With a projected CAGR of 7.9% during the forecast period, the worldwide ready-mix concrete market is predicted to surpass US$ 696.2 billion in 2023 and reach US$ 1488.74 billion by 2033.
The growing need for rapid construction across residential, commercial, industrial, and infrastructure sectors is projected to fuel the ready-mix concrete (RMC) market.
The advantages of ready-mix construction, including cost savings on labor and site supervision, as well as simplified pouring techniques, are likely to attract a larger consumer base in the near future. Moreover, the construction industry's rising investments in countries like Mexico, China, India, Singapore, and South Korea are expected to contribute to the growing demand.
Ready-mix concrete is being increasingly embraced for various construction applications, including manufacturing facilities, residential and commercial buildings, power generation facilities, and road construction. The growth of infrastructure sectors worldwide, combined with rapid urbanization, is the key factor expected to drive industry expansion in the foreseeable future.
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The market expansion is propelled by the growth of the construction industry, driven by increased income in both developed and developing nations. This surge in income has led to a higher demand for concrete, as more structures and housing projects are being built. The construction industry is undergoing significant transformations due to rapid economic growth, with a growing preference for ready-mix concrete due to its convenience and quick application. Primary market drivers include China, India, Japan, and other Asian countries, where population growth fuels the demand for residential buildings.
The shift of industrialization from western regions to the Asia-Pacific directly supports the construction industry's development, leading to the expansion of the ready-mix concrete market. Furthermore, urbanization contributes to the growth of infrastructure facilities, playing a crucial role in the market's expansion.
Government-led modernization efforts in developing countries, aimed at addressing infrastructure gaps, improving education and healthcare systems, and enhancing sanitation and water standards, serve as a significant driver for growth. These initiatives highlight the emphasis placed by respective governments on strengthening sustainable mining solutions and advancing technology, productivity, and safety measures.
Key Takeaways
The market in United States is projected to grow with a CAGR of 8.1% during the forecast period.
Asia Pacific is expected to accumulate over 38.7% market share by end of 2023.
The market in Asia Pacific is expected to grow with a CAGR of 8.5% during the forecast period.
By product type, infrastructural construction segment is expected to generate demand with a CAGR of 8.8% during the forecast period.
Growing industrialization and construction activities are expected to drive market growth during the forecast period- comments an FMI Analyst
Competitive Landscape
The market for ready-mix concrete is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
Some recent developments in the ready-mix concrete market are:
In September 2022, the Adani Group acquired Ambuja Cements and ACC Ltd from Holcim India for approximately USD 6.50 billion.
In March 2022, ACC Limited unveiled ACC Airium, an innovative climate control concrete system designed for thermal insulation.
Lafarge Algeria introduced Chamil reduced CO2 cement in September 2022, featuring locally sourced clay and ferrous materials.
Ramco Cements launched its fifth manufacturing plant in Andhra Pradesh in September 2022, expanding its reach to customers in Andhra Pradesh, Karnataka, North Tamil Nadu, Maharashtra, and Madhya Pradesh.
ACC Limited launched four new ready-mix concrete products in April 2021: ACC thermofillcrete, ACC Suraksha NX Antiwashout Concrete, ECOPact, and ACC ADMIX.
Key Companies Profiled
CEMEX S.A.B. de C.V.
Vicat SA
Ultra Tech Cement Limited
Lafarge
ACC Limited
Barney & Dickenson, Inc.
SIKA Group
Heidelberg Cement
Holcim Ltd.
Italcementi Group
Key Segments Profiled in the Ready-mix Concrete Market Survey
By Production:
On-Site
Off-Site
By Product Type:
Residential
Non-Residential
Infrastructural
Commercial
Industrial
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa