- Increase in demand for ready-mix concrete sustainable infrastructure, surge in urbanization and industrialization in developing countries, and growth in construction industry drive the global ready-mix Concrete market
PORTLAND, Oregon, June 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Ready-Mix Concrete Market Type (Transit Mix Concrete, Central Mix Concrete, and Shrink Mix Concrete) and Application (Commercial & Infrastructure, Residential, and Industrial): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global ready-mix concrete market garnered $491.61 billion in 2018, and is estimated to reach $766.63 billion by 2026, registering a CAGR of 5.5% from 2019 to 2026.
Drivers, restraints, and opportunities
Surge in demand for ready-mix concrete sustainable infrastructure, increase in urbanization and industrialization in developing countries, and growth in construction industry drive the global ready-mix concrete market. However, unstable economic conditions in Latin America and loss of workability restrain the market growth. On the other hand, surge in government and private investments in the infrastructure sector create new opportunities in the coming years.
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The transit mix concrete segment to maintain its lead status in terms of revenue throughout the forecast period
Based on type, the transit mix concrete segment accounted for nearly three-fifths of the total share of the global ready-mix concrete market in 2018, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to its contribution to the reduction of dust pollution and easy transportation and placing. However, the central mix concrete segment is estimated to portray the highest CAGR of 6.3% from 2019 to 2026, owing to its advantages of central mix concrete such as faster batching, cement saving, and reduced wear of the truck mixer drums.
The commercial and infrastructure segment to maintain its leadership position during the forecast period
Based on application, the commercial and infrastructure segment contributed to the highest market share in 2018, with more than two-thirds of the global ready-mix concrete market, and is estimated to maintain its leadership position during the forecast period. This is attributed to its strength and cost effectiveness. However, the residential segment is estimated to generate the fastest CAGR of 6.3% from 2019 to 2026. This is due to the increase in residential construction projects in developing regions including China and India.
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Asia-Pacific, followed by North America, to maintain its dominance during the forecast period
Based on region, Asia-Pacific accounted for the highest share based on revenue, holding for more than two-thirds of the total share of the global ready-mix concrete market in 2018, and is projected to maintain its dominant position throughout the forecast period. This is attributed to increased infrastructure development projects in this region. However, LAMEA is estimated to portray the fastest CAGR of 6.3% from 2019 to 2026, owing to rise in urbanization in this region. In Addition, North America is anticipated to register a CAGR of 4.0% during the forecast period.
Leading market players
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