The global ready-mix concrete industry size was USD 735.9 billion in 2020 and is projected to grow from USD 792.2 billion in 2021 to USD 1,374.2 billion in 2028 at a CAGR of 8.2% during the 2021-2028 period. The ready-mix concrete industry plays a vital role in the construction sector, providing a versatile and reliable building material for projects of all sizes. This pre-mixed blend of cement, water, aggregates (sand and gravel), and admixtures offers numerous advantages over traditional on-site concrete mixing.

Benefits of Ready-Mix Concrete:

• Convenience: Ready-mix concrete eliminates the need for contractors to purchase, store, and measure individual ingredients. This saves time, labor, and space on construction sites.

• Quality Control: Producers of ready-mix concrete adhere to strict quality standards, ensuring consistent strength and durability in the final product.

• Reduced Waste: Batching concrete on-site can lead to leftover materials and potential waste. Ready-mix concrete allows for precise ordering, minimizing waste.

• Environmental Impact: Ready-mix concrete production facilities are subject to environmental regulations, helping to control dust emissions and minimize environmental impact compared to on-site mixing.

Drivers & Restraints-

Rising Investments in Construction Projects to Propel Growth

Several private and government organizations are increasingly investing in construction projects across the globe. These consist of the construction of commercial buildings, railroads, highways, power generation sector, real estates, bridges, and urban infrastructure. Apart from these, in the developing countries, such as South Korea, India, China, and Mexico, the agencies are investing hefty amounts of money in urbanization. It is further skyrocketing the demand for ready-mix concrete. The global construction industry is also expanding backed by the reduced labor cost and availability of plenty of equipment and tools. These factors are expected to boost the ready-mix concrete market growth in the near future.

Industry Growth and Trends:

The global ready-mix concrete market is expected to continue its growth trajectory, driven by several factors:

• Rising urbanization: The increasing demand for housing, commercial buildings, and infrastructure in urban centers is a major growth driver.

• Infrastructure development: Government investments in roads, bridges, and other infrastructure projects create a significant demand for ready-mix concrete.

• Focus on Sustainability: The industry is developing eco-friendly concrete mixes with recycled materials and lower carbon footprints.

Segmentation-

Residential Segment to Dominate Stoked by Increasing Demand for Housing Sectors

Based on application, the market is segregated into infrastructure, commercial, and residential, and others. Out of these, the infrastructure segment held 28.70% in terms of ready-mix concrete market share in 2019. This growth is attributable to the increasing urbanization, which, in turn, is resulting in the construction of roads, water systems, power generation systems, and highways. The residential segment would dominate the market throughout the coming years stoked by the high demand for housing sectors, especially from Asia Pacific as the population of this region is growing rapidly.

Source- https://www.fortunebusinessinsights.com/ready-mix-concrete-market-103281 

Regional Analysis-

Increasing Demand for Single Housing Units to Drive Growth in North America

Geographically, Asia Pacific is anticipated to showcase substantial growth in terms of revenue during the forthcoming years. This growth is attributable to the rising demand for ready-mix concrete from South Korea, India, and China. Also, the increasing construction of new manufacturing plants and rapid development of infrastructures in these countries would contribute to the market growth in this region.

North America, on the other hand, generated USD 164.4 billion in terms of revenue in 2019 and is set to exhibit steady growth in the coming years. This is projected to occur on account of the high demand for residential structures from the countries in this region. Besides, high disposable income and need for single housing units in the region would spur growth.

Fortune Business Insights™ lists out the names of all the ready-mix concrete manufacturers present in the global market. They are as follows:

CEMEX S.A.B. de C.V. (Mexico), I. Cement Factory Limited. (Dhaka), ACC Ltd. (India), UltraTech Cement Ltd. (India), LafargeHolcim (Switzerland), Buzzi Unicem SpA (Italy), W. Sidley, Inc. (U.S.), HEIDELBERGCEMENT AG (Germany), Italcementi Group (Italy), Hanson Cement Ltd. (UK), S. Concrete (U.S.), Other key players

The Ready-Mix Concrete Industry in India:

India's ready-mix concrete market is experiencing significant growth, fueled by a booming construction sector and government initiatives. The market is expected to reach new heights in the coming years, driven by factors like:

• Increase in per capita income: Rising disposable incomes are leading to a rise in residential construction projects.

• Government investments: Government policies promoting infrastructure development are creating a positive environment for the industry.

Looking Ahead:

The future of the ready-mix concrete industry is bright. As the construction sector continues to evolve, innovation in concrete mix design, production methods, and sustainability practices will be at the forefront. The industry will play a crucial role in building a strong foundation for future development.