Ready-Mix Concrete Market Expected to Reach $704.2 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Ready-Mix Concrete Market," The ready-mix concrete market size was valued at $448.0 billion in 2020, and is estimated to reach $704.2 billion by 2030, growing at a CAGR of 4.5% from 2021 to 2030. Ready-mix concrete (RMC) is a mixture of water, additives, aggregates, and cement in a fixed proportion. Each of these ingredients is blended in proportions according to the standard code to achieve the desired durability and strength. Ready-mix concrete is more popular than regular concrete because of its convenience, ease of use, and quality. Ready-mix concrete is mainly used in the construction of residential and commercial buildings, production facilities, and roads.

Ready-mixed concrete requires a set-up to mix materials in proportion. In this case, the lack of installation space near the construction site may encourage the company to transport the concrete mixture. Ready-mix concrete can last up to 90 minutes, and if there is any delay due to traffic, it can cause the concrete to settle or lose the workability, which hinders the development of the ready-mix concrete market. Moreover, factors such as poor transport and logistics infrastructure, weak non-tariff measures on cross-border goods and services, and low foreign direct investment owing to economic issue slowdown in the infrastructural development, are expected to hinder the growth of market.

The demand for ready-mix concrete in the construction industry is increasing due to increase in demand for versatile building materials and growing interest for the new construction activities. In addition, rapid population growth and urbanization are expected to have a dramatic impact on the rise in demand for housing, employment, energy, food, clean water, transportation infrastructure, and social services. For this reason, construction companies choose eco-friendly, low-cost homes and buildings to ensure the highest standards and consistent quality that can be achieved with precast concrete.

In addition, outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering the ready-mix concrete market growth. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.

In addition, increasing public and private investment in infrastructure sector is expected to deliver lucrative ready-mixed concrete market growth for market players during the forecast period. For example, in January 2019, China invested $163 billion in infrastructure to weather the economic downturn. New construction projects include two main airports and a train station. Similarly, in August 2021, India announced more than $1 trillion in infrastructure development spending to boost economic growth.

The ready-mix concrete industry is segmented on the basis of type, application, mixer type and region. By type, the market is segmented into transit mix concrete, central mix concrete, and shrink mix concrete. By application, it is divided into commercial & infrastructure, residential, and industrial. By mixer type, it is segmented into volumetric and barrel truck/in-transit mixer.

Region-wise, the global ready-mix concrete market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global ready-mix concrete market share, and LAMEA is anticipated to secure a leading position during the forecast period.

The major players profiled in the ready-mix concrete market include, ACC Limited, Barney & Dickenson, Inc., CEMEX S.A.B. de C.V., CRH plc, HeidelbergCement, Holcim Ltd., SIKA group, Ultra Tech Cement Limited, Vicat SA, and Vulcan Materials Company.

 KEY FINDINGS OF THE STUDY

•        The report provides an extensive analysis of the current and emerging global ready-mix concrete market trends and dynamics. 

•        By type, the transit mix concrete segment was the largest revenue generator in 2020.

•        By application, the commercial & infrastructure segment generated the highest revenue in 2020.

•        By mixer type, the volumetric segment dominated the market in 2020.

•        Region-wise, Asia-Pacific is anticipated to dominate the global ready-mix concrete market during the forecast period.

•        The global ready-mix concrete market forecast analysis from 2021 to 2030 is included in the report.