Pune, India, Oct. 10, 2022 (GLOBE NEWSWIRE) -- As per the comprehensive research by Fortune Business Insights™ the global ready-mix concrete market size stood at USD 735.9 Billion in 2020. The market is projected to grow from USD 792.2 billion in 2021 to reach USD 1,374.2 billion by 2028, exhibiting a CAGR of 8.2% during the forecast period. Rising adoption of cement in construction projects to boost market growth. Fortune Business Insights™ mentions this information in its report titled "Ready-Mix Concrete Market, 2021-2028."
Ready-mix concrete is made up of sand and coarse aggregates and cement (cement paste). It is used in the construction of buildings, roads, and bridges. Increasing investments in infrastructure development and the adoption of higher-quality construction materials are expected to boost the product's adoption. Evolving consumer preferences and rising spending capacity lead to the adoption of premium housing facilities. This may boost the adoption of the product by the construction sector.
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List of Key Players Profiled in the Market
- Buzzi Unicem SpA (Italy)
- R. W. Sidley, Inc. (U.S.)
- HEIDELBERGCEMENT AG (Germany)
- CEMEX S.A.B. de C.V.(Mexico)
- M. I. Cement Factory Limited. (Dhaka)
- ACC Ltd.(India)
- UltraTech Cement Ltd. (India)
- LafargeHolcim (Switzerland)
- Italcementi Group (Italy)
- Hanson Cement Ltd. (U.K.)
- U.S. Concrete (U.S.)
COVID-19 Pandemic
Restrictions on Construction Activities to Impede Market Progress
This market is expected to be negatively impacted by the COVID-19 pandemic because of the restrictions imposed on construction activities. The sudden spike in COVID-19 patients provoked manufacturers to impose stringent regulations on transport and manufacturing, which, in turn, can impede market progress. However, lockdown relaxations have enabled manufacturers to operate at reduced capacities and implement production machinery. These factors are likely to propel market progress during the COVID-19 pandemic.
Highlights of the Report
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally it examines the regional developments and the strategies undertaken by the market's key players.
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Segments
Based on Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Based on application
- Infrastructure
- Residential
- Commercial
Drivers and Restraints
Increased Adoption in Residential Sectors to Propel Market Progress
Ready-mix concrete is used extensively in the creation of residential buildings because of its resistance to harsh environments and ability to reinforce the building's strength. The rising demand for high-quality constructions is expected to propel its demand. The incorporation of concrete improves building strength and reinforces it against damage. Factors such as ease of use and long shelf-life are expected to boost its adoption by the construction industry. It reduces the time needed to form a mixture and boosts the quality of the construction. The rising population and the demand for high-quality residential buildings are expected to boost the product's demand. These factors are likely to drive the ready-mix concrete market growth.
However, the negative effects of the COVID-19 pandemic on the construction sector may impede product sales which in turn may hamper market growth.
Report Scope & Segmentation
| Report Attribute | Details | |
| Market size value in 2021 | USD 792.2 billion | |
| Revenue forecast in 2028 | USD 1,374.2 billion | |
| Growth Rate | CAGR of almost 8.2% 2021-2028 | |
| Base Year | 2020 | |
| Historic Years | 2018 - 2019 | |
| Forecast Years | 2021- 2028 | |
| Segments Covered | By End-Use, By Application | |
| Forecast Units | Value (USD Billion), and Volume (Units) | |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 | |
| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World | |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others | |
| Number of Companies Covered | CEMEX S.A.B. de C.V.(Mexico), M. I. Cement Factory Limited. (Dhaka), ACC Ltd.(India), UltraTech Cement Ltd. (India), LafargeHolcim (Switzerland), Buzzi Unicem SpA (Italy), R. W. Sidley, Inc. (U.S.), HEIDELBERGCEMENT AG (Germany), Italcementi Group (Italy), Hanson Cement Ltd. (U.K.), U.S. Concrete (U.S.) | |
REGIONAL INSIGHTS
Availability of Raw Materials in Bulk to Propel Market Growth in the Asia Pacific
Asia-Pacific is projected to dominate the ready-mix concrete market share because of the availability of raw materials in abundance. The rising population and increasing demand for high-quality residential constructions foster the demand for ready-mix concrete in the region. These factors are likely to boost market growth.
In North America, rising demand for product from the residential and commercial sectors is likely to propel market growth. Further rising demand for developed household facilities and increased spending capacity are expected to bolster the concrete demand. These factors are likely to propel market progress.
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Competitive Landscape
Prominent Companies Incorporate Acquisition Strategies to Reinforce their Stance
Prominent companies operating in the market devise acquisition strategies to reinforce their market position. For example LafargeHolcim completed the acquisition of a leading producer of ready-mix concrete in the U.S. named Metro Mix LLC in August 2018. This strategy may enable the company to strengthen its presence in the country and boost its market position. Further the incorporation of research and development may enable manufacturers to tackle shortcomings and boost their product quality. This strategy may enable manufacturers to improve their brand image.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Ready-Mix Concrete Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
- Global Ready-Mix Concrete Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By Application (Volume/Value)
- Residential
- Commercial
- Infrastructure
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Ready-Mix Concrete Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By Application (Volume/Value)
- Residential
- Commercial
- Infrastructure
TOC Continued…!
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Industry Development
- April 2020- Hanson Group provided ready-mix concrete to tackle COVID-19 challenges in Swansea.
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Cement Market Size, Share & COVID-19 Impact Analysis and Regional Forecast, 2022-2029
Construction Chemicals Market Size, Share & Industry Analysis and Regional Forecast, 2019-2026
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