Market Research Future (MRFR) has published a cooked research report on the “Global Ready-Mix Concrete Market” that contains information from 2022 to 2030. The ready-mix concrete market is expected to register a CAGR of 6% during the forecast period.
MRFR recognizes the following companies as the key players in the global ready-mix concrete market— ACC LIMITED, Vicat SA, LafargeHolcim ltd, Barney & Dickenson Inc., R. W. Sidley, Inc., CEMEX S.A.B. de C.V., HeidelbergCement AG, UltraTech Cement Ltd, U.S. Concrete, Inc., LIVINGSTON'S CONCRETE SERVICE, INC., Vulcan Materials Company, and Martin Marietta Materials, Inc. among others.
The global ready-mix concrete market is expected to register a CAGR of 6% during the forecast period and is expected to hit USD 1730 billion by 2030.
The global ready-mix concrete market is very dynamic and is expected to witness high growth over the forecast period. The global ready-mix concrete market has defined by types of RMCs such as transit mixed concrete, shrink mixed concrete and central mixed concrete that are produced on site and off site for applications in Commercial, Residential, Infrastructure, Industrial sectors.
The global ready-mix concrete market is mainly segmented into product type, production, and Application. On the basis of product type, the ready-mix concrete market has been sub-segmented into transit mixed concrete, shrink mixed concrete, and central mixed concrete. On the basis of production, the ready-mix concrete market has been sub-segmented into on-site and off-site. On the basis of application, the ready-mix concrete market has been segmented into residential building, commercial building, industrial, and infrastructure.
The global ready-mix concrete market has been segmented on the basis of region into North America, Europe, Asia-Pacific, Middle East & Africa and South America. The North American market is further divided into the US, Canada, and Mexico. The European ready-mix concrete market has been segmented into Germany, France, the UK, Spain, and the rest of Europe. The ready-mix concrete market in Asia-Pacific has been segmented into China, India, Japan, and the rest of Asia-Pacific. The Middle East & Africa ready-mix concrete market includes UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa. The South American market is further divided into Brazil, Argentina, and Rest of South America.
North America held the second largest share in the market for ready-mix concrete by generating a revenue share of more than 69% and is anticipated to ascend at a revenue based CAGR of 8.3% over the forecast period. Increasing renovations in the US and Canada are projected to support the demand for ready-mix concrete in construction operations. Construction spending in the U.S. has been significantly increasing in recent years. According to the U.S. Commerce Department, construction spending surged 1.8% in March 2020 to a record high of $1.37 trillion as an investment in both private and public projects improved. The significant rise in environmental concerns in the US is also expected to increase demand for environment-friendly construction cement such as ready-mix concrete in the construction industry. Canada's ready mix concrete market is forecast to grow by a compound annual growth rate of 7.9% from 2021 to 2027 owing to accelerated construction activity with significant investments in the housing sector, supported by higher public spending in infrastructure and clean energy projects. The Canadian government's efforts to speed up its long-term infrastructure plan, the 'Investing in Canada Plan', that allocates US$2 billion for clean energy projects, US$1.6 billion for broadband, US$1.6 billion for building retrofits, US$1.2 billion for agriculture irrigation projects and US$1.2 billion for electric buses and charging infrastructure will significantly drive the construction activities in the country.
Asia Pacific dominated the market for ready-mix concrete by generating a revenue share of more than 51.3% and is anticipated to ascend at a revenue based CAGR of 8.7% over the forecast period. Rapid infrastructural development in Thailand, Singapore, India, and China projected to support the demand for ready-mix concrete in construction operations. Government reforms to develop the road infrastructure in China and India in order to flourish the industrial development in the region are anticipated to positively impact the industry. New construction related to factories and industrial centers in the region coupled with the urban development and housing growth projected to surge the demand for ready-mix concrete.
Key Findings of the Study