Ready-Mix Concrete Market Size, Share, Growth Analysis, By Production (On-Site, Off-Site), By Type, By Mixer Type,By Application, By Region - Industry Forecast 2024-2031

Global Ready-Mix Concrete Market size was valued at USD 181.14 billion in 2019 and is poised to grow from USD 196.39 billion in 2023 to USD 1427.31 billion by 2031, growing at a CAGR of 8.5% in the forecast period (2024-2031).

As of October 2023, the market for ready-mixed concrete (RMC) is experiencing significant growth, driven by a surge in demand for versatile building materials and increasing requirements for durable construction. RMC is favored over traditional concrete due to its convenience, ease of use, and superior quality, making it ideal for residential, commercial, industrial, and infrastructural projects. Urbanization and population growth are key factors propelling this demand, as they necessitate increased housing, employment, and infrastructure development. Modern construction companies are prioritizing eco-friendly and cost-effective solutions which RMC readily provides, ensuring consistent quality and adherence to stringent standards. This trend reflects an overarching shift towards sustainable building practices in response to evolving market needs in the construction industry.

Top-down and bottom-up approaches were used to estimate and validate the size of the Ready-Mix Concrete market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Ready-Mix Concrete Market Segmental Analysis

Global Ready-Mix Concrete Market is segmented by Production, by Type, by Mixer Type, by Application and by Region. Based on Production, the market is segmented into On-Site, Off-Site. Based on Type, the market is segmented into Transit Mix Concrete, Central Mix Concrete, Shrink Mix Concrete. Based on Mixer Type, the market is segmented into Volumetric and Barrel truck/In-transit mixer. Based on Application, the market is segmented into Commercial & Infrastructure, Residential, Industrial Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Ready-Mix Concrete Market

The rising demand for ready-mix concrete is significantly driven by an upsurge in infrastructure development, particularly in emerging economies, where projects like roads, bridges, dams, and airport expansions are on the rise. This trend is expected to propel rapid growth in the global ready-mix concrete market throughout the forecast period. Moreover, increased governmental investment in construction, manufacturing, and power plant projects is bolstering market momentum. Additionally, factors such as rapid population growth and urbanization are anticipated to further accelerate market expansion. The efficient pouring methods associated with ready-mix concrete will also enhance its market value, alongside the growth in the automotive sector and various infrastructure developments worldwide.

Restraints in the Ready-Mix Concrete Market

The Ready-Mix Concrete market faces several significant restraints that hinder its growth potential. One major challenge is the high capital investment required for new entrants, which can deter potential competitors from entering the industry. Additionally, the elevated cost of ready-mix concrete poses a barrier for many consumers, particularly those with limited financial resources, making it difficult for them to adopt these solutions. Furthermore, a lack of public awareness and understanding of ready-mix