December 19, 2022 05:51 ET | Source: The Insight Partners The Insight Partners
New York, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Ready Mix Concrete Market Share, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis By End Use (Residential, Commercial, and Others),” the ready mix concrete market size is expected to grow from USD 844 billion in 2022 to USD 1118 billion by 2028; it is estimated to grow at a CAGR of 4.8% from 2022 to 2028. Mixer For Precast Concrete
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Global Ready Mix Concrete Market Report Scope, Segmentations, Regional & Country Scope:
High Government Spending on Infrastructure Projects to Drive Growth of Global Ready Mix Concrete Market:
Government spending on infrastructure projects has increased exponentially to improve the quality of roads, dams, bridges, tunnels, ports, and aqueducts. Airports and seaports face unprecedented financial challenges while continually working to modernize their infrastructure. These financial challenges are resolved with grants provided by government organizations. For instance, in 2022, the Department for Transport (UK) announced funding of US$ 34.83 million to develop net zero highways. According to the Construction Association statistics (US), the construction industry creates ~US$ 1,400,000 million worth of structures annually. The heavy investments in infrastructure construction and efforts by central governments across different countries is fueling the ready-mix concrete market growth..
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Global Ready Mix Concrete Market: Competitive Landscape
A few players operating in the global ready mix concrete market include ACC Limited; Vicat SA; LafargeHolcim; Buzzi Unicem S.p.A; BARNEY AND DICKENSON INC.; R.W. Sidley, Inc.; CEMEX S.A.B. DE C.V.; HEIDELBERGCEMENT AG; ULTRATECH CEMENT LTD.; and CROWN CEMENT PLC. Players operating in the ready mix concrete market are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and mergers & acquisitions.
Impact of COVID-19 Pandemic on Global Ready Mix Concrete Market Growth:
The COVID-19 pandemic severely impacted various economies across the globe. Governments of various countries took possible steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of industrial sectors. The pandemic significantly hampered the growth of the ready mix concrete market due to adverse effects on the building & construction industry growth. Various ready mix concrete manufacturers operated their plants at reduced rates during the pandemic.
However, various industries including building & construction industry, began reviving their business operations recently. The building & construction industry is recovering after gradually resolving supply constraints of raw materials. This results in a gradually increasing demand for ready mix concrete from different application sectors.
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Ready Mix Concrete Market: Segmental Overview
Based on end use, the ready mix concrete market is segmented into residential, commercial, and others. The residential segment held the largest market share in 2021. The commercial segment is expected to record the fastest CAGR during the forecast period. The commercial sector includes sports facilities, schools, colleges, government institutions, hospitals, schools, offices, and other commercial spaces. Since ready mix concrete is used in the construction of various commercial facilities worldwide, the rising investment in commercial construction projects is anticipated to drive the growth of the ready mix concrete market.
In 2021, Asia Pacific held the largest share of the global ready mix concrete market. The ready mix concrete market growth in the region is mainly driven by the increasing use of ready-mix concrete in residential and commercial construction activities. The growing population of the region is positively impacting the expansion of the residential and commercial construction sector. Growing transport & construction sector, increased awareness about energy-efficient buildings, and stringent regulations related to energy savings further contribute to the growth of the ready mix concrete market in Asia Pacific.
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