USD 451.1 billion
Report ID: SQSG15F2004 | Region: Global | Published Date: December, 2022 | Pages: 165
Global Ready-Mix Concrete Market was valued at USD 451.1 billion
in 2021 and it is expected to reach at USD 571.46 billion by 2028, at a CAGR of 4.6% over the forecast period (2022-2028).
In order to create ready-mixed concrete (RMC), specific amounts of water, additives, aggregates, and cement must be combined. To achieve the desired durability and strength, these various elements are combined in the appropriate proportions in line with established rules. When compared to regular concrete, ready-mix concrete is more popular since it is more convenient, simpler to use, and of higher quality. The main applications for ready-mix concrete include the construction of homes, businesses, factories, and roadways.
Due to rising need for adaptable building materials and growing attention to sturdy construction, ready-mix concrete has seen an increase in demand in the construction sector. Furthermore, it is anticipated that urbanisation and rapid population expansion would have a significant impact on the rise in demand for housing, employment opportunities, energy, food, clean water, transportation infrastructure, and social services. In order to assure the highest standards and consistent quality, construction companies are adopting environmentally friendly, economically viable homes and structures, which can be satisfied by utilising ready-mix concrete.
Global Market Size
USD 451.1 billion
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Global ready-mix concrete market is segmented based on product type, application, mixer type, and region. Based on type it is transit mix concrete, central mix concrete, and shrink mix concrete. Based on application it is segmented into: commercial & infrastructure, residential, industrial. Based on mixer type, the market is segmented into Volumetric and Barrel truck/In-transit mixer. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Application
The largest application segment in 2021, accounting for more than 37% of global revenue share, was residential building. Due to the rising demand for single-family homes in the Asia Pacific and Europe, the segment is expected to experience faster growth than expected. In the upcoming years, the demand for residential constructions is anticipated to be driven by China's and India's rapidly expanding populations, as well as rising disposable income levels. This will undoubtedly have a favourable impact on the market for ready-mix concrete. As a result of the region's industrial growth and favourable government policies, several manufacturers have opened factories there, which is expected to increase demand for ready-mixed concrete.
The market for ready-mix concrete is projected to benefit from rising spending on commercial construction, including malls, office buildings, hotels, restaurants, institutional buildings, hospitals, medical centres, supermarkets, and department stores. The demand for ready-mix concrete is supported by the need for big and quick-build construction components in commercial construction. Due to the advancement of road building, dams, water conservation systems, and airport expansion, infrastructure construction is anticipated to have the fastest growth, with a revenue-based CAGR of 9.2% over the projected period.
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In terms of market revenue and market share, North America has dominated the market in 2021. The development in new infrastructure projects in the area is responsible for the market growth in this region. The building business in the United States annually produces structures worth around D1.4 trillion, according to statistics from the Construction Association. In keeping with a strong and affluent economy, demand for single-family homes also drives the demand for ready-mix concrete.
Asia-Pacific, on the other hand, is anticipated to have profitable growth from 2022 to 2028. It is projected that government measures to improve the road infrastructure in China and India will blossom the industrial development in the region. The region's industrial and manufacturing expansion, together with urbanisation and housing growth, are all expected to increase demand for ready-mix concrete. Growth in the industry has been greatly influenced by massive infrastructure development in the Middle East and Africa, particularly in Saudi Arabia and the United Arab Emirates. Additionally, it is expected that throughout the projected time, the demand for ready-mix concrete will increase due to the region's growing building of commercial and residential complexes.
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According to our analysis, by application, the residential segment is estimated to have the largest share of the market with more than 37% of the global revenue share. Region-wise, the North America had dominated the market, followed by Aisa Pacific. Government support for the improvement of road infrastructure in China and India has increased as a result of the boom in infrastructure improvements and activities, which has helped the region's industrial sector expand.
|Market size value in||USD 451.1 billion|
|Market size value in 2028||USD 571.46 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Ready-Mix Concrete Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ready-Mix Concrete Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15F2004