Ready-Mix Concrete Market to Grow by USD 210.44 Billion (2024-2028), Driven by Construction Boom and AI's Impact on Market Trends - Technavio
NEW YORK, Dec. 10, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global ready-mix concrete market size is estimated to grow by USD 210.44 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.17% during the forecast period. Growing construction market is driving market growth, with a trend towards rapid urbanization and rising disposable income. However, presence of stringent regulations related to raw materials of concrete poses a challenge. Key market players include ACC Ltd., Aditya Birla Management Corp. Pvt. Ltd., Aparna Enterprises Ltd., CEMEX SAB de CV, Concrete India RMC, EUROCEMENT Group, Heidelberg Materials AG, Holcim Ltd., JK Lakshmi Cement Ltd., JSW STEEL Ltd., Sai RMC India, Skyway RMC Plants Pvt. Ltd., The India Cements Ltd., Vicat, Votorantim SA, Godrej and Boyce Manufacturing Co. Ltd., Nuvoco Vistas Corp. Ltd., Prism Johnson Ltd., RDC Concrete India Pvt. Ltd., The Ramco Cements Ltd, HOLCIM; Buzzi SpA; R.W. Sidley, Inc.; Barney & Dickenson, Inc.; Dillon Bros Ready Mix Concrete; Livingston's Concrete Service, Inc.; China National Building Material Group Corporation; U.S. Concrete, Inc.; and UltraTech Cement Ltd..
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Ready-Mix Concrete Market Scope
Report Coverage
Details
Base year 2023
Historic period
2018 - 2022
Forecast period
2024-2028
Growth momentum & CAGR Accelerate at a CAGR of 5.17%
Market growth 2024-2028
USD 210.44 billion
Market structure
Fragmented
YoY growth 2022-2023 (%) 4.71
Regional analysis
APAC, Middle East and Africa, Europe, North America, and South America
Performing market contribution APAC at 49%
Key countries Iran, Turkey, China, India, Germany, U.S, Canada, Mexico, UK, France, Italy, Spain, Japan, South Korea, Brazil, Argentina,
Saudi Arabia
ACC Ltd., Aditya Birla Management Corp. Pvt. Ltd., Aparna Enterprises Ltd., CEMEX SAB de CV, Concrete India RMC, EUROCEMENT
Group, Heidelberg Materials AG, Holcim Ltd., JK Lakshmi Cement Ltd., JSW STEEL Ltd., Sai RMC India, Skyway RMC Plants Pvt.
Ltd., The India Cements Ltd., Vicat, Votorantim SA, Godrej and Boyce Manufacturing Co. Ltd., Nuvoco Vistas Corp. Ltd.,
Prism Johnson Ltd., RDC Concrete India Pvt. Ltd., and The Ramco Cements Ltd, HOLCIM; Buzzi SpA; R.W. Sidley, Inc.; Barney
& Dickenson, Inc.; Dillon Bros Ready Mix Concrete; Livingston's Concrete Service, Inc.; China National Building Material
Key companies profiled Group Corporation; U.S. Concrete, Inc.; UltraTech Cement Ltd..
Market Driver
The Ready-Mix Concrete market is thriving, driven by trends in construction across various sectors. Water and concrete additives ensure durability and strength, enhancing the quality of homes, factories, and infrastructure projects. Aggregates, cement, and supplementary materials form the backbone of this industry. Urbanization and housing demand fuel growth in residential and commercial sectors, including single family homes, malls, office buildings, hotels, hospitals, and institutional buildings. Sustainability is key, with an emphasis on environmentally friendly and economically viable solutions, such as transit mix, central mix, and shrink mix concrete. Infrastructure development in transportation, energy, food, and water sectors also boosts demand. Green building initiatives and energy-efficient designs further drive market expansion. Manufacturing facilities, dams, water conservation systems, airport expansions, and residential complexes are other significant areas of growth.
The economic advancements in countries like India, Vietnam, Malaysia, China, and Qatar have brought about significant urbanization and an increase in disposable income for consumers. This rise in income levels has boosted purchasing power, leading to increased spending on residential and non-residential infrastructure projects. According to The World Bank Group, China's per capita income grew from USD12,617 in 2021 to USD12,720.2 in 2022, while India's per capita income rose from USD2238.1 to USD2388.6 during the same period. This enhanced purchasing power is anticipated to fuel the global construction industry, providing a favorable outlook for the ready-mix concrete market in the forecast period.
