Pune, June 14, 2021 (GLOBE NEWSWIRE) -- The global ready-mix concrete market size is projected to reach USD 1,118.5 billion by 2027, at a CAGR of 8.2% from 2020 - 2027.
The ready-mix concrete market outlook looks extremely promising, mainly due to the rapidly growing construction industries worldwide. Besides, the rising uses of ready-mix concrete in commercial constructions, alongside the high growth in the global economy and substantial investments in the development of ready-mix concrete, drive the market growth.
With the vast demand and consumption of ready-mix concrete to build sustainable structures, the market share is estimated to accelerate further during the review period.
Most homebuyers prefer to use ready-mix concrete for its significant advantage over other concrete materials, such as cost-efficiency, high durability, ease-of-maintenance, and cost-savings. The construction industry is fostering its efforts to manage and reduce its carbon footprint affecting the environment severely. CO2 footprint is a paramount challenge in the development of concrete formulations.
Many industry players are increasingly working on developing tailor-made admixtures that can combine technical performance and carbon footprint reduction. Like many markets associated with the construction industry, the ready-mix concrete industry was severely affected by the COVID-19 crisis. Lockdown mandates initiated by governments worldwide disrupted the global supply chain and halted exports of the raw materials, impacting production and sales.
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Moreover, changing consumer buying patterns due to economic uncertainties affected the market demand. The market demand is gradually picking up as construction, and industrial activities are rapidly returning to normalcy. Furthermore, the reopening of various construction sites is driving the ready-mix concrete growth.
Overview
Rapid industrialization and urbanization worldwide impact the growth of the market positively, increasing construction activities. High strength and durability increase the uptake of ready-mix concrete in residential and commercial construction projects. Additionally, the proliferating construction industry in developed regions, alongside increased commercial and residential construction activities, boosts the ready-mix concrete market size.
The global construction industry is led by the rise in disposable income and substantial government spending on huge infrastructural projects. Also, rising numbers of ready-mix concrete manufacturing plants in emerging countries define market landscape expansion.
Industry Trends
Favorable government policies for the production and initiatives for infrastructure development projects are major ready-mix concrete market trends. Moreover, huge R&D investments made by manufacturers in product development substantiate the ready-mix concrete market share. Emerging nations worldwide present many untapped opportunities for the market, heading with government mandates and updated policies.
On the other hand, the market still witnesses major setbacks, such as high initial investments required for production. Moreover, volatility in price and the demand-supply gap in raw materials required for production pose significant challenges for market growth. Also, stringent environmental norms in many countries could restrict market growth.
Nevertheless, favorable properties of ready-mixes allowing the optimization of the rise in compressive strength at an early stage would support market growth throughout the assessment period. Also, ready-mix concrete manufacturers that are continually bolstering their expertise in the field of low carbon impact concrete admixtures would push the market growth.
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Segmentation
The ready-mix concrete market forecast is segmented into production, application, and regions. The production segment is sub-segmented into on-site and off-site. The application segment is sub-segmented into commercial, residential, infrastructure, and industrial utilities. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global ready-mix concrete market. Ample raw material advantage and the availability of cost-competitive workforces is a major driving force behind the region's ready-mix concrete market growth.
Moreover, the rapidly growing construction industry, alongside growing numbers of production capacities and ready-mix concrete manufacturers, positively impacts market growth. The APAC ready-mix concrete market would maintain its dominance during the upcoming period as well.
North America stands second in terms of ready-mix concrete market value globally. The market growth is driven by the growing consumer awareness for the benefits and consumption of ready-mix concrete in residential and commercial building construction works. Additionally, increased construction of residential and commercial complexes boosts the region's ready-mix market size.
Europe is a lucrative market in terms of ready-mix concrete market revenue. The high consumption potential and increasing production capacities in the region propel the ready-mix concrete market growth. The region has seen increased interest in ready-mix construction materials. Besides, the rising use of construction materials in households and the booming construction sector witnessing constant renovation activities substantiates the region's ready-mix concrete market share.
Additionally, the well-defined infrastructure creates significant market opportunities. Increasing production capacities and growing economy boost the regional market growth. Germany, Italy, and France are major ready-mix concrete markets in the region, holding sizable shares. Furthermore, increasing green building structures create substantial demand for ready-mix concrete.
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Competitive Analysis
The ready-mix concrete market witnesses several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Leading industry players make strategic investments in R&D activities and expansion plans.
For instance, recently, on June 02, 2021, Hoffmann Green Cement Technologies, a pioneer in clinker-free low-carbon cement, announced signing a contract with Entreprises NIVET, a major player in the production and shipment of ready-mix concrete to distribute its clinker-free low-carbon cement specially developed for the ready-mix concrete market. Under the agreement, Hoffmann would supply its clinker-free low-carbon cement to NIVET's concrete plants covering the entire Paris and Center-West regions.
In another instance, on June 02, 2021, Breedon announced the acquisition of a Durham (UK)-based mini mix concrete operator, Micromix (Northern) Ltd. Micromix operates a fleet of 25 mixer trucks, specializing in delivering ready-mixed concrete and screeds' small loads across the north of England and parts of Scotland. The acquisition of Micromix complements Breedon's existing minimix businesses. It will draw material from Breedon's local ready-mixed concrete plants and extends the group's reach across the north of the UK.
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