The global ready-mix concrete market is projected to attain a valuation of USD 696.2 billion in 2023 and is expected to reach USD 1488.74 billion by 2033, trailing a CAGR of 7.9% during the forecast period.
Surging demand for versatile building materials and increasing construction activities worldwide are projected to aid growth in the upcoming decade.
As per a report by FMI, sales of ready-mix concrete are likely to be valued at USD 1488.74 billion in 2033. The increasing focus of construction companies on the development of cost-effective and environmentally friendly buildings to ensure uniform quality and the highest standards is set to drive the market.
Ready-mix concrete is a mixture of cement, water, aggregates, and supplementary materials in defined proportions. All the ingredients are mixed in proportion on the basis of standard codes to get the required strength and durability.
Increasing private and government investments in the infrastructure sector is expected to create lucrative growth opportunities for key players in the forthcoming years. Preparation of ready-mix concrete and its transportation through transit mixers enable the execution of accurate and precise concrete availability in various construction projects.
Proficient usage, low cost of inventory, and low wastage of concrete are anticipated to spur the market in the future. The rising number of smart city projects across the globe and the renovation of aging infrastructures in built-up urban communities are a couple of other factors that would foster the market.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 696.2 billion |
| Anticipated Forecast Value (2033) | USD 1488.74 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 7.9% |
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High demand for speedy construction activities across infrastructure, industrial, commercial, and residential segments is anticipated to propel the global ready-mix concrete market growth in the evaluation period. Easy pouring methods, as well as reduced cost of sight supervision and labor, would also contribute to the market revenue growth in the future.
Low mortgage rates and surging populations in both developed and developing countries are anticipated to push the demand for residential construction projects, which would aid growth. Besides, increasing the replacement of conventional concrete with ready-mix concrete because of improved quality, ease of use, and greater convenience is likely to augment the market.
Ready-mix concrete is not suitable for small construction projects as they require less amount of concrete. As ready-mix concrete has limited time, it should be used within about 210 minutes of batching the plant. Breakdown of vehicles or traffic jams may create major issues as the concrete loses its functionality with delay. Spurred by the aforementioned disadvantages, demand for ready-mix concrete may get hampered in the next decade.
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In terms of region, Asia Pacific is projected to remain at the forefront by generating the largest ready-mix concrete market share in the forthcoming years. The region is expected to accumulate over 38.7% market share in 2023. The demand for ready-mix concreate in the region is expected to rise with a significant CAGR of 8.5% during the forecast period. Ongoing infrastructural development in China, India, Singapore, and Thailand is anticipated to foster the need for ready-mix concrete for construction projects.
Government initiatives to develop new roads in India and China to augment industrial development in emerging economies are likely to support growth. New construction projects associated with industrial centers and factories with rapid urbanization and the development of novel housing are another vital factor that is expected to propel growth.
High demand for single-family houses in the United States and Canada is projected to accelerate sales of ready-mix concrete in North America. The sales of ready-mix concrete in United States are expected to proliferate with a CAGR of 8.1% during the forecast period. Ascending disposable income levels and favorable government policies are expected to attract various manufacturers to develop their plants in North America, which would boost the market in the assessment period.
In June 2022, for instance, the USA government declared that it is planning to raise nearly USD 200 Billion in public and private funds over five years to provide required infrastructure funds under a G7 initiative. USA President Joe Biden is expected to announce these plans along with other G7 leaders. He is also set to declare numerous flagship projects, including a solar development project worth USD 2 Billion in Angola. Similar initiatives taken by the government are estimated to augur well for the North American market.
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Infrastructural Segment Driving Market with Promising CAGR
The infrastructure construction sector is projected to experience rapid growth, with a compound annual growth rate (CAGR) of 8.8% during the forecast period. This growth can be attributed to advancements in road construction, the building of dams, the implementation of water conservation systems, and the expansion of airports. Moreover, the market is expected to receive further momentum due to increased budget allocations for infrastructure development by local governments.
Start-ups play a vital role in recognizing growth opportunities and driving industry expansion. Their efficiency in converting inputs into outputs and adapting to volatile market conditions is valuable. In the ready-mix concrete market, several start-ups are engaged in manufacturing and providing related services.
The market for ready-mix concrete is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
The key industry players are CEMEX S.A.B. de C.V., Vicat SA, Ultra Tech Cement Limited, Lafarge, ACC Limited, Barney & Dickenson, Inc., SIKA Group, Heidelberg Cement, Holcim Ltd., Italcementi Group.
Some recent developments in the ready-mix concrete market are:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 696.2 billion |
| Market Value in 2033 | USD 1488.74 billion |
| Growth Rate | CAGR of 7.9% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By production, By product type, By region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, South Africa, Israel |
| Key Companies Profiled | CEMEX S.A.B. de C.V.; Vicat SA; Ultra Tech Cement Limited; Lafarge; ACC Limited; Barney & Dickenson, Inc.; SIKA Group; Heidelberg Cement; Holcim Ltd.; Italcementi Group |
| Customization | Available Upon Request |
The projected revenue of the market by 2033 is USD 696.2 billion.
The market CAGR for 2033 is projected to be 7.9%.
LafargeHolcim, Cemex, HeidelbergCement are the key Ready-mix Concrete Market players.
The market is estimated to secure a valuation of USD 1,488.74 billion in 2023.
The demand for ready-mix concrete is driven by growing urbanization, infrastructure development, and population growth. Technology advancements and an emphasis on sustainability also contribute to its growth.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Production 5.1. On-Site 5.2. Off-Site 6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Residential 6.2. Non-Residential 6.3. Infrastructural 6.4. Commercial 6.5. Industrial 7. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. CEMEX S.A.B. de C.V. 17.2. Vicat SA 17.3. Ultra Tech Cement Limited 17.4. Lafarge 17.5. ACC Limited 17.6. Barney & Dickenson, Inc. 17.7. SIKA Group 17.8. Heidelberg Cement 17.9. Holcim Ltd. 17.10. Italcementi Group 18. Assumptions & Acronyms Used 19. Research Methodology
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Ready-mix Concrete Market
