Ready-Mix Concrete Market Size, Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Ready-Mix Concrete Market


The global ready-mix concrete market size was estimated at USD 656.1 billion in 2019 and is expected to witness a revenue-based CAGR of 7.9% from 2020 to 2027. Increasing demand for speedy construction activities for residential, commercial, industrial, and infrastructure segment is expected to drive the market for ready-mix concrete (RMC).

Benefits such as reduced cost for labor and sight supervision coupled with easy pouring methods involved in ready-mix construction anticipated to attract more consumers in the coming period. Increasing investments in the construction industry in economies of Mexico, China, India, Singapore, and South Korea are expected to support the demand.

In U.S., the demand for ready-mix concrete is anticipated to witness an ascending trend owing to the high potential in the residential construction segment. Increasing demand for single-family housing backed with the population increase in household construction, strong economic growth, and low mortgage rates are expected to emerge as the key factors contributing to the growth of the residential construction sector. This, in turn, is influencing the market for ready-mix concrete.

The ready-mix concrete is widely being accepted for the construction of manufacturing facilities, residential and commercial buildings, power generation facilities, and road construction. Development in infrastructure segments across the globe coupled with rapid urbanization is the primary factor anticipated to drive industry growth over the projected time.

The product is widely being used as a substitute for traditional concrete on account of greater convenience, ease of use, and enhanced quality. Moreover, low inventory cost, wastage reduction and efficient utilization are likely to lower the overall project cost. Thus, is likely to impact the demand on positive note.
The ready mix concrete needs specialized vehicles that transport the concrete from mixing plant to the construction site, thus, impose higher transportation cost. However, the installation of mixing plants at the construction site can reduce the transportation cost as well as the total time taken for the construction process.

Increasing investments across the globe in light of urban development, government infrastructure plans and growing population that demands residential and commercial structures are likely to raise market growth. Indian governments plan to invest heavily in infrastructural development for 100 smart cities anticipated to create growth opportunities for the ready-mix concrete market.

Application Insights of Ready-Mix Concrete Market

Residential construction was the largest application segment in 2019 and accounted for 34.3% of the global revenue share. The segment is likely to witness higher growth in the estimated time on account of ascending demand for single-family houses in Asia Pacific and European countries.

Rapidly growing population and ascending disposable income levels in India and China expected to drive the demand for residential structures over the coming years. This, in turn, is likely to affect the market positively for ready-mix concrete. Industrial development in Asia Pacific coupled with favorable government policies has attracted several manufacturers to establish their plants in the region, which in turn, is anticipated to upscale the demand for ready-mix concrete.

Increasing spending in commercial construction including shopping malls, office buildings, hotels, restaurants, institutional buildings, hospitals, medical centers, supermarkets, and departmental stores is likely to aid the market for ready-mix concrete. The commercial construction requires large and speedy construction components, thus supports the demand for ready-mix concrete.

Infrastructure construction is expected to witness the fastest growth at a revenue-based CAGR of 8.4% over the forecast period owing to the development in road construction, dams, water conservation systems, and expansion of airports. Expanding the budget allocations for infrastructure development by local governments is likely to provide additional impetus to the growth of the market for ready-mix concrete.

Regional Insights of Ready-Mix Concrete Market

In 2019, Asia Pacific dominated 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. 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 is 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.

A major development in the infrastructure segment in Middle East and Africa, particularly in Saudi Arabia and UAE has significantly contributed to market growth. In addition, increasing construction of commercial and residential complexes in the region is projected to augment the demand for ready-mix concrete over the estimated time.
In Saudi Arabia, government initiatives including Vision 2030 and National Transformation Program (NTP) are expected to promote economic development in the country. Increase in development of transportation facilities in the country expected to boost the residential and commercial development in the vicinities, which is expected to have a positive impact on product demand over the forecast period.

Ready-mix Concrete Market Share Insights

The market for ready-mix concrete is competitive in nature on account of the presence of a large number of domestic and international players operating across the globe. Major players have set up their businesses in the emerging economies of China, India, and U.S. Key players in the industry include CEMEX S.A.B. de C.V.; ACC Ltd.; Barney and Dickenson, Inc.; UltraTech Cement; Buzzi Unicem S.p.A.; Vicat S.A.; Lafarge, R.W.; Sidley, Inc., and Holcim Ltd.

Prominent players in the RMC market are focusing on providing enhanced services to the consumers for gaining a competitive edge. Several players are focusing on establishing the ready-mix concrete plant at the construction site in order to save on transportation cost and operational time.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Ready-Mix Concrete Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global ready-mix concrete market report on basis of application and region:

Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2019 - 2030)

  
Commercial Building
  
Residential Building
  
Infrastructure
  
Industrial Utilities