Market Research Future (MRFR) report on the global ready-mix concrete market (2020-2027) discusses and investigates the effects of the COVID-19 outbreak on the global ready-mix concrete market, including future opportunities and challenges, drivers, and risks. The study explains the effects of COVID-19 on the global ready-mix concrete market and predicts economic growth based on various scenarios.
The ready-mix concrete (RMC) is a combination of cement, water, sand, and aggregates. The manufacturing and delivery of ready-mix concrete through a transit mixer allows the implementation of precise concrete in the construction project, keeping it durable, strong, and long-lasting. Ready-mix concrete is especially advantageous when limited amounts of concrete or intermittent concrete are needed. Ready-mixed concrete is also suitable for large jobs where space is small, and there is little room for a mixing plant and aggregates.
Market Dynamics
Given its rising growth and popularity, RMC has major risks in terms of occupational safety. The employees of this sector face the risks that occur during the fabrication process of concrete and also during its delivery to the construction site. Strengthening infrastructure and airport expansion projects, particularly in developing countries, is fueling demand for ready-mix concrete. High government spending on manufacturing, construction, and power plants, increasing population, and urbanization are accelerating market growth.
Because of ease of use, convenience, economy, and better quality, RMC is favored over traditional concrete. In addition, a reduction in waste, low inventory costs, and effective usage will lead to a reduction in total project spending, which in turn will raise demand for products over the coming years. The main advantages of RMC are low labor costs and cost supervision, consumer awareness of waste disposal associated with bulk handling, and consistency of quality.
The rise in large projects stimulates the use of RMC due to its high quality and ease of use. The time constraints imposed on infrastructure construction projects in urbanized economies are generating a high demand for ready-made concrete mixes. In addition, ready-mix concrete provides reduced shrinkage, cracking tendencies, and changes in volume, contributing to increased adoption. Concrete's limited time span between mixing and going-off means that ready-mix should be placed within 90 minutes of batching at the plant. This serves as a restraint in the market.
Ready-mix concrete is a kind of concrete that increases durability and sustainability. It is easier to buy raw materials individually, and experimenting every time with handling and proportioning, is not involved. The global ready-mix concrete market is very competitive and is expected to experience substantial growth over the forecast period.
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COVID-19 Impact on the Global Ready-Mix Concrete Market
The COVID-19 virus has spread all over the world. The world is fighting against the pandemic as it has affected numerous sectors and slowed down the global economy. The COVID-19 pandemic has had an intense influence on the construction sector. Suspension of construction activities has resulted in delays in the delivery of construction projects, particularly in nations such as China, India, and Singapore in the Asia Pacific region, which has led to a decline in demand for ready-mix concrete in construction operations. The majority of cement production is made in China. The disruption of supply chain activities due to the spread of COVID-19 from China has also had an impact on the growth of the sector. In addition, halting commercial construction projects such as office buildings, shopping malls, hotels, medical centers, and hospitals also dropped the demand for ready-mix concrete. Construction activities are expected to restart at full speed after the lockdown period to compensate for delays in the delivery of commercial, residential, and industrial projects, which are expected to fuel the growth of the ready-mix concrete industry.
Market Segmentation
The global ready-mix concrete market has been segmented into production and application.
- By production, the global ready-mix concrete market has been segmented into on site and off site.
- By application, the global ready-mix concrete market has been segmented into commercial, residential, infrastructure, industrial utilities. Increased construction of commercial and residential complexes is also expected to raise ready-mix demand in the coming years.
Regional Analysis
Regionally, the global ready-mix concrete market has been segmented into Asia Pacific, North America, Europe, and the Rest of the World.
The Asia Pacific earned the highest revenue in 2016 and will continue to dominate the market for the next four years. The Asia Pacific will dominate the market as a result of a rising number of new infrastructure projects in India, Singapore, China, and Thailand. Rapid industrialization and urbanization are behind the expansion of the Asia Pacific market in these countries. Some of the main factors responsible for market growth in the region are rapid industrialization, population growth, urbanization and favorable government policies, the availability of cheap resources and skilled labor, and low operating and labor costs. On the flip side, it is expected that the introduction of new infrastructure construction projects will increase the demand for ready-mix concrete. This will ensure sustained business growth in the coming years.
The ready-mix concrete market is still at an early phase of its development in India but offers a substantial potential for growth and value creation. The Indian construction market is developing in order to experience a great demand for new homes, urbanization, and infrastructure. There is fierce competition between well-established players in the construction industry. The number of construction projects is expected to increase with an increase in public sector expenditure. The increase in investment in construction, coupled with the rapid growth of the economy, provides the ideal conditions for several international vendors to join the market during the forecast period.
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Key Players
- ACC Limited (India)
- Vicat SA (France)
- Barney & Dickenson, Inc. (U.S.)
- Lafarge (France)
- Buzzi Unicem S.p.A. (Italy)
- R.W. Sidley, Inc. (U.S.)
- Italcementi Group (Italy)
- Holcim Ltd.( Switzerland)
- CEMEX S.A.B. de C.V. ( Mexico)
- UltraTech Cement Limited ( India)
- HeidelbergCement (Germany)
Key Questions Addressed by the Report
- What was the historic market size (2020)?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate by 2027?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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