The global market for ready-mix concrete (RMC) 2020 is all to expand at a decent rate of 8.02% over the forecast period (2017-2023), believes Market Research Future (MRFR).
Top Market Boosters and Key Restraints
The market for ready mix concrete can witness tremendous growth in the near future, thanks to the rising spending for infrastructure development in developing countries like India, China, South Korea, Singapore and Mexico. Surging urbanization, population expansion, and government infrastructural plans are also leaving a positive impact on the global market. The Indian government recently launched smart cities program that involves the development of cities that boast of advanced infrastructure, providing a top-quality of life via smart solutions. These types of initiatives on the part of the government can lead to massive growth in the RMC market during the review period.
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RMC enjoys a higher demand than the traditional concrete, given the ease of use, higher convenience, and enhanced quality. Also, low inventory costs, efficient utilization and wastage reduction can lower down the overall project expenditures, a factor likely to boost the product demand during the projected period.
With the introduction of Foreign Direct Investment (FDI) as well as Public-Private Partnership (PPP) projects to facilitate the development of infrastructure projects, the product demand is anticipated to surge exponentially in the coming years. Also, the robust expansion as well as implementation of commercial, civic and residential infrastructure construction projects, the consumption of ready mix concrete materials is poised to grow significantly in the years to come.
The study of the global ready-mix concrete market includes the primary segments of production, application.
The production-wise segments in the market are on-site and off-site.
The application-wise market segmentation comprises Residential, Commercial, Infrastructure, Industrial utilities, and others. Residential application segment can note better growth than its counterparts, owing to the rising residential construction in developed and developing economies backed by the expanding population and the surge in the spending power of people.
Region-wise Market Trends
The ready-mix concrete market can be regionally divided into Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW).
In 2016, APAC seized the biggest share in the global market for ready mix concrete and can retain its leading position throughout the review period. APAC’s dominance in the global market is the result of the mounting number of new infrastructural projects in Singapore, India, Thailand and China. The regional market’s superlative growth is also in response to the rising industrialization, population expansion, surge in urbanization as well as favorable government policies. The availability of cheap resources as well as skilled workforce combined with the low operational and labor costs also provide robust growth potential to the market.
In North America, expansion of commercial construction in tourism-based countries, the surge in the spending on commercial construction, high government spending on manufacturing, power plants and construction, and the prevalent trend of urbanization can stimulate market growth in the coming years.
Fast-paced population expansion paired with the infrastructural development in Saudi Arabia (part of the RoW market) has prompted the government to come with numerous large-scale construction works to bring down the pressure on the existing infrastructure. This factor is inevitably going to work in favor of the regional market in the following years. In addition, the thriving tourism industry in the Middle East and Africa (MEA) gives rise to a host of lucrative opportunities for RMC manufacturers and provides scope for market growth in the coming years.
Some of the top vendors in the global market for ready-mix concrete are Barney & Dickenson, Inc.(U.S.), Italcementi Group (Italy), Buzzi Unicem S.p.A. (Italy), Holcim Ltd.(Switzerland), ACC Limited (India), UltraTech Cement Limited (India), HeidelbergCement (Germany), Lafarge (France), R.W. Sidley, Inc. (U.S.), CEMEX S.A.B. de C.V. (Mexico), Vicat SA (France), and others.
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