Ready-Mix Concrete Market Size Worth $1,206.1 Billion By 202
SAN FRANCISCO, April 1, 2020 /PRNewswire/ -- The global ready-mix concrete market size is expected to reach USD 1,206.1 billion by 2027, expanding at a revenue-based CAGR of 7.9%, according to a new report by Grand View Research, Inc. Growing construction activities in commercial and infrastructure segments across the globe are expected to drive the demand for ready-mix concrete.
Key suggestions from the report:
- In 2019, the demand for ready-mix concrete stood at USD 656.1 billion and is likely to witness significant growth over the coming period owing to rapid infrastructural expansion in U.S., Mexico, Brazil, China, India, Thailand, Singapore, Indonesia, and UAE
- In Asia Pacific, the revenue for ready-mix concrete stood at USD 452.8 billion owing to major construction projects in India and China. Development of 100 smart cities in India and the Silk Road Project in China is likely to create growth potential for ready-mix concrete
- In 2019, residential construction applications for ready-mix concrete accounted for the largest revenue share of 34.3% and is anticipated to ascend at a revenue-based CAGR of 7.5% over the estimated period. Rising emergence of speedy constructions is likely to support the demand for the product in residential construction
- Middle East and Africa is expected to emerge as a significant contributor to market growth on account of major construction development in the region. Rising construction projects in UAE, Kuwait, Saudi Arabia, and Qatar are likely to support the growth
- Major participants in the ready-mix concrete market include ACC Ltd.; CEMEX S.A.B. de C.V.; Lafarge; Barney & Dickenson, Inc.; R.W. Sidley, Inc.; Italcementi Group; UltraTech Cement; and Holcim Ltd. Players are focusing on the acquisition of small players in order to penetrate into the construction sector. In July 2016, chemicals and detergent producer, Nirma Ltd. completed the acquisition of Lafarge India's cement in order to expand its business portfolio in RMC.
Read 80 page research report with ToC on "Ready-Mix Concrete Market Size, Share & Trends Analysis Report By Application (Commercial Building, Residential Building, Infrastructure), By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/ready-mix-concrete-market
Commercial availability of ready-mix concrete through domestic and multinational players coupled with rising awareness regarding the product benefits in construction activities is likely to augment the growth in the estimated time. Reduced site supervision cost and labor cost are the factors driving its popularity in the construction activities.
Ready-mix concrete is considered for speedy construction of residential, commercial, industrial and infrastructural spaces. Minimized cement wastage and control in the use of raw materials for ready-mix concrete is likely to aid its demand in the market. Moreover, the pollution-free nature of the production process is anticipated to support market growth for ecofriendly constructions.
Industry players in the market are competing on the basis of product quality and services. Numerous players are focusing on providing utility services at the construction sites. In order to reduce the travel time and costly logistics, the players are setting up the production plants at construction sites.
Grand View Research has segmented the global ready-mix concrete market based on application and region:
- Ready-Mix Concrete Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 - 2027)
- Industrial utilities
- Long Term Care Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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