Massive Expansion in Construction Sector Will Drive the Ready-Mix Concrete Market, helping it Reach US$ 61.7 Bn at a CAGR of 13.2% Between Forecast Period 2022-32 | Future Market Insights, Inc.
High demand for single-family houses in the U.S. and Canada is projected to accelerate sales of ready-mix concrete in North America. Asia Pacific is projected to remain at the forefront by generating the largest ready-mix concrete market share in the forthcoming years.
NEWARK, Del., Nov. 7, 2022 /PRNewswire/ — The global ready-mix concrete market stands at US$ 46.9 Bn as of now and is expected to reach US$ 61.7 Bn by the year 2032 at a stellar CAGR of 13.2% between 2022 and 2032.
The developing economies are subject to rising urbanization, which is, in turn, asking for constructive expansion of the building & construction vertical. The United Nations 2030 estimates say that urban population all across India would grow by an astonishing 165 Mn by the year 2030. Also, IMF Global Housing Watch states that residential real estate all across did generate almost US$ 221.6 Bn in the year 2019, thereby witnessing a Y-o-Y rate of 12%.
Overall, multi-billion-dollar infrastructure schemes are turning out to be the norm as governments are striving to keep up with the growth, raising standards of living, and facilitating financial development. The projects like Asia – Belt and Road Initiative in China, Sydney Metro in Australia, Africa – Lagos-Kano Railway in Nigeria, South America – 4G Roads and Highway Program in Columbia, and North America – California High-Speed Rail in the US could be referred to as mega infrastructural projects that could direct the ready-mix concrete market towards exponential growth in the upcoming period.
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At the same time, the fact that initial investments pertaining to ready-mix concrete plants are high cannot be ignored. This could be credited to marked difference in prices of land and raw materials’ availability. Plus, effective transportation is needed to the site, which adds to the overheads. As such, those handling small projects may have to give a second thought in this regard. Future Market Insights has walked through these facts with insights in its latest market study entitled ‘Ready-Mix Concrete Market’.
Key Takeaways from Ready-Mix Concrete Market
- North America contributes for more than 60% of the overall market share. This could be attributed to increasing frequency of renovations in Canada and the US. The US Commerce Department says that spending on construction increased by 1.8% in March 2020 alone. Plus, modernization of infrastructure is on the anvil.
- Europe is expected to stand second on this count on the grounds mentioned above.
- The Asia-Pacific is expected to witness a robust CAGR of ~8% in the forecast period. This could be reasoned with development in infrastructure in Thailand, China, India, and Singapore.
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- UltraTech, in May 2020, did develop the in-house technology for collecting the concrete left behind at construction sites and converting them into slurry to recycle in the ready-mix concrete. This plant technology comes across as an automated thing and is environmentally-friendly in entirety, as it does away with water or solid waste.
- Hanson Group, in April 2020, did supply ready-mix concrete for converting it into an NHS filed hospital to treat and care for patients contracting coronavirus.
- Heidelberg Cement, in March 2021, entered into partnership with Thoma Bravo to invest in Command Alkon for building digital ecosystem for ‘heavy building materials’ vertical.
- ACC, in March 2021, put forth Global green concrete ‘ECOPact’ in Kolkata, India.
- CEMEX, S.A.B. de C.V., in February 2021, did announce its expansion of the US operations to strengthen the network in Texas by acquiring ready-mix business.
“Delivery of ready-mix concrete via transit mixer does facilitate implementing accurate concrete in building and construction, thereby rendering it strong and long-lasting. This factor is expected to keep the cash registers ringing for ready-mix concrete market in the near future”, says an analyst from Future Market Insights.
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What encompasses the Ready-Mix Concrete Market?
- Future Market Insights offers an exclusive perspective and various real-time insights on the ready-mix concrete market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on production (onsite and off-site), and by product type (residential, non-residential, infrastructural, commercial, and industrial).
- Advantages like curtailed cost on the part of sight supervision and labor along with simplistic pouring methods are expected to draw more end-customers to the ready-mix concrete market going forward.
Key Segments Profiled in the Ready-mix Concrete Industry Survey
- Off –Site
By Product Type:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
4. Global Ready-mix Concrete Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Tons) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Tons) Projections, 2022-2032
5. Global Ready-mix Concrete Market Analysis 2017-2021 and Forecast 2022-2032, By Production
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) & Volume (Tons) Analysis By Production, 2017-2021
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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