Report ID: PMRREP28510
Number of Pages: 266
Format: PPT*, PDF, EXCEL
Industry: Chemicals and Materials
Published Date: May-2024
The global ready-mix concrete market is estimated to value at US$ 758.3 Bn by the end of 2031 from US$ 538.9 Bn in 2024. The market is estimated to expand at a CAGR of 5% during the forecast period from 2024 to 2031.
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Attributes |
Key Insights |
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Ready-Mix Concrete Market Size (2024E) |
US$ 538.9 Bn |
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Projected Market Value (2031F) |
US$ 758.3 Bn |
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Global Market Growth Rate (CAGR 2024 to 2031) |
5% |
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Historical Market Growth Rate (CAGR 2019 to 2023) |
4.8% |
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Ready-mix concrete is produced in specialized batch plants where ingredients including cement, aggregates water, and admixtures are carefully proportioned and mixed according to predetermined recipes or specifications. The mixture is then transported to construction sites via concrete mixer trucks, where it can be directly poured or pumped into forms, molds, or structures.
Ready-mix concrete (RMC) refers to concrete manufactured in a batching plant as per a set recipe and then delivered to construction sites in a plastic or unhardened state. Once delivered, it is ready for immediate use, eliminating the need for on-site mixing, reducing labor costs, and ensuring consistent quality.
A few key factors driving the demand for ready-mix concrete is the growing adoption of green concrete solutions, sustainable practices and digitalization. Ready-mix concrete is manufactured under controlled conditions in batching plants, ensuring consistency in proportioning, performance and quality. This standardized production process reduces variations in concrete properties including strength, workability, and durability, resulting in high-quality structures and reduced risk of construction defects.
Growing awareness of environmental sustainability has led to increased adoption of RMC due to its lower carbon footprint and environmental impact compared to on-site mixing methods. RMC production can be optimized for resource efficiency, energy conservation, and waste reduction, aligning with sustainable construction practices.
Ready-mix concrete plays a vital role in prefabricated construction by providing precast concrete elements such as panels, beams, columns, and slabs manufactured off-site and assembled on-site. The demand for RMC varies by region, influenced by factors such as economic growth, population trends, construction activity levels, and infrastructure development priorities.
Digital platforms and software solutions are transforming the way ready-mix concrete market suppliers interact with customers, manage orders, track deliveries, and offer real-time updates. Digitalization enables seamless communication, collaboration, and data exchange between stakeholders, improving operational efficiency and customer experience.
Key Innovations in the Market
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The overall growth of the construction industry, both in developed and emerging economies, contributes significantly to the demand for RMC. With increasing construction activities in sectors such as residential, commercial, and infrastructure, the need for readily available concrete solutions rises.
Major construction projects, such as bridges, highways, airports, dams, and high-rise buildings, often require massive quantities of concrete. RMC is well-suited for supplying concrete to these large-scale projects due to its ability to produce and deliver high volumes of concrete efficiently.
There is a higher demand for building new infrastructure, including residential, commercial, industrial, and public projects as the construction industry grows. These projects require large quantities of concrete for foundations, columns, beams, slabs, and other structural elements. RMC provides a convenient and efficient solution for delivering concrete to construction sites, meeting the increased demand generated by expanding construction activity.
Regional Governmental Reforms for Increasing Investments in Infrastructural Projects
Regional governments, primarily in emerging economies, are aiming to achieve continuous modernization in order to address infrastructural deficits, as well as improve their education and healthcare systems and sanitation and water standards. In line with this agenda, respective governments are laying emphasis on strengthening solutions for sustainable mining, and increase automation, productivity, and safety.
This, in turn, is expected to increase the demand for ready-mix concrete across the globe. In the recent past, Latin American countries such as Peru have unused potential of 69,000 MW of water and 77,000 MW of wind power. The government has been strategically focusing on exploiting these opportunities by increasing investments on interconnection plans with Chile.
Governmental Initiatives toward the Development of Affordable Housing
Governmental initiatives often involve substantial investment in infrastructure, including housing projects. These investments can range from building new residential units to upgrading existing housing infrastructure. RMC is a preferred choice for such projects due to its efficiency, quality, and time-saving attributes. As governments allocate funds for affordable housing development, the demand for RMC increases correspondingly to meet the concrete needs of these projects.
Advancements in Technology and Automation
Advancements in technology and automation present opportunities to improve efficiency, productivity, and quality in RMC production and delivery. Automation technologies such as automated batching plants, IoT-enabled sensors, and fleet management systems can streamline operations, optimize resource utilization, and enhance quality control. RMC companies can invest in technology to gain a competitive edge and meet the evolving needs of the construction industry.
Standard Ready-Mix Concrete Remains a Key Segment for the Market
The standard concrete segment is expected to account for a lion’s share in the global ready-mix concrete market by the end of 2029. Standard concrete utilizes ready-mix concrete ingredients in a pre-defined fixed proportion, and is also one of the most commonly utilized concretes for multiple purposes. The fiber-reinforced ready-mix concrete segment is expected to create more than 2/5 of the overall incremental opportunity during the forecast period.
South Asia and East Asia to Assist Market Growth in the Near Future
Rising investments in infrastructural development and increasing foreign direct investments in countries such as India and China are found to be the key factors expected to push the demand for building insulation materials and, in turn, escalate the growth of the ready-mix concrete market, particularly in South Asia and East Asia.
In terms of both, market volume as well as volume, East Asia is expected to account for a prominent share in the global ready-mix concrete market by the end of 2019. The ready-mix concrete market in the North American region is projected to experience below-average growth during the forecast years
Key players involved in the production of ready-mix concrete are continuously focusing on long-term supply contracts, acquisitions, and technological advancements in the product. Further, some players are involved in the development of mobile ready-mix concrete plants at large construction sites in order to supply the concrete at the right time
The market for ready-mix concrete is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities. A few of the leading industry players profiled in the market are:
Recent Developments in the Ready-Mix Concrete Market
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
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The market is expected to secure a CAGR of 5% in the forthcoming years between 2024 and 2031.
Growing construction industry in emerging and developed and emerging economies is a key growth driver for market.
A few of the leading industry players operating in the market are EMEX S.A.B. de C.V., Vicat SA, Ultra Tech Cement Limited, and Lafarge, ACC Limited.
Advancements in technology and automation present opportunities to improve efficiency, and quality in RMC production and delivery.
