding the average for the previous decade. The rising need for disaster reconstruction is consequently contributing to the growth of the concrete work market.
Technological advancements are emerging as a prominent trend in the concrete work market. Major companies in the industry are embracing new technologies to maintain their competitive positions. For example, ACC Limited, an India-based concrete producer, introduced Coolcrete in February 2023. Coolcrete is a technologically advanced concrete designed to control the internal temperature during mass concreting or large pours by minimizing the heat of hydration. This innovation helps mitigate the risk of thermal cracking and delayed ettringite formation, ensuring that the concrete adheres to specified temperature limits. The adoption of such advanced technologies reflects a commitment to improving the quality and performance of concrete work in construction projects.
Major companies in the concrete work market are increasingly adopting a strategic partnership approach, focusing on the development and commercialization of low-carbon binders, concretes, and mortars. Strategic partnerships involve leveraging the strengths and resources of different companies to achieve mutual benefits and success. For example, in July 2023, Point P SAS, a France-based construction subsidiary of Saint-Gobain, announced a partnership with Ecocem, an Ireland-based company specializing in low-carbon cement technology solutions. This collaboration aims to support POINT.P's objective of reducing cement-related greenhouse gas emissions by 35% by 2030. Through this partnership, Ecocem will have the opportunity to develop and market its latest low-carbon binders using POINT.P's distribution system, concrete factories, and precast facilities. This strategic alliance builds on the existing commercial collaboration between POINT.P and Ecocem, emphasizing its importance in achieving carbon reduction goals.
In March 2023, Commercial Metals Company, a US-based steel and metal manufacturer, acquired Tendon Systems LLC for an undisclosed amount. This strategic acquisition is poised to strengthen Commercial Metals Company's leadership position in construction reinforcement, particularly complementing its current standing in post-tensioning cable. The addition of Tendon Systems LLC brings enhanced capabilities to serve clients in the areas of barrier cables, post-tensioning systems, engineered services, and concrete restoration. Through strategic moves such as partnerships and acquisitions, companies in the concrete work market are actively positioning themselves to advance sustainability goals, tap into innovative technologies, and broaden their service offerings.
Major companies operating in the concrete work market report are Baker Construction Enterprises Inc., Lithko Contracting LLC, Structural Group Inc., Largo Concrete Inc., Suntec Concrete Inc., Kent Companies Inc., Keystone Concrete, Concrete Strategies LLC, CECO Construction Group, TAS Concrete Construction LLC, Quanta Services, EMCOR Group Inc., MasTec Inc., SGB Scaffolding and Industrial Services Private Limited, RF Concrete Construction Inc., CEMEX S.A.B. de C.V, UltraTech Cement Ltd., BuzziUnicem S.p.A, Holcim Inc., ACC Limited, Colas Group SA, Dillon Bros Ready Mix Concrete LLC, Godrej & Boyce Mfg. Co. Ltd., LafargeHolcim Ltd., Livingston's Concrete Service Inc., R.W. Sidley Inc., U.S. Concrete Inc., Vicat SA, Vulcan Materials Co., Argos USA, CalPortland Company, Central Concrete Supply Co. Inc., Chaney Enterprises Limited Partnership, Concrete Supply Co., Dolese Bros. Co., Euclid Chemical Co., Irving Materials Inc., Knife River Corporation, Heidelberg Materials .
Asia-Pacific was the largest region in the concrete work market in 2023. North America was the second-largest region in the concrete work market. The regions covered in the concrete work market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the concrete work market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The concrete work market includes revenues earned by entities by providing formwork, reinforcement, pouring, finishing, and curing services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.