June 28, 2022 09:52 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 28, 2022 (GLOBE NEWSWIRE) -- The global ready-mix concrete market size stood at USD 735.9 Billion in 2020. The market is projected to growth from USD 792.2 billion in 2021 to reach USD 1,374.2 billion by 2028, exhibiting a CAGR of 8.2% during the forecast period. Rising adoption of cement in construction projects to boost the market growth. Fortune Business Insights™ mentions this information in its report titled "Ready-Mix Concrete Market, 2021-2028."
Ready-mix concrete is made up of sand and coarse aggregates and cement (cement paste). It is used in the construction of buildings, roads, and bridges. Increasing investments in infrastructure development and the adoption of higher quality construction materials are expected to boost the product's adoption. Evolving consumer preferences and rising spending capacity lead to the adoption of premium housing facilities. This may boost the adoption of the product by the construction sector. The cement reduces time consumption and possesses excellent shelf life. Further, its excellent chemical structure and resistance against the harsh environment are likely to fuel its adoption in residential and commercial projects. In addition, its adoption of green infrastructure is likely to bolster market growth.
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List of Key Players Profiled in the Market
Restrictions on Construction Activities to Impede Market Progress
This ready-mix concrete market is expected to be negatively impacted by the COVID-19 pandemic because of the restrictions imposed on construction activities. The sudden spike in COVID-19 patients provoked manufacturers to impose stringent regulations on transport and manufacturing, which, in turn, can impede market progress. However, lockdown relaxations have enabled manufacturers to operate at reduced capacities and implement production machinery. These factors are likely to propel market progress during the COVID-19 pandemic.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the ready-mix concrete market. Additionally it examines the regional developments and the strategies undertaken by the market's key players.
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Increased Adoption in Residential Sectors to Propel Market Progress
Ready-mix concrete is used extensively in the creation of residential buildings because of its resistance to harsh environments and ability to reinforce the building's strength. The rising demand for high-quality constructions is expected to propel its demand. The incorporation of concrete improves building strength and reinforces it against damages. Factors such as ease of use and long shelf-life are expected to boost its adoption from the construction industry. It reduces the time needed to form a mixture and boosts the quality of the construction. The rising population and the demand for high-quality residential buildings are expected to boost the product's demand. These factors are likely to drive the ready-mix concrete market growth.
However the negative effects of the COVID-19 pandemic on the construction sectors may impede product sales which in turn may hamper the ready-mix concrete marketgrowth.
Availability of Raw Materials in Bulk to Propel Market Growth in Asia Pacific
Asia-Pacific is projected to dominate the ready-mix concrete market share because of the availability of raw materials in abundance. The rising population and increasing demand for high-quality residential constructions foster the demand for ready-mix concrete in the region. These factors are likely to boost the market growth.
In North America rising demand for the product from residential and commercial sectors is likely to propel ready-mix concrete market growth. Further rising demand for developed household facilities and increased spending capacity are expected to bolster the concrete's demand. These factors are likely to propel ready-mix concrete market progress.
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Prominent Companies Incorporate Acquisition Strategies to Reinforce their Stance
Prominent companies operating in the market devise acquisition strategies to reinforce their market position. For example LafargeHolcim completed the acquisition of a leading producer of ready-mix concrete in the U.S. named Metro Mix LLC in August 2018. This strategy may enable the company to strengthen its presence in the country and boost its market position. Further the incorporation of research and development may enable manufacturers to tackle shortcomings and boost their product quality. This strategy may enable manufacturers to improve their brand image.
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