Ready Mix Concrete Market Size & Major Factors That Can Increase the Worldwide Demand by 2028
The global ready-mix concrete market is expected to gain traction from the crucial efforts undertaken by prominent manufacturers to curb the emissions of greenhouse gases (GHG). To do so, they are frequently surging the percentage of additives in ready-mix concrete, such as slag or fly ash for improving energy efficiency and reducing the consumption of ordinary Portland cement. This information is given by Fortune Business Insights™ in a recent report, titled, “Ready-Mix Concrete Market Size, Share & Industry Analysis, By Application (Residential, Commercial, Infrastructure, and Others), and Regional Forecast, 2020-2027.” The report further mentions that this market size was USD 633.4 billion in 2019 and is projected to reach USD 1,227.2 billion by 2027, exhibiting a CAGR of 8.7% during the forecast period.
Drivers & Restraints-
Rising Investments in Construction Projects to Propel Growth
Several private and government organizations are increasingly investing in construction projects across the globe. These consist of the construction of commercial buildings, railroads, highways, power generation sector, real estates, bridges, and urban infrastructure. Apart from these, in the developing countries, such as South Korea, India, China, and Mexico, the agencies are investing hefty amounts of money in urbanization. It is further skyrocketing the demand for this concrete. The global construction industry is also expanding backed by the reduced labor cost and availability of plenty of equipment and tools. These factors are expected to boost the ready-mix concrete market growth in the near future.
Residential Segment to Dominate Stoked by Increasing Demand for Housing Sectors
Based on application, the market is segregated into infrastructure, commercial, and residential, and others. Out of these, the infrastructure segment held 28.70% in terms of ready-mix concrete market share in 2019. This growth is attributable to the increasing urbanization, which, in turn, is resulting in the construction of roads, water systems, power generation systems, and highways. The residential segment would dominate the market throughout the coming years stoked by the high demand for housing sectors, especially from Asia Pacific as the population of this region is growing rapidly.
Increasing Demand for Single Housing Units to Drive Growth in North America
Geographically, Asia Pacific is anticipated to showcase substantial growth in terms of revenue during the forthcoming years. This growth is attributable to the rising demand for ready-mix concrete from South Korea, India, and China. Also, the increasing construction of new manufacturing plants and rapid development of infrastructures in these countries would contribute to the market growth in this region.
North America, on the other hand, generated USD 164.4 billion in terms of revenue in 2019 and is set to exhibit steady growth in the coming years. This is projected to occur on account of the high demand for residential structures from the countries in this region. Besides, high disposable income and need for single housing units in the region would spur growth.