The ready mix concrete market size is expected to reach US$ 1,118.18 billion by 2028; registering at a CAGR of 4.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Rise in Commercial and Residential Construction Projects to Catalyse Ready Mix Concrete Market Growth
The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Ready mix concrete is manufactured in a batch plant according to specific mix designs. It is a suitable choice of concrete for construction sites due to the specificity required in mixing it. Owing to the nature of ready-mix concrete being manufactured in specific mixing plants, it is known for its consistency and durability. The consistent production of ready mix concrete in mixing plants allows for mechanised operations. This allows for a higher output of concrete.
Global Ready Mix Concrete Market Breakdown – by Region
Ready Mix Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End Use (Residential, Commercial, and Others)
Ready Mix Concrete Market Size, Industry Growth & Forecast 2028
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According to the US Census Bureau report, the total spending on residential construction in the US increased by 14% (from July 2021 to July 2022), whereas a spike of 9.9% (from July 2021 to July 2022) in the total spending on private construction including residential and non-residential was observed. According to the Press Information Bureau (Government of India), Indian government approved the continuation of Union Ministry of Housing and Urban Affairs’ PMAY scheme, aiming to build ~12 million affordable houses in urban areas by December 31, 2024. Thus, a rise in commercial and residential construction projects is positively influencing the ready mix concrete market growth.
A few players operating in the global ready mix concrete market include ACC Limited; Vicat SA; LafargeHolcim; Buzzi Unicem S.p.A; BARNEY AND DICKENSON INC.; R.W. Sidley, Inc.; CEMEX S.A.B. DE C.V.; HEIDELBERGCEMENT AG; ULTRATECH CEMENT LTD.; and CROWN CEMENT PLC. Players operating in the ready mix concrete market are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and mergers & acquisitions.
Impact of COVID-19 Pandemic on Ready Mix Concrete Market
The unprecedented rise in the number of COVID-19 cases across the globe and the subsequent lockdown of numerous manufacturing facilities hampered the ready mix concrete market growth. The supply chain disruptions have resulted in reduced manufacturing and distribution of building material.
However, with the resumption of the construction activities in various countries across the globe, the demand for ready mix concrete is improving. According to the World Economic Forum, the COVID-19 pandemic is expected to influence new opportunities in house renovation projects. This factor is projected to open lucrative opportunities for the ready mix concrete market growth during the forecast period.
The report includes the segmentation of the global ready mix concrete market as follows:
The global ready mix concrete market is segmented by end use and geography. Based on end use, the market is segmented into residential, commercial, and others. By geography, the global ready mix concrete industry is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The global ready mix concrete industry in North America is further segmented into the US, Canada, and Mexico. The global ready mix concrete industry in Europe is subsegmented into Germany, France, the UK, Italy, Russia, Spain, Poland, Netherlands, and the Rest of Europe. The global ready mix concrete industry in Asia Pacific is further categorized into China, India, Japan, Australia, South Korea, Indonesia, Taiwan, Malaysia, Vietnam and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, Nigeria, Egypt, and the Rest of Middle East & Africa. The global ready mix concrete industry in South & Central America is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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