Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The "North America Ready-Mix Concrete Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The North America Ready Mix Concrete Market is poised for substantial expansion, projected to increase from USD 65.44 billion in 2023 to USD 84.93 billion by 2028, reflecting a robust CAGR of 5.35% over the forecast period (2023-2028).
Leading this growth, the United States is anticipated to be the frontrunner in the North American ready-mix concrete market throughout the forecast timeframe.
Although the North American ready-mix concrete market is characterized by consolidation, the disruptive impact of the COVID-19 pandemic on labor-intensive sectors, particularly construction, has been evident. As the region steadily emerges from the constraints of social distancing measures and lockdowns, recovery efforts are gaining momentum.
The region's increasing demand for building construction, coupled with growing awareness of the distinct benefits and superior attributes of ready-mix concrete (RMC) compared to conventional concrete, is slated to propel the market's growth trajectory.
Conversely, the presence of viable alternatives and challenges linked to RMC transportation could impede market progress. Nevertheless, the escalating investments in infrastructure development are driving heightened construction endeavors across the region, presenting prospective opportunities for the ready-mix concrete market in the foreseeable future.
North America Ready-Mix Concrete Market Trends
The residential segment holds significant growth potential in the North American region, driven by ongoing projects in the United States and Canada.
Ready-mix concrete finds applications in various aspects of residential construction, including foundations, extensions, floors, and more. Increased government spending on real estate, demand for high-class homes, and a focus on affordable housing are driving the residential construction sector's growth.
The United States dominates the market, with its robust construction sector contributing significantly to the economy. Private construction spending surpasses public spending, with Texas and California leading building activities. The US Census Bureau reports consistent growth in construction spending, both residential and nonresidential. Home renovations, sustainability trends, and government loans also fuel remodeling activities.
Private non-residential construction spending expanded in 2022, with projections of healthy gains in various categories. Acquisitions and agreements like Holcim's acquisition of Cajun Ready-Mix Concrete and Martin Marietta Materials' divestiture to CalPortland Company indicate a strengthening market.
The US construction sector's resilience and expansion reinforce the growth prospects for ready-mix concrete in residential and infrastructure development.
Market Dynamics
Drivers
- Growing Demand for Building Construction across The Region
- Superior Properties and Advantages Over Normal Concrete
Restraints
- Easy Availability of Potential Substitutes
- Industry Value Chain Analysis
Opportunities and Future Trends
- Rising Investment in Commercial and Infrastructure Development in the Region
A selection of companies mentioned in this report includes
- BuzziUnicem SpA
- CEMEX SAB de CV
- Colas Group
- CRH
- GCC
- HeidelbergCement
- HOLCIM
- R.W. Sidley, Inc.
- Sika AG
- Thomas Concrete Group
- Titan Cement
- Vicat SA
- Vulcan Materials
For more information about this report visit https://www.researchandmarkets.com/r/8112pz
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