Global ready-mix concrete market is anticipated to register a CAGR of 8.02% during the forecast period
global ready-mix concrete market is anticipated to register a CAGR of 8.02% during the forecast period (2017-2023). The introduction of Foreign Direct Investment for the construction of infrastructure is likely to favor the market growth. The ready-mix concrete (RMC) can be defined as a mixture of water, cement, aggregates, and sand. The manufacturing of the ready-mix concrete and delivering it through a transit mixer allows the integration of precise concrete in construction, thus making it strong, sturdy, and long-lasting. These types of concrete are essential when a small amount of concrete or intermittent placing of the concrete are required.
Market Potential and Pitfalls
The global ready-mix concrete market is anticipated to expand at breakneck speed owing to the burgeoning airport expansion projects and improving infrastructure specifically in the developing economies. With the surging government spending on manufacturing, construction, and power plants, the RMC market is estimated to experience a boom. Moreover, with the ever-increasing population and urbanization, the market is predicted to flourish. Ready-mix concrete is always preferred over traditional ones owing to the ease of use, economic, greater convenience, and improved quality. The low inventory costs and reduction of wastage are further resulting in the reduction of the total project expenses. This has, in turn, propelled the demand for ready-mix concrete in recent years. Moreover, the low supervising and labor cost, consistency in quality, and consumer awareness associated with the elimination of wastage regarding bulk handling have contributed to the market growth during the appraisal period. Also, the cracking tendencies and the reduced shrinkage along with the volume change are resulting in its higher adoption.
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Despite the propelling factors, RMC has its associated risks in terms of occupational safety. The employees face the risks not only during the fabrication process of the concrete but also during its delivery to the site.
Global Ready-Mix Concrete Market: Segmental Analysis
The global ready-mix concrete market has been segmented on the basis of production and application.
By mode of production, the global ready-mix concrete market has been segmented into on-site and off-site.
By mode of application, the global ready-mix concrete market has been segmented into commercial, residential, infrastructure, industrial utilities. Among these, the commercial, infrastructure, and industrial utilities are likely to gain prominence. As ready-mix concrete possesses superior features, they are extensively used in the non-residential applications. Moreover, with government spending on highways, roads, bridges, and airports, the segment is likely to receive a constant impetus.
Regional Insights
Geographically, the ready-mix concrete market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region is estimated to acquire the major share in the global market and is predicted to retain its dominance in the long run. The rising number of latest infrastructural projects especially in economies like Singapore, India, Thailand, and China. With the rapid urbanization and industrialization in these areas, the market is anticipated to flourish. Moreover, the ever-increasing population, favorable government policies, high availability of skilled workforce and cheap resources, and low labor and operational costs are contributing to the market growth. The advent of new infrastructure construction projects is also estimated to generate an inflated demand for the RMC market. In this region, China has accounted for the lion’s share owing to the refurbishment and expansion of old structures like railway terminals, and airports, along with the implementation of novel infrastructural projects. India is also considered as a driving cause for the market owing to the development of smart cities. For instance, in 2015 the Indian government launched a smart city project plan with estimated funding of USD 14 million. Such initiatives from the government are further creating a high demand for RCM.
Industry Updates
May 02, 2019: Investec Asset Management LTD has increased the stake in the Cemex SAB de CV by 5.4% during the first quarter. The fund acquired 9,480,321 shares of the company’s stock after owing an extra 482,647 shares.
Competitive Dashboard
The prominent players operating in the global ready-mix concrete market comprises Vicat SA (France), ACC Limited (India), Buzzi Unicem S.p.A. (Italy), Lafarge (France), R.W. Sidley, Inc. (U.S.), Barney & Dickenson, Inc. (U.S.), Italcementi Group (Italy), CEMEX S.A.B. de C.V. (Mexico), Holcim Ltd. (Switzerland), UltraTech Cement Limited (India), and HeidelbergCement (Germany).