Ready-Mix Concrete Market Research, 2030
The global ready-mix concrete market size was valued at $448.0 billion in 2020, and is projected to reach $704.2 billion by 2030, growing at a CAGR of 4.5% from 2021 to 2030. Ready-mix concrete (RMC) is a mixture of water, supplementary materials, aggregates, and cement in defined proportions. These respective ingredients are mixed in proportion in accordance with standard codes to get the targeted durability and strength. The ready-mix concrete is popular as compared to normal concrete due to the factors, such as convenience, ease of use, and better quality. The ready-mix concrete is primarily used in construction of residential & commercial buildings, manufacturing facilities, and roads.
The demand for ready-mix concrete in the construction industry has been increasing due to rise in demand for versatile building materials and increase in concern toward strong construction. Furthermore, rapid population growth and urbanization are expected to have a dramatic effect on increase in demand for housing, jobs, energy, food, clean water, transportation infrastructure, and social services. Due to this, construction companies are adoptive for environment-friendly, cost-effective housings and buildings to ensure the highest standards and uniform quality, which can be met by implementing ready-mix concrete.
However, ready-mix concrete require setup to mix material in proportion. In such cases, non-availability of setup space near construction site can tend the company to transport the mixture. Mixture has low span of 90 minutes, and if there is delay due to traffic, the concrete is expected to settle or affect in loss of workability, which is expected to hamper the ready-mix concrete market growth. Similarly, economical and employment issues in different developing countries like Iran, Iraq and Indonesia are expected to indirectly hamper the growth of the market. Moreover, factors such as poor transportation & logistics infrastructure, non-tariff measures low of goods and services across borders, and low foreign direct investment hamper the economic growth of the developing countries, which in turn, is expected to restrain the market growth.
Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of ready-mix concrete market as well as their demand in the market, thereby restraining the growth of the market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of ready-mix concrete companies market at their full-scale capacities, which is likely to help the ready-mix concrete market to recover by end of 2021.
Furthermore, increase in government and private investments in the infrastructure sector, is expected to offer lucrative growth opportunities for ready-mix concrete market players during the forecast period. For instance, in January 2019, China invested $163 billion in the infrastructure sector to repel the economic slowdown. New construction projects include two major airports and railway stations. Similarly, in August 2021, the Indian government announced spending of more than $1 trillion for infrastructural development to boost the economic growth.
The ready-mix concrete market is segmented into Type, Application and Mixer Type. By type, the market is segmented into transit mix concrete, central mix concrete, and shrink mix concrete. By application, it is divided into commercial & infrastructure, residential, and industrial. By mixer type, it is segmented into volumetric and barrel truck/in-transit mixer. Region-wise, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global ready-mix concrete market share, and LAMEA is anticipated to secure a leading position during the forecast period.
On the basis of type, in 2020, the transit mix concrete segment dominated the ready-mix concrete market, in terms of revenue, whereas the shrink mix concrete segment is expected to witness growth at the highest CAGR during the forecast period. As per application, in 2020, the infrastructure segment led the ready-mix concrete industry. However, the residential segment is expected to exhibit highest CAGR in the near future. By mixer type, the volumetric segment led the market in 2020, in terms of revenue. However, the barrel truck/in-transit mixer segment is anticipated to register highest CAGR during the forecast period. Region-wise, Asia-Pacific garnered the highest revenue in 2020. However, LAMEA is anticipated to register highest CAGR during the forecast period.
The major players profiled in the ready-mix concrete market include, ACC Limited, Barney & Dickenson, Inc., CEMEX S.A.B. de C.V., CRH plc, HEIDELBERGCEMENT AG, Holcim Ltd., SIKA Group, UltraTech Cement Limited, Vicat SA, and Vulcan Materials Company. Major companies in the market have adopted acquisition, product launch and partnership as their key developmental strategies to offer better products and services to customers in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ready-mix concrete market analysis from 2020 to 2030 to identify the prevailing ready-mix concrete market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the ready-mix concrete market forecast.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global ready-mix concrete market trends, key players, market segments, application areas, and market growth strategies.
Ready-Mix Concrete Market Report Highlights
By Mixer Type
Key Market Players
ACC Limited, SIKA group, CEMEX S.A.B. de C.V., UltraTech Cement Limited, Vicat SA, HEIDELBERGCEMENT AG, Vulcan Materials Company, Holcim Ltd., Barney & Dickenson, Inc., CRH plc
The ready-mix concrete are generally used in residential & commercial buildings, manufacturing facilities, and roads. The ready-mix concrete is widely used in the construction industry. Ready-mix concrete is the defined mixture of cement, additives, and aggregates. Increase in demand for ready-mix concrete is owing to the development in infrastructure and urbanization and ready-mix concrete is cost-effective and environment-friendly, which drive the market growth. For instance, in April 2022, China announced investment of $2.3 trillion in the infrastructure sector. Similarly, in August 2021, the Indian Government announced spending of more than $1 trillion for infrastructural development, which boosts the economic growth. Thus, the trends show increase in demand for ready-mix concrete for construction purposes and are expected to create lucrative opportunities for market growth. In addition, the delay caused due to the traffic could let the concrete to lose the workability. Thus these factors may hinder the growth of the market.