Pune, India, Nov. 15, 2021 (GLOBE NEWSWIRE) -- The global ready-mix concrete market size stood at USD 735.9 billion in 2020. The market is projected to growth 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 the market growth. Fortune Business Insights™ mentions this information in its report titled "Ready-Mix Concrete Market Size, Share & COVID-19 Impact Analysis, By Application (Residential, Commercial, and Infrastructure), and Regional Forecast, 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. The cement reduces time consumption and possesses excellent shelf life. Further, its excellent chemical structure and resistance against the harsh environment are likely to fuel its adoption in residential and commercial projects. In addition, its adoption of green infrastructure is likely to bolster market growth.
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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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 damages. Factors such as ease of use and long shelf-life are expected to boost its adoption from 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 sectors may impede product sales, which, in turn, may hamper the market growth.
REGIONAL INSIGHTS
Availability of Raw Materials in Bulk to Propel Market Growth in 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 the market growth.
In North America, rising demand for the product from 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's demand. These factors are likely to propel market progress.
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.
Segments
Based on application, the market is segmented into infrastructure, residential, and commercial. Geographically, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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List of Key Players Profiled in the Market
- 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.)
Key Industry Development
April 2020- Hanson Group provided ready-mix concrete to tackle COVID-19 challenges in Swansea.
Major Table of Content for Ready-Mix Concrete Market:
- 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 Global Ready-Mix Concrete Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
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