The market for ready-mix concrete is expected to expand at a CAGR of more than 6%, during the forecast period. Major factors driving the market studied are the development of smart cities, and continuous infrastructure development in emerging. Ease of availability of potential substitutes is expected to hinder the growth of the market studied.
– Rising awareness of ready-mix concrete in developing economies is likely to act as an opportunity in the future.
– Asia-Pacific dominated the market across the globe with the largest consumption from the countries such as China and India.
Key Market Trends
Increasing Demand from Non-Residential Segment
– Non-residential is segmented into infrastructure, commercial, and industrial/ institutional
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– Infrastructure development, such as the construction of highways, a makeover of airports, and construction of dams in developing economies, coupled with the growing trend of urbanization, is one of the significant factors propelling market growth for ready-mix concrete.
– An increasing number of big infrastructure projects are propelling the growth of the market studied, owing to its high quality and ease of use. The time constraints in infrastructure development projects across urban areas are creating huge demand for readymade concrete mixes.
– Furthermore, since ages, concrete has been the first choice of contractors for commercial development of buildings and if it is a large-scale concrete structure, the ready-mix is the ultimate choice. Construction units, like office spaces, retail, hotels, and entertainment centers are the growth wagons for the market studied in commercial buildings application.
– Asia-Pacific has been a thriving market for office spaces in recent years. Demand for office spaces in India has been growing rapidly for many years. The country has been receiving significant interest from foreign investors in the commercial sector
– Owing to the aforementioned developments and investments, the use of ready-mix in the industrial/institutional application segment is expected to rise globally, during the forecast period.
Asia-Pacific Region Market to Dominate the Market
– Asia-Pacific dominated the market with China and India being the major consumers of the market studied.
– The Chinese residential housing sector is experiencing a drop-in growth. Nearly 22% of the Chinese urban house stocking is expected to be empty. These include unsold properties and apartments brought by entrepreneurs and speculators, who have no intention of living in them but to hold them as an investment property.
– As a result, a decline in the construction and rise in the taxes are expected to occur in the Chinese construction sector in the upcoming years, which can have a negative impact on the demand for the consumption of ready-mix concrete in the country.
– Infrastructure and highway expansion are a key part of China’s 13th Five Year Plan. In the present scenario the government is taking initiatives, which involves two types of road networks that include a tolled expressway with low tariff and another without toll.
– Also, In India, it is being preferred in the residential construction sector, owing to the advantages, such as savings in labor requirements and supervision costs, faster construction, and uniform, consistent, and assured quality of concrete.
– Demand for residential housing in India has rushed due to increased urbanization and rising household income. Also, the Indian Government has allowed FDI of up to 100% for settlements development and townships projects. This, in turn, is projected to increase the residential housing construction in the country.
– Thus, owing to such factors, the demand for ready-mix concrete is expected to remain high during the forecast period.
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