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 the 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.
The global ready-mix concrete market stands at US$ 46.9 Billion as of now and is expected to reach US$ 61.7 Billion by the year 2032 at a stellar CAGR of 13.2% between 2022 and 2032. The developing economies are subject to rising urbanization, which is, in turn, asking for constructive expansion of the building & construction vertical.
The United Nations 2030 estimates say that urban population all across India would grow by an astonishing 165 Million by the year 2030. Also, FMI Global Housing Watch states that residential real estate all across generated almost US$ 221.6 Billion in the year 2019, thereby witnessing a Y-o-Y rate of 12%.
Overall, multi-billion-dollar infrastructure schemes are turning out to be the norm as governments are striving to keep up with the growth, raising standards of living, and facilitating financial development.
The projects like Asia – Belt and Road Initiative in China, Sydney Metro in Australia, Africa – Lagos-Kano Railway in Nigeria, South America – 4G Roads and Highway Program in Columbia, and North America – California High-Speed Rail in the US could be referred to as mega infrastructural projects that could direct the ready-mix concrete market growth towards exponential in the upcoming period.
At the same time, the fact that initial investments pertaining to ready-mix concrete plants are high cannot be ignored. This could be credited to the marked difference in prices of land and raw materials’ availability. Plus, effective transportation is needed to the site, which adds to the overhead.
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As such, those handling small projects may have to give a second thought in this regard. Future Market Insights has walked through these facts with insights in its latest market study entitled ‘Ready-Mix Concrete Market’.
Key Takeaways from Ready-Mix Concrete Market
- North America contributes for more than 60% of the overall market share. This could be attributed to the increasing frequency of renovations in Canada and the US. The US Commerce Department says that spending on construction increased by 1.8% in March 2020 alone. Plus, modernization of infrastructure is on the anvil.
- Europe is expected to stand second on this count on the grounds mentioned above.
- The Asia-Pacific is expected to witness a robust CAGR of ~8% in the forecast period. This could be reasoned by the development of infrastructure in Thailand, China, India, and Singapore.
“Delivery of ready-mix concrete via transit mixer does facilitate implementing accurate concrete in building and construction, thereby rendering it strong and long-lasting. This factor is expected to keep the cash registers ringing for the ready-mix concrete market in the near future”, says an analyst from Future Market Insights.
- UltraTech, in May 2020, developed the in-house technology for collecting the concrete left behind at construction sites and converting it into slurry to recycle in the ready-mix concrete. This plant technology comes across as an automated thing and is environmentally friendly in its entirety, as it does away with water or solid waste.
- Hanson Group, in April 2020, did supply ready-mix concrete for converting it into an NHS field hospital to treat and care for patients contracting coronavirus.
- Heidelberg Cement, in March 2021, entered into a partnership with Thoma Bravo to invest in Command Alkon to build a digital ecosystem for the ‘heavy building materials’ vertical.
- ACC, in March 2021, put forth the Global Green Concrete ‘ECOPact’ in Kolkata, India.
- CEMEX, S.A.B. de C.V., in February 2021, announced its expansion of the US operations to strengthen the network in Texas by acquiring ready-mix business.
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|Market Value in 2023
|US$ 696.2 billion
|Market Value in 2033
|US$ 1488.74 billion
|CAGR of 7.9% from 2023 to 2033
|Base Year for Estimation
|2018 to 2022
|2023 to 2033
|Revenue in USD billion and CAGR from 2023 to 2033
|Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
|Key Countries Profiled
|Key Companies Profiled
|Available Upon Request
What encompasses the Ready-Mix Concrete Market?
- Future Market Insights offers an exclusive perspective and various real-time insights on the ready-mix concrete market in its latest study, presenting a historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on production (onsite and off-site), and by product type (residential, non-residential, infrastructural, commercial, and industrial).
- Advantages like curtailed cost on the part of sight supervision and labor along with simplistic pouring methods are expected to draw more end-customers to the ready-mix concrete market going forward.
Have a Look at the Related Reports of Chemicals & Materials Domain:
Concrete Floor Coatings Market Size: With a steady CAGR of 5.4% from 2023 to 2033, this market is expected to reach USD 5.16 Billion by 2023 and USD 8.74 Billion by 2033.
Concrete Admixture Market Share: The global demand for concrete admixture is expected to rise at a healthy CAGR of 6.1% per year to US$ 27.4 Billion in 2032.
Concrete Containing Polymer Market Demand: Growing demand from end-use applications, such as industrial tanks, catch basins, asphalt pavements, repair construction, etc. are spurring the demand for concrete containing polymers.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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