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Ready Mix Concrete Market size exceeded USD 520.5 billion in 2023 and is estimated to expand at over 6.6% CAGR from 2024 to 2032.The concrete precisely prepared in a batch facility to meet each task needs, brought to the construction site, and made ready for use is known as ready mix concrete. The concrete that has been precisely crafted for a customer's building project and delivered to the customer on site as a single product is known as ready mix concrete. The increasing affluence in both developed & developing countries has accelerated the construction of homes and other structures, which will lead to a substantial consumption of concrete.
The building industry is undergoing massive, unprecedented change as a result of economic growth and it is gradually shifting toward ready mix concrete for quick & easy applications. China, India, Japan, and other Asian nations are the major market contributors. The concrete industry gains the most from these areas owing to the growing population and the rising need for residential constructions.
Report Attribute | Details |
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Base Year: | 2023 |
Ready Mix Concrete Market Size in 2023: | USD 520.5 billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 6.6% |
2032 Value Projection: | USD 902.2 billion |
Historical Data for: | 2018 to 2023 |
No. of Pages: | 128 |
Tables, Charts & Figures: | 266 |
Segments covered: | Application, Type, Production and Region |
Growth Drivers: |
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The ready-mix concrete market is expanding as a result of the expanding construction industry. Growing earnings in developed and developing countries have accelerated the construction of homes and other buildings, which will lead to significant concrete consumption. The building industry is undergoing massive, unprecedented change as a result of economic growth, and it is gradually shifting towards ready-mixed concrete for quick and easy application. China, India, Japan, and other Asian nations are the major market contributors. The concrete industry gains the most from the growing population in these areas because of the rising need for residential construction.
In addition construction industries were all significantly impacted by the COVID-19 pandemic. Production was halted or severely constrained. The supply chains and operations of the transportation and construction industries were hampered globally. The market's growth was constrained as a result of the decline in ready-mix concrete demand and output. The production and service levels of enterprises, however, are gradually returning to normal. By the end of 2022, the ready-mix concrete sector is expected to have recovered thanks to the projected return of ready-mix concrete producers to the market operating at full capacity.
The ready-mix concrete industry has been divided into four categories based on application: residential, commercial, industrial, and infrastructure. In 2021, Residential Buildings accounted for the greatest segment share because of the increasing urbanization of several countries around the world.
The commercial sector of the ready-mix concrete market is the second-fastest growing. Expanding private sector investments and support from governmental bodies are to blame for the rise in construction possibilities. Roads, railways, bridges, residences, urban infrastructure, the electricity generation sector, and other structures are among these. The speedy construction of all the above structures is the reason for the high demand for this type of concrete. high-end investments from poor countries in urbanization. Both governmental and commercial sectors in countries like China, India, Mexico, and South Korea support this.
In 2022, transit-mixed concrete held the highest share, accounting for around 42% of the total ready mix concrete market revenue. Dust pollution has lowered due to the production of transit-mixed concrete in a controlled setting. On all sites, especially at the smaller concrete contracts awarded to a company, transit-mix trucks are regularly used.
For the construction of manufacturing facilities, residential and commercial structures, power generation facilities, and roads, ready-mix concrete is increasingly being accepted. The main element anticipated to fuel ready mix concrete market growth over the projected time is the development of various infrastructure segments around the world in combination with rising urbanisation. Because it is more convenient, simpler to use, and of higher quality than traditional concrete, the product is commonly employed as a replacement. In addition, low inventory costs, decreased waste, and effective utilisation are likely to cut the project's ultimate cost.
The off-site segment dominated the ready mix concrete market share in 2022. Large quantities of concrete are needed in construction projects and off-site production makes it possible to manufacture concrete with greater accuracy & quality controls. The area needed at the construction site to store ready-mixed concrete used off-site. The on-site production method witnessed the fastest growth in the market. Even though this concrete is produced off-site by a ready-mix facility, the user has complete information, access, tracking, and the ability to intervene in the components, the mixture design, and the production process at every level.
U.S. ready mix concrete market size was reached USD 21.78 billion in 2022. The rapid expansion of medical tourism, rising healthcare expenses, and the growing prevalence of arthritis & degenerative disc conditions are all contributing to this expansion.
Some of the major companies operating in the ready mix concrete market are
These companies focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
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Market, By Application
Market, By Type
Market, By Production
The above information has been provided for the following regions and countries: