Ready-Mix Concrete Market Worth USD 1,179.3 Million by 2027 at 8.3% CAGR - Report by Market Research Future (MRFR)

·7 min read
Market Research Future
Market Research Future

Ready-Mix Concrete Market Insights and Industry Analysis by Product Type (Transit Mixed Concrete, Shrink Mixed Concrete, and Central Mixed Concrete), by Production (On-Site and Off-Site), by Application (Residential Building, Commercial Building, Industrial, and Infrastructure) and Region, Competitive Market Size, Share, Trends, and Forecast to 2027

New, York, USA, July 06, 2022 (GLOBE NEWSWIRE) -- Ready-Mix Concrete Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Ready-Mix Concrete Market Information by Type, Product, Production, Application, and Region - Forecast till 2027”, the market is estimated to grow at a 8.3% CAGR to reach USD 1,179.3 Million by 2027.

Market Synopsis

Ready-mix concrete or RMC can be described as a mixture of supplementary materials, water, cement, and aggregates in specific proportions. These ingredients are blended in proportion as per the standard codes to achieve the desired strength and durability. Ready-mix concrete enjoys a higher demand than normal concrete owing to a host of factors, including ease of use, better quality, and convenience. It is primarily utilized in the construction of commercial and residential buildings, roads, and manufacturing facilities.

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Report Scope:

Report Attribute

Details

2027 Market Size

USD 1,179.3 Million

CAGR

8.3% (2021–2027)

Base Year

2020

Forecast Period

2021–2027

Historical Data

2019

Forecast Units

Value (Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, Product, Production, Application, and Region

Geographies Covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Key Market Drivers

Growth in the construction industry

Increasing demand for new residential buildings

Market Competitive Landscape:

Prominent companies in the ready-mix concrete industry are

  • ACC LIMITED

  • Vicat SA

  • LafargeHolcim ltd

  • Barney & Dickenson Inc.

  • R. W. Sidley Inc.

  • CEMEX S.A.B. de C.V.

  • HeidelbergCement AG

  • UltraTech Cement Ltd U.S.

  • Concrete Inc.

  • LIVINGSTON'S CONCRETE SERVICE INC.

  • Vulcan Materials Company

  • Martin Marietta Materials Inc.

Market USP Covered:

Market Drivers:

The heightened need to speed up construction activities for industrial, commercial, and residential spaces will favor the ready-mix concrete market. Benefits including low labor costs as well as sight supervision along with easy pouring techniques required are attracting a lot of consumers. Rising spending on the construction sector in economies like Mexico, India, China, South Korea, and Singapore should further encourage market demand.

The demand for ready-mix concrete is extremely high in the United States, thanks to the surging number of residential construction activities. Accelerated demand for single-family housing in line with the mounting population, rise in household construction, low mortgage rates, and robust economic growth have led to significant growth of the residential construction sector. This will ultimately be favorable for the ready-mix concrete industry.

Surging investments worldwide in light of government infrastructure schemes, urban development, and expanding population that raises the need for commercial and residential structures will also enhance the market size. For instance, the Indian government is planning to invest considerably in infrastructural development for nearly 100 smart cities, which will create lucrative opportunities for the ready-mix concrete companies in the country.

Market Restraints:

The ready-mix concrete production facilities require massive initial investments. The investment for a single RMC plant could be anywhere between USD 12 Million to USD 35 Million. The big difference in the cost can be owing to numerous factors, such as the significant gap between the cost of land and the availability of chief raw materials.

Furthermore, there is a huge requirement for an efficient transportation system to the site, which bolsters the cost as well. This can be extremely expensive for small companies, reducing product demand. This is presumed to be a major challenge for the players in the future.

Browse In-depth Market Research Report (160 Pages) on Ready-Mix Concrete: https://www.marketresearchfuture.com/reports/ready-mix-concrete-market-5373

COVID 19 Analysis

The COVID-19 outbreak’s negative impact has led to a series of severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.

The pandemic has had a brutal impact on the construction sector since the majority of the countries are under lockdowns with transportation restrictions. This has brought down the production rate of various construction materials and products.

Market Segmentation

By Product Type

Shrink Mixed Concrete, Transit Mixed Concrete, and Central Mixed Concrete are the top product types covered in the report.

Transit mixed concrete segment has the biggest share in the worldwide market.

By Production

Onsite and off-site are the product-based segments considered in the study.

Ready-mix concrete is generally used in on-site production since the ready-mix variety can easily be blended with the use of specialized equipment to achieve the appropriate mixture. The segment will procure the top spot in the market.

By Application

Industrial, residential and commercial are the major applications of ready-mix concrete.

Ready-mix concrete market will see massive growth in the residential space in subsequent years, thanks to the rapidly surging population and the escalating urbanization rate in emerging countries. Moreover, numerous government policies, as well as housing schemes, elevate the expansion rate of the residential sector, which in turn also increases the demand for ready-mix concrete from these sectors. Ready-mix concrete enjoys significant demand, especially from countries like India, China, South Africa, and South Korea, where the residential sector is doing phenomenally well.

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Regional Insights

Asia Pacific’s dominance in the ready-mix concrete market can be credited to the rapid development in the infrastructure and rising government spending on the construction sector. The market size in the region will burgeon rapidly at a rate of 8.7% in the years ahead, considering the contribution from fast-emerging countries like Singapore, Thailand, China and India. Government schemes and reforms focused on the development of road infrastructures in India and China to accelerate industrial advancement are touted to be huge driving factors for the APAC market. Rising construction of industrial centers and factories along with the rise in the urban population and subsequent increase in the housing sector will further ensure relentless market expansion.

North America would capture the second position in the worldwide market, recording a notable CAGR of 8.3% in the ensuing years. Heightened focus on structural renovations in Canada and the US boost the need for ready-mix concrete in several construction operations.

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