Ready-mix Concrete Market (2023 - 2030)

Ready-mix Concrete Market Summary

Benefits such as reduced cost for labor and sight supervision coupled with easy pouring methods involved in ready-mix construction are anticipated to attract more consumers in the coming period. Increasing investments in the construction industry in the economies of Mexico, China, India, Singapore, and South Korea are expected to support the demand.

In the U.S., the demand for ready-mix concrete is anticipated to witness an ascending trend owing to the high potential in the residential construction segment. Increasing demand for single-family housing backed by the population increase in household construction, strong economic growth, and low mortgage rates are expected to emerge as the key factors contributing to the growth of the residential construction sector. This, in turn, is influencing the market for ready-mix concrete.

Ready-mix concrete is widely accepted for the construction of manufacturing facilities, residential and commercial buildings, power generation facilities, and road construction. Development in infrastructure segments across the globe coupled with rapid urbanization is the primary factor anticipated to drive industry growth over the projected time.

The product is widely being used as a substitute for traditional concrete on account of greater convenience, ease of use, and enhanced quality. Moreover, low inventory cost, wastage reduction, and efficient utilization are likely to lower the overall project cost. Thus, is likely to impact the demand on a positive note.

The ready-mix concrete needs specialized vehicles that transport the concrete from the mixing plant to the construction site, thus, imposing higher transportation costs. However, the installation of mixing plants at the construction site can reduce the transportation cost as well as the total time taken for the construction process.

Increasing investments across the globe in light of urban development, government infrastructure plans, and a growing population that demands residential and commercial structures are likely to raise market growth. Indian government’s plan to invest heavily in infrastructural development for 100 smart cities is anticipated to create growth opportunities for the ready-mix concrete market.

Application Insights

The residential segment held the largest revenue share of 34.0% in 2022 as a result of high consumption owing to its unique properties. The segment is likely to witness higher growth in the estimated time on account of ascending demand for single-family houses in Asia Pacific and European countries.

Rapidly growing population and ascending disposable income levels in India and China are expected to drive the demand for residential structures over the coming years. This, in turn, is likely to affect the market positively for ready-mix concrete. Industrial development in the Asia Pacific coupled with favorable government policies has attracted several manufacturers to establish their plants in the region, which in turn, is anticipated to upscale the demand for ready-mix concrete.

The infrastructure segment is expected to register the fastest growth at a CAGR of 6.2% over the forecast period owing to the development in road construction, dams, water conservation systems, and expansion of airports. Expanding budget allocations for infrastructure development by local governments is likely to provide additional impetus to the growth of the market for ready-mix concrete.

Increasing spending in commercial construction including shopping malls, office buildings, hotels, restaurants, institutional buildings, hospitals, medical centers, supermarkets, and departmental stores is likely to aid the market for ready-mix concrete. Commercial construction requires large and speedy construction components, thus supporting the demand for ready-mix concrete.

Regional Insights

Asia Pacific dominated the market and accounted for the largest revenue share of 69.7% in 2022. Rapid infrastructural development in Thailand, Singapore, India, and China is projected to support the demand for ready-mix concrete in construction operations.

Government reforms to develop the road infrastructure in China and India in order to flourish the industrial development in the region are anticipated to positively impact the industry. New construction related to factories and industrial centers in the region coupled with urban development and housing growth projected to surge the demand for ready-mix concrete.

The Middle East & Africa market is anticipated to grow at a CAGR of 5.9% over the forecast period. A major development in the infrastructure segment in the Middle East and Africa, particularly in Saudi Arabia and UAE has significantly contributed to market growth. In addition, the increasing construction of commercial and residential complexes in the region is projected to augment the demand for ready-mix concrete over the estimated time.

In Saudi Arabia, government initiatives including Vision 2030 and National Transformation Program (NTP) are expected to promote economic development in the country. An increase in the development of transportation facilities in the country is expected to boost the residential and commercial development in the vicinities, which is expected to have a positive impact on product demand over the forecast period.

Key Companies & Market Share Insights

The market for ready-mix concrete is competitive in nature on account of the presence of a large number of domestic and international players operating across the globe. Major players have set up their businesses in the emerging economies of China, India, and the U.S.

Prominent players in the RMC market are focusing on providing enhanced services to consumers to gain a competitive edge. Several players are focusing on establishing the ready-mix concrete plant at the construction site in order to save on transportation costs and operational time.

Recent Developments

• In June 2023, Buzzi SpA, through its wholly owned subsidiary Dyckerhoff GmbH entered into an agreement with CRH, a prominent player in the building materials sector, for the sale of selected operations in Eastern Europe. The transaction entails the sale of assets in Ukraine and the ready-mix concrete division in eastern Slovakia. The completion of the transaction in Ukraine is subject to securing the requisite regulatory approvals and is anticipated to take place in 2024. This strategic move aligns with Buzzi's ongoing efforts to optimize its business portfolio and enhance its operational focus

• In May 2023, ACC and Ambuja Cements, entities under the Adani Group, jointly inaugurated a cement and concrete research and development (R&D) facility located in Kalamboli, Mumbai, India. This strategic initiative reflects their shared vision to drive advancements, optimize costs, and establish sustainable solutions that will shape the future of the industry. The newly established R&D facility will serve as a hub for cutting-edge research, fostering collaboration, and nurturing the development of innovative solutions

• In February 2023, ACC Limited, the cement and building materials company, developed a temperature-controlled concrete solution named 'Coolcrete'. This innovative product has been specifically designed to mitigate the excessive internal temperature rise that can occur during mass concreting or large pours. By effectively reducing the heat of hydration, Coolcrete minimizes the potential risks associated with delayed ettringite formation and thermal cracking in mass concrete structures. Through the implementation of this advanced technology, ACC aims to provide a reliable and efficient solution that ensures the integrity and longevity of concrete constructions

• In July 2021, Lehigh Hanson, Inc., a subsidiary of HeidelbergCement operating in North America, announced its notable achievement of Concrete Sustainability Council (CSC) certification. This certification has been granted to Lehigh Hanson's ready mixed concrete (RMC) plants situated in Bellevue and Seattle, Washington, as well as its Hanson Aggregates River Ranch RMC plants in Phoenix, Arizona. Notably, Lehigh Hanson has become the first ready mixed concrete producer in the U.S. to attain CSC certification at the silver level. This accomplishment underscores the company's commitment to sustainable practices and signifies its adherence to stringent sustainability standards in the concrete industry

Ready-mix Concrete Market