Ready Mix Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End Use (Residential, Commercial, and Others)

Ready Mix Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End Use (Residential, Commercial, and Others)

The ready mix concrete market is expected to grow from US$ 844.10 billion in 2022 to US$ 1,118.18 billion by 2028; it is estimated to grow at a CAGR of 4.8% from 2022 to 2028.

Ready mix concrete is created in specialized batching plants and is mixed professionally to ensure customers receive the optimal blend that will help bring their project smoothly to completion. Ready mix concrete is available in three types—shrink mixed concrete, transit mixed concrete, and central mixed concrete. Shrink mixed concrete is partially mixed in the original plant mixer and the remaining ready mix concrete is mixed in a mountain drum of the truck during transit. It is produced to meet customer needs and specifications. Ready mix concrete is mixed in a controlled environment and can be utilized for an array of projects. Quality product, fast construction, customized mixes, and time saving are among the benefits of ready mix concrete. The ready mix concrete market is mainly driven by factors such as rise in commercial and residential construction projects and high government spending on infrastructure projects in different countries across the globe. The development of sustainable low carbon range ready mix concrete is expected to offer more lucrative opportunities for the ready mix concrete market growth. However, pollution caused by commercial ready mix concrete production plants in metro cities is hampering the market growth. All other production phases, such as operating of ready-mix trucks, generate low levels of CO2 emissions.

Based on end use, the global ready mix concrete market is segmented into residential, commercial, and others. The residential segment held the largest market share in 2021. The residential sector includes private housing, apartment, and buildings. An increasing demand for residential constructions owing to accelerated urbanization has surged the requirement for ready mix concrete from the residential sector. The Government of the UAE approved Sheikh Zayed Housing Programme, Abu Dhabi Housing Authority, and Mohammed bin Rashid Housing Establishment to provide residential facilities and maintenance to deserving citizens. Such factors are anticipated to bolster the use of ready-mix concrete products in the residential sector during the forecast period.

In 2021, Asia Pacific held the largest revenue share of the global ready mix concrete market. Based on country, Asia Pacific ready mix concrete market is segmented into Australia, China, India, Japan, South Korea, Indonesia, Taiwan, Malaysia, Vietnam, and the Rest of Asia Pacific. The growing number of ready mix concrete uses in numerous residential and non-residential sectors is driving the ready mix concrete market growth in Asia Pacific. The building & construction industry is a strong contributor to the market's growth. In India, construction is the second-largest industry after agriculture, accounting for about 11% of the country's GDP. Further, the growth in construction activities increased awareness of energy-efficient buildings, and stringent energy-saving regulations are anticipated to boost the growth of the ready mix concrete market in Australia. In Japan, many foreign and domestic investors are investing in the residential property sector. For instance, in January 2022, Allianz Real Estate increased its investment in the Japanese residential property sector by US$ 1.6 billion. These factors are propelling the demand for construction materials, including ready mix concrete. Furthermore, key players operating in the Asia Pacific ready mix concrete market are ACC limited, Cemex S.A.B DE C.V, and Ultratech Cement Ltd. In recent years, major market players have invested heavily in R&D initiatives.

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.

The overall global ready mix concrete market size has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the ready mix concrete market.

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