Ready Mix Concrete Market is Estimated to Experience a Notable Rise of USD 1,536.7 billion by 2029, at a CAGR of 8.7% | Exactitude Consultancy

Increase in demand for versatile building materials and rise in concern toward robust construction drive the growth of the global ready-mix concrete market


Luton, Bedfordshire, United Kingdom, March 18, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Ready Mix Concrete Market.

The Ready-Mix Concrete Market is projected to grow from USD 725.32 billion in 2021 to USD 1,536.7 billion in 2029 at a CAGR of 8.7% during the 2022-2029 period.

Ready-mix concrete is a type of concrete, which is a mixture of Portland cement, water, sand, and coarse aggregates. It is eco-friendly compared to site mix concrete, as mixing is done in closed chambers. This reduces noise and air pollution. Ready-mix concrete is manufactured in a cement factory or within a batching plant based on specification required. This type of concrete is widely in for construction due its high durability and sustainability as compared to normal concrete.

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Recent Developments

  • In March 2021, HeidelbergCement partnered with leading software investment firm Thoma Bravo and invested in Command Alkon to build the digital ecosystem for the Heavy Building Materials industry.
  • In March 2021, ACC launched Global green concrete ‘ECOPact’ in Kolkata
  • In February 2021, CEMEX, S.A.B. de C.V. announced that it is expanding the U.S. operations strengthening the Texas network with the acquisition of a ready-mix business in San Antonio, TX, as part of its growth initiative.

The Asia Pacific area is the world’s largest market for ready-mix concrete.

The availability of cost-competitive workforces and ample raw material advantages are two main factors driving the region’s ready-mix concrete market expansion. Furthermore, market expansion is aided by the constantly expanding construction industry, which is accompanied by an increase in the number of production capacity and ready-mix concrete manufacturers. The APAC ready-mix concrete industry would continue to be dominant in the next years. North America is the second largest market and will show significant growth.

Technology and IoT Driving Ready-mix Business Improvements

The concrete industry is undergoing its own technological revolution. To achieve higher-performance concrete, tighter quality controls and the technology required to facilitate such precise QC are becoming more of a necessity for concrete producers to differentiate from competitors. People are talking about things like IoT (Internet of Things), automation, and cloud-connected systems.

Factors Are Expected to Propel the Ready-mix Concrete Market in 2022-2029

High demand for speedy construction activities across infrastructure, industrial, commercial, and residential segments are anticipated to propel the global ready-mix concrete market growth in the evaluation period. Easy pouring methods, as well as reduced cost of sight supervision and labor would also contribute to the market revenue growth in future.

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 damages.

Governmental Initiatives toward the Development of Affordable Housing to be the Key Factor Expected to Assist the Consumption Growth of Ready-Mix Concrete

Increasing private and government investments in the infrastructure sector is expected to create lucrative growth opportunities for key players in the forthcoming years. Preparation of ready-mix concrete and its transportation through transit mixers enable the execution of accurate and precise concrete availability in various construction projects.

Ready Mix Concrete Market Report Scope

Report AttributeDetails
Market size value in 2021USD 725.32 billion in 2021
Revenue forecast in 2029USD 1,536.7 billion in 2029
Growth rateCAGR of 8.7% from 2022 to 2029
Base year for estimation2021
Historical data2017 - 2020
Forecast period2022 - 2029
Quantitative unitsVolume in kilo tons, revenue in USD million and CAGR from 2022 to 2029
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments coveredProduct, application, region
Regional scopeNorth America; Europe; China; Asia; Pacific; Central & South America; MEA
Country scopeU.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman
Key companies profiledACC Limited, Barney & Dickenson Inc, CEMEX S.A.B. de C.V., CRH, HEIDELBERGCEMENT, Dillon Bros Concrete LLC, LafargeHolcim, LIVINGSTON’S CONCRETE SERVICE, INC., Martin Marietta, RISM JOHNSON LIMITED, R. W. Sidley, Inc., U.S. Concrete, Vicat, Vulcan Materials Company, Buzzi Unicem SpA, Sika AG, EUROCEMENT group., Votorantim, Geany Softech Private Limited
Key Market Opportunities           Growth in the number of mega infrastructural development projects across the globe
Key Market Drivers          Growth in the construction industry
Customization scopeThe ready-mix concrete market has developed significantly in the recent years. This can be primarily ascribed to the high performance and increasing availability of advanced construction materials globally.
Pricing and purchase optionsThe entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel.

Competitive Landscape

Prominent Companies Incorporate Acquisition Strategies to Reinforce their Stance

Prominent companies operating in the ready-mix Concrete 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 2020. This strategy may enable the company to strengthen its presence in the country and boost its ready-mix concrete 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.

The major players covered in the ready-mix concrete market report are ACC Limited, Barney & Dickenson Inc, CEMEX S.A.B. de C.V., CRH, HEIDELBERGCEMENT, Dillon Bros Concrete LLC, LafargeHolcim, LIVINGSTON’S CONCRETE SERVICE, INC., Martin Marietta, RISM JOHNSON LIMITED, R. W. Sidley, Inc., U.S. Concrete, Vicat, Vulcan Materials Company, Buzzi Unicem SpA, Sika AG, EUROCEMENT group., Votorantim, Geany Softech Private Limited among other domestic and global players.

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Key Market Segments: Ready Mix Concrete Market

Ready Mix Concrete Market by Type, 2022-2029, (USD Million)

  • Transit Mix Concrete
  • Central Mix Concrete
  • Shrink Mix Concrete

Ready Mix Concrete Market by Application, 2022-2029, (USD Million)

  • Commercial & Infrastructure
  • Residential
  • Industrial

Market Dynamics

Drivers

Growth in the construction industry

The development of the construction sector is mostly being driven by the rising urban population in developing nations. Population growth, increased residential construction, and anticipated expenditures in infrastructure and industrial expansion are all factors that will affect the sector's growth in developing nations. For instance, according to UN forecasts for 2029, India's urban population is projected to increase by a startling 165 million people, making Delhi the second-most populous city in the world after Tokyo. Buildings are being built outside of cities as a result of an increasing urban population. Further boosting the construction industry is the rising demand for residential construction.

Restraints

High initial investments required for ready mix concrete plants

The ready-mix concrete plants need a huge initial investment. On the size of the investment, the cost of setting up one RMC plant is between USD 10 Million to USD 30 Million. The substantial variation in cost of land and the accessibility of raw resources are just two of the variables contributing to the large variance. Additionally, the expense is increased by the need for a reliable transit infrastructure from R.M.C. to the site. Because just a limited amount of concrete is needed for modest projects, it is therefore unaffordable, which hinders the ready-mix concrete market's expansion.

Opportunity

Growth in the number of mega infrastructural development projects across the globe

Multi-billion-dollar infrastructure schemes have now become the norm as governments around the world strive to keep pace with growth, raise living standards and enable further economic development. Mass transit is currently receiving significant investment. Several mega-infrastructure projects, including the Sydney Metro in Australia, the Asia-Pacific Economic Cooperation (Belt and Road Initiative) in China, the Lagos-Kano Railway in Nigeria, the 4G Roads and Highway Program in Colombia, and the California High-Speed Rail in the United States, are among those that are anticipated to advance during the forecast period. The need for ready-mix concrete, a type of concrete that enhances durability and sustainability, is anticipated to increase over the next several years as a result of the billions of dollars invested in these projects.

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