Ready-Mix Concrete Market Share, Size, Trends, Industry Analysis Report, By Type (Transit Mixed Concrete, Shrink Mixed Concrete, Central Mixed Concrete, Hybrid Riser, Others); By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM4063
- Base Year: 2023
- Historical Data: 2019-2022
The global ready-mix concrete market was valued at USD 547.99 billion in 2023 and is expected to grow at a CAGR of 6.5% during the forecast period.
The construction industry has witnessed a surge in demand for ready-mix concrete, driven by the need for versatile building materials and a growing focus on robust construction practices. The rapid population growth and urbanization further intensify the demand for housing, jobs, energy, food, clean water, transportation infrastructure, and social services. Consequently, construction companies increasingly embrace environmentally friendly and cost-effective accommodation and building solutions that ensure high standards and consistent quality, which can be achieved through ready-mix concrete.
Product innovations, technological advancements, and the introduction of regulatory policies have been detailed in the report to enable businesses to make more informed decisions. Furthermore, the impact of the COVID-19 pandemic on the Ready Mix Concrete Market demand has been examined in the study. The report is a must-read for anyone looking to develop effective strategies and stay ahead of the curve.
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- For instance, in May 2023, ACC Limited, a subsidiary of Adani Cement and part of the Adani Group, has introduced 'Bagcrete', a user-friendly pre-blended concrete solution. This innovative product by ACC is designed to provide high-quality concrete mix by combining premium components in the right proportions.
However, the setup required for mixing the materials in the right proportions can pose challenges when space is limited near the construction site. In such cases, companies may need to transport the concrete mixture. Since the combination has a limited span of 90 minutes, delays caused by traffic can lead to settling or a loss of workability, thereby hindering the growth of the ready-mix concrete market. Additionally, certain developing countries, like Iran, Iraq, and Indonesia, face economic and employment issues, indirectly impacting the market's growth. These countries also need better transportation and logistics infrastructure, non-tariff trade barriers, and low foreign direct investment, which hinder economic growth and, consequently, restrain the market's expansion.
Moreover, ready-mix concrete offers time and cost savings to construction companies. Since the concrete is mixed and delivered in ready-to-use form, it eliminates the need for on-site mixing, reducing labor and equipment costs. Additionally, ready-mix concrete allows for faster construction progress as it can be poured immediately upon arrival at the site, leading to shorter project timelines and improved efficiency.
The ready-mix concrete market has experienced challenges and opportunities amid the COVID-19 pandemic. Initially, construction activities were severely affected, leading to a decline in demand. However, as restrictions eased and governments implemented stimulus packages, the market began to recover. The emphasis on health and safety measures further increased the demand for ready-mix concrete, as it minimizes on-site labor and ensures consistency. Supply chain disruptions and labor shortages remain ongoing challenges, but the ready-mix concrete market is expected to grow as infrastructure development projects, and the demand for sustainable construction materials persist.
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- Growth of the construction industry.
The construction industry is experiencing growth globally due to various factors. Economic development, population growth, and urbanization drive the need for new infrastructure, residential and commercial buildings, and public facilities. Governments and private sectors invest in construction projects to meet these demands, increasing construction activities and opportunities for construction companies.
Moreover, there is a growing awareness of the environmental impact of construction activities, leading to a surge in demand for sustainable construction practices. Green building initiatives, energy-efficient designs, and environmentally friendly materials are becoming more prevalent. Government regulations, energy cost savings, and the desire to reduce carbon emissions drive the demand for sustainable construction practices. This trend influences construction companies to adopt eco-friendly approaches and offer green building solutions.
The market is primarily segmented based on type, application, and region.
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- Transit Mixed Concrete segment holds the highest revenue shares of the market
The transit mixed concrete segment held the market's highest revenue shares and will likely continue its substantial growth over the forecast period. Transit-mixed concrete is a crucial part of the market, characterized by mixing concrete in transit to construction sites. It provides flexibility, convenience, and better control over concrete quality. With time efficiency and reduced risk of segregation, transit mixed concrete is in high demand, driven by construction industry growth and infrastructure development, particularly in urban areas where large-scale projects require a continuous supply of concrete for efficient and reliable delivery.
- Residential segment accounted for the highest revenue shares in the market
The residential construction segment accounted for the highest revenue shares of the market. The segment is projected to experience further growth in the foreseeable future due to increasing demand for single-family houses in Asia Pacific and European countries. The rising population and disposable income levels in India and China will drive the demand for residential structures, positively impacting the ready-mix concrete market. The Asia Pacific region's industrial development and favorable government policies have attracted manufacturers to establish plants, contributing to the increased demand for ready-mix concrete.
Infrastructure construction is anticipated to grow fastest, with the highest CAGR over the forecast period. Road construction, dams, water conservation systems, and airport expansions will drive this growth. Increased budget allocations by local governments for infrastructure development will further stimulate market growth for ready-mix concrete.
- Asia Pacific region dominated the global market in 2022
The Asia Pacific region dominated the global market. It is projected to experience significant growth due to the substantial demand from developing economies like China, India, and South Korea. China, in particular, is a major producer of concrete due to its ample raw materials and the high demand from its growing population. The market will be further stimulated by extensive infrastructural development and the construction of new manufacturing plants in these developing countries.
North America is expected to expand during the forecast period. This growth can be attributed to the increasing demand from the residential and commercial sectors in the region. The market is driven by the demand for single housing units, supported by a robust and affluent economy. Additionally, favorable governmental regulations concerning construction policies and schemes significantly bolstered market growth in this region.
Key Market Players & Competitive Insights
The ready-mix concrete market is highly competitive, with numerous players striving to capture a significant industry share. Players focus on product innovation and technology advancements to offer superior-quality concrete mixes and cater to customers' evolving demands. The market also witnesses intense competition based on price, quality, delivery capabilities, and customer service, leading companies to adopt efficient supply chain management practices and invest in state-of-the-art production facilities to maintain a competitive position.
Some of the major players operating in the global market include:
- ACC Limited
- Barney & Dickenson Inc.
- Buzzi Unicem S.p.A.
- CEMEX S.A.B. de C.V.
- CRH plc
- Hanson Cement Ltd.
- HEIDELBERGCEMENT AG
- Holcim Ltd.
- Italcementi Group
- R.W. Sidley Inc.
- SIKA group
- UltraTech Cement Limited
- Vicat SA
- Vulcan Materials Company.
- In June 2023, CRH is set to acquire Buzzi's Ukrainian and Slovakian ready-mix concrete business, including cement plants and operations in Kiev, Nikolajev, and Odessa, for $109 million.
- In July 2022, Holcim agreed with Ol-Trans, the leading ready-mix concrete provider in the Gdansk-Sopot-Gdynia region, to acquire its five concrete plants in Northern Poland.
Ready-Mix Concrete Market Report Scope
Market size value in 2024
USD 619.91 billion
Revenue forecast in 2032
USD 965.87 billion
6.5% from 2023 – 2032
2019 – 2022
2024 – 2032
Revenue in USD billion and CAGR from 2024 to 2032
By Type, By Application, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation.
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