Concrete Mixer Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Concrete Mixer Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The concrete mixer market is anticipated to register a CAGR of about 3% during the forecast period (2020-2025).

• The rapid urbanization, rising population, strong economic growth, and growth in construction activity in both developed and developing countries are expected to fuel the demand for concrete mixers during the forecast period. Global Construction Perspectives Limited and Oxford Economics Limited have estimated that the global construction industry may account for 14.7% of the global GDP by 2030.
• Applications, such as the construction of concrete roads, power plants, canals, airports, dams, harbors, and other large-scale construction sites, are increasing the demand for large quantities of concrete. Concrete mixing plants that can yield up to 330 m³ of hardened concrete per hour and concrete mixer truck, which can transport up to 10 m³ of concrete at a time, are the perfect solutions to mix large volumes of concrete on-site.
• According to Global Construction, the cumulative volume of construction may reach USD 212 trillion by 2030, with more than one third of the contribution, i.e., USD 77.8 trillion, coming from the emerging Asian economies. In addition, China, United States, India, Indonesia, United Kingdom, Mexico, Canada, and Nigeria may account for 70% of the overall growth in construction by 2030. The study also stated that United Kingdom and Nigeria are likely to be the two major countries contributing toward the growing construction activities, as the United Kingdom government is coming up with several global megaprojects. Furthermore, Nigeria is set to witness a significant population growth by 2030, exceeding that of United States to become the fifth most populous country in the world.
• With an estimated global annual output of 4 billion cubic meters, concrete is the most widely used construction material in the world. Ready-mix concrete is being prepared in a mixing plant, instead of being mixed on-site and transported in concrete mixing transport trucks. These tracks consist of a drum installed on a chassis of a truck, with many spiral blades inside, which is either driven by the truck engine or by a separate device. The concrete mixing systems are designed for a rapid setup within 36-40 hours. Fully electrical and pneumatically pre-installed transport units are linked up with ease using plug-in connections. These systems are easy to operate and robust, and come with good accessibility for maintenance work.

Cities are growing at a prodigious rate, providing an amazing opportunity for the development of local economies, where the residents need good, affordable housing. Governments are including plans in their budgets to support sustainable communities and housing developments, in order to provide affordable housing for homeless and vulnerable families. For instance,

• In India, the housing industry is one of the fastest-growing sectors, as it has an estimated shortage of around 18 million houses, in which 99% is in the economically weaker sections of the society. The Indian government has come up with various housing schemes, such as the 'Housing for All initiative', which aims to offer affordable housing to people by 2022.

China, Singapore, and India are driving the concrete mixer market's growth, whereas Japan is struggling due to the decline in housing, as Japan’s population is shrinking. China’s multibillion-dollar ‘One Belt, One Road’ initiative, or China Silk Road that plans to connect Southeast Asia to Eastern Europe and Africa, includes 71 countries that account for half of the world’s population and a one-fourth of the global GDP. The initiative is providing good opportunities across Asia and its neighboring countries. However, the initiative has raised concerns, as it is a form of economic imperialism that gives China leverage over other smaller and underdeveloped countries. On the other hand, India is likely to be one of the fastest-growing construction markets in the world, as the country may overtake China as the most populous country by 2022.

Furthermore, India is likely to be the largest market for housing in the world, as it may need to build millions of houses over the years to meet the needs of its growing and rapidly urbanizing population.

Additionally, Asia has a presence of some of the top construction companies whose collective sales account for around 50% of the global sales in the construction industry.

The concrete mixer market is moderately consolidated, owing to a limited number of active players and the requirement of high initial investment costs. Some of the major players in the market are Liebherr Group, SANY GROUP, Shantui Construction Machinery Co. Ltd, Terex Corporation, and Zoomlion Heavy Industry Science & Technology Co. Ltd. The companies are expanding their presence by opening new plants and bringing advancements in their existing concrete mixers. For instance,

• In 2020, Liebherr Mobilmix 3.5 was involved in the construction of the world's largest lock in the world in IJmuiden, worth approximately USD 800 million. This project will connect Amsterdam with the sea, and it has a requirement or around 300,000 m³ of concrete.
• In 2019, Schwing Stetter India signed an MoU with the Tamil Nadu government. According to the MoU, Schwing Stetter India will invest USD 32 million in a new plant and scale it up to USD 47 million over the next four years.

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