Publication Month: Dec 2022 | Report Code: TIPRE00024579 | No. of Pages: 151 | Category: Chemicals and Materials | Status: Published
Ready mix concrete is manufactured in a batch plant as per each specific requirement on the job site. Transit mixed concrete, shrink mixed concrete, and central mixed concrete are some of the commonly used types of ready mix concrete. Ready mix concrete is mixed in a controlled environment and can be utilized for an array of projects. Ready mix concrete is sustainable and has high durability, leading to its high demand in different applications.
In 2021, Asia Pacific held the largest revenue share of the global ready mix concrete market. The region has been noticed as one of the prominent markets for the utilization of ready mix concrete owing to the surge in construction activities. The growing number of ready mix concrete uses in numerous residential and non-residential sectors is anticipated to continue to increase the demand for ready mix concrete in Asia Pacific. Moreover, government initiatives and policies such as Make-in-India encourage the setup of different manufacturing plants in India.
|Market Size Value in||US$ 844.10 Billion in 2022|
|Market Size Value by||US$ 1,118.18 Billion by 2028|
|Growth rate||CAGR of 4.8% from 2022 to 2028|
|No. of Pages||151|
|No. of Tables||75|
|No. of Charts & Figures||106|
|Historical data available||Yes|
|Segments covered||End Use|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Before the COVID-19 pandemic, the ready mix concrete market was mainly driven by its increasing use in residential and commercial applications. However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries in the wake of the COVID-19 pandemic. The building & construction industry was hit hard, which negatively impacted ready mix concrete consumption in different regions. Moreover, the supply chain disruptions halted the manufacturing and distribution of building materials. Builders experienced rising costs and delays in imported raw materials and off-site building materials due to many factories being shut for lengthy periods. The building construction was almost negligible in Europe due to the shortage of laborers and disrupted supply chain of raw materials.
However, in 2021, various countries began relaxing restrictions. The global marketplace begun recovering from the losses. Manufacturers were permitted to operate at full capacity, helping them overcome the supply gap. In Europe, various industries, including the building & construction industry, are back on track with supply constraints affecting these industries being resolved gradually. Rising demand for ready mix concrete across diverse industrial applications and growing initiatives of government bodies to combat COVID-19 are expected to substantially promote the ready mix concrete market globally.
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Ready mix concrete is used in nearly all construction projects owing to benefits such as reduced construction time, low maintenance cost, and versatility. The rapid population growth has urged government bodies to promote reforms in urban planning. For instance, Dubai’s population increased by 0.1 million from 2020 to 2022, with the government projection of 5.8 million by 2040. The country’s economic stability, better connectivity, low cost of energy, and government diversification strategy are the factors responsible for driving investors and customers to invest in residential and commercial properties. According to the European Union, the European Regional Development Fund (ERDF) allocated 8% to strengthen sustainable urban development and support the cohesion policy's urban dimension. The European Commission’s renovation wave strategy involves affordable housing initiatives and aims for green buildings. All these factors are positively impacting the ready mix concrete market growth.
Based on end use, the global ready mix concrete market is segmented into residential, commercial, and others. The ready mix concrete market share for the residential segment was largest in 2021. The residential sector includes private housing, apartment, and buildings. The investments and development activities in the residential infrastructure sector can be attributed to the rising population and urbanization. Moreover, favorable government policies in many countries have led to the establishment of residential buildings and ready-mix concrete manufacturing units, which is anticipated to upscale the demand for ready-mix concrete from the residential sector.
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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 demands. They are also focusing on strategies such as investments in research and development activities and mergers & acquisitions.
The global ready mix concrete market is segmented by end use into residential, commercial, and others.