The global ready-mix concrete market is on a trajectory of robust growth, projected to achieve a valuation of US$ 696.2 billion in 2023 and forecasted to soar to US$ 1488.74 billion by 2033, marking a significant compound annual growth rate (CAGR) of 7.9%. This surge is attributed to escalating urbanization, infrastructural development projects, and the rising demand for durable and cost-effective construction materials worldwide. With an increasing emphasis on efficiency, sustainability, and rapid construction, ready-mix concrete is poised to play a pivotal role in shaping the future of the construction industry.
The growing need for rapid construction across residential, commercial, industrial, and infrastructure sectors is projected to fuel the ready-mix concrete (RMC) market.
The advantages of ready-mix construction, including cost savings on labor and site supervision, as well as simplified pouring techniques, are likely to attract a larger consumer base in the near future. Moreover, the construction industry’s rising investments in countries like Mexico, China, India, Singapore, and South Korea are expected to contribute to the growing demand.
Request Your Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-8592
Ready-mix concrete is being increasingly embraced for various construction applications, including manufacturing facilities, residential and commercial buildings, power generation facilities, and road construction. The growth of infrastructure sectors worldwide, combined with rapid urbanization, is the key factor expected to drive industry expansion in the foreseeable future.
The market expansion is propelled by the growth of the construction industry, driven by increased income in both developed and developing nations. This surge in income has led to a higher demand for concrete, as more structures and housing projects are being built. The construction industry is undergoing significant transformations due to rapid economic growth, with a growing preference for ready-mix concrete due to its convenience and quick application. Primary market drivers include China, India, Japan, and other Asian countries, where population growth fuels the demand for residential buildings.
The shift of industrialization from western regions to the Asia-Pacific directly supports the construction industry’s development, leading to the expansion of the ready-mix concrete market. Furthermore, urbanization contributes to the growth of infrastructure facilities, playing a crucial role in the market’s expansion.
Government-led modernization efforts in developing countries, aimed at addressing infrastructure gaps, improving education and healthcare systems, and enhancing sanitation and water standards, serve as a significant driver for growth. These initiatives highlight the emphasis placed by respective governments on strengthening sustainable mining solutions and advancing technology, productivity, and safety measures.
Key Takeaways
- The market in United States is projected to grow with a CAGR of 8.1% during the forecast period.
- Asia Pacific is expected to accumulate over 38.7% market share by end of 2023.
- The market in Asia Pacific is expected to grow with a CAGR of 8.5% during the forecast period.
- By product type, infrastructural construction segment is expected to generate demand with a CAGR of 8.8% during the forecast period.
Growing industrialization and construction activities are expected to drive market growth during the forecast period- comments an FMI Analyst
Competitive Landscape
The market for ready-mix concrete is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
Some recent developments in the ready-mix concrete market are:
- In September 2022, the Adani Group acquired Ambuja Cements and ACC Ltd from Holcim India for approximately USD 6.50 billion.
- In March 2022, ACC Limited unveiled ACC Airium, an innovative climate control concrete system designed for thermal insulation.
- Lafarge Algeria introduced Chamil reduced CO2 cement in September 2022, featuring locally sourced clay and ferrous materials.
- Ramco Cements launched its fifth manufacturing plant in Andhra Pradesh in September 2022, expanding its reach to customers in Andhra Pradesh, Karnataka, North Tamil Nadu, Maharashtra, and Madhya Pradesh.
- ACC Limited launched four new ready-mix concrete products in April 2021: ACC thermofillcrete, ACC Suraksha NX Antiwashout Concrete, ECOPact, and ACC ADMIX.
Drive Your Business Growth Strategy: Purchase the Report for Key Insights! https://www.futuremarketinsights.com/checkout/8592
Top Key Players in the Ready-mix Concrete Market
- CEMEX S.A.B. de C.V.
- Vicat SA
- Ultra Tech Cement Limited
- Lafarge
- ACC Limited
- Barney & Dickenson, Inc.
- SIKA Group
- Heidelberg Cement
- Holcim Ltd.
- Italcementi Group
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube