According to a new report published by Allied Market Research, titled, " Ready-mix Concrete Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global ready-mix concrete market size was valued at $491.6 billion in 2018, and is projected to reach $766.6 billion by 2026, growing at a CAGR of 5.5% from 2019 to 2026. In 2018, by type, the transit mix concrete segment accrued the largest share in the ready-mix concrete market. The transit mix concrete is produced under controlled conditions; thus, it contributes to the reduction of dust pollution. In addition, the transportation and placing of transit mix concrete is easy. Therefore, these factors are expected to drive the market growth. Moreover, it offers high speed of construction with lower maintenance cost. Furthermore, the government initiatives for the growth of construction sector fuel the demand for the transit mix concrete in the near future. For example, in February 2018, Government of India has approved 100% foreign direct investment in the construction development sector.
The manufacturers of ready-mix concrete are focusing on business expansion and acquisition as key strategies to increase their ready-mix concrete market shares. For instance, in July 2019, Ambuja Cement, a subsidiary of LafargeHolcim Ltd, a Swiss multinational company acquire capacities in ready mix concrete to increase its customer base in India.
The central mix concrete is popular due to its less dependency on human labors, which reduces the dependency on labors and saves extra cost. Moreover, the growth in the commercial and industrial construction is expected to increase the demand for central mix concrete around the globe especially in Asia-Pacific. The new investments in construction is helping many firms to enter the infrastructure market; thereby, boosting the growth of the market. For instance, in May 2019, Angelo, Gordon & Co., L.P., an investment firm has raised over $2.75 billion for its U.S. real estate fund. The new investment aims to focus on construction of distressed office, residential, hotel, residential housing, and student hostels, primarily located in the U.S.
Currently, by application, in 2018, the commercial and infrastructure segment has garnered significant market share, owing to its cost-effectiveness, good strength of concrete, and time and cost saving as compared to conventional concrete mixing. In addition, based on type, shrink mix concrete segment is expected to exhibit significant growth during the forecast period. In terms of region, Asia-Pacific and Europe collectively contributed around 83.8% of shares in the global market in 2018.
The key players profiled in the ready-mix concrete market report include ACC Limited, Barney & Dickenson, Inc., CEMEX S.A.B. de C.V., Heidelberg Cement, Holcim Ltd., SIKA Group, Ultra Tech Cement Limited, Vicat SA, CRH plc, and Vulcan Materials Company.
Key Findings of the Study:
- The report provides an extensive analysis of the current and emerging ready-mix concrete market trends and dynamics.
- Depending on type, the transit mix concrete segment dominated the market, in terms of revenue in 2018 and the shrink mix concrete segment is projected to grow at a CAGR 5.8% during the forecast period.
- By application, the commercial and infrastructure segment led the market in 2018.
- LAMEA is projected to register the highest growth rate in the coming years.
- The key market players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the ready-mix concrete industry.
- The report provides an extensive analysis of the ready-mix concrete market trends and emerging opportunities of the market.
- In-depth ready-mix concrete market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global ready-mix concrete market forecast analysis from 2018 to 2026 is included in the report.