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Market Challenges
-- The Ready-Mix Concrete (RMC) market faces several challenges in the
construction industry. Key challenges include ensuring consistent water
content for optimal concrete strength and durability. The use of
additives to enhance concrete properties is essential, but their cost
and availability can impact market growth. Aggregate supply and cement
prices also influence the market's profitability. Durability and
strength are crucial for commercial and infrastructure projects, such as
malls, office buildings, hospitals, and roadways. In the residential
segment, single family homes and residential complexes require high
standards and consistent quality. Energy efficiency, sustainability, and
environmental concerns are driving the demand for eco-friendly RMC
solutions. Transit mix concrete, central mix concrete, and shrink mix
concrete are popular choices for their energy efficiency and reduced
carbon footprint. Urbanization and infrastructure development projects,
like airport expansions, dams, and water conservation systems, require
large quantities of RMC. Volumetric and barrel truck mixers are ideal
for such projects due to their flexibility and cost-effectiveness. The
market's competitiveness depends on the availability of supplementary
materials, manufacturing facilities, and the ability to cater to diverse
customer needs. Meeting the demands of the hotel industry, institutional
buildings, and transportation infrastructure projects while maintaining
high standards and energy-efficient designs is crucial for market
success.
-- The ready-mix concrete market faces significant challenges due to
regulatory hurdles concerning the manufacturing and application of
cement. Cement, a primary component of ready-mix concrete, acts as a
binder in the construction sector. However, the cement industry is
energy-consumptive and contributes substantially to pollution. Cement
particles, smaller than 5 micrometers, can be inhalable, posing health
concerns for nearby communities. Adhering to these regulations and
addressing environmental and health issues are crucial for market
expansion.
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Segment Overview
This ready-mix concrete market report extensively covers market segmentation by
1. Type
-- 1.1 Transit mix concrete
-- 1.2 Central mix
-- 1.3 shrink mix concrete
2. Application
-- 2.1 Non-residential
-- 2.2 Residential
3. Geography
-- 3.1 APAC
-- 3.2 Middle East and Africa
-- 3.3 Europe
-- 3.4 North America
-- 3.5 South America
1.1 Transit mix concrete- Transit mix concrete, also known as truck mix concrete or dry-batched concrete, is a type of concrete mixture that is prepared in trucks instead of centralized plants. In the truck mixer process, cement, aggregate, water, and additives are loaded into the truck's compartments. The rotating drum of a truck mixer ensures that the concrete mixture does not settle during transportation. This concrete is manufactured in a central plant by batching the necessary materials, which are then loaded onto transit mixers. The benefits of transit mix concrete include better control over the concrete mix, consistent quality and strength, minimized segregation, and elimination of onsite mixing. These factors contribute to the growth of the global ready-mix concrete market, making it a preferred choice for construction projects due to its convenience and efficiency.
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Research Analysis
The Ready-Mix Concrete (RMC) market is a significant segment of the global construction industry, characterized by the production and delivery of concrete in a fresh state to construction sites. RMC is made using essential ingredients such as water, cement, aggregates, and additives, which contribute to its durability and strength. The market caters to various sectors, including residential, commercial, and infrastructure. In the residential segment, RMC is used for constructing single family houses, apartments, and environment-friendly housings. In the commercial sector, it is utilized in the construction of offices, malls, hotels, and factories. Infrastructure projects such as airport expansions, transit mix, central mix, and shrink mix are also major consumers of RMC. Additionally, RMC is used in the construction of dams, water conservation systems, and green building initiatives, including energy-efficient designs. Supplementary materials are often added to RMC to enhance its properties, making it suitable for specific applications. The RMC market is continually evolving to meet the growing demand for sustainable and eco-friendly construction solutions.
Market Research Overview
The Ready-Mix Concrete (RMC) market is a significant contributor to the construction industry, providing high-quality concrete solutions for various sectors. RMC is made using water, cement, aggregates, and additives to create a durable and strong concrete mixture. The construction of homes, factories, roadways, and urban infrastructure has driven the demand for RMC. Water plays a crucial role in the production process, while additives enhance the concrete's properties, such as durability and strength. The use of RMC in residential buildings, including single family homes, malls, office buildings, hotels, restaurants, institutional buildings, hospitals, and medical centres, has become increasingly popular due to its consistency and high standards. RMC is also used in commercial and industrial construction, such as manufacturing facilities, and in infrastructure projects like dams, water conservation systems, airport expansions, and residential complexes. The market offers various types of RMC, including transit mix, central mix, and shrink mix, to cater to different project requirements. Environmentally friendly solutions, such as the use of supplementary materials and energy-efficient designs, are gaining popularity in the RMC industry. The transit mix and central mix concrete processes are also being optimized to reduce carbon emissions and improve sustainability. Overall, the RMC market offers economically viable and high-quality concrete solutions for various sectors, contributing to the growth of the construction industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
-- Type
-- Transit Mix Concrete
-- Central Mix
-- Shrink Mix Concrete
-- Application
-- Non-residential
-- Residential
-- Geography
-- APAC
-- Middle East And Africa
-- Europe
-- North America
-- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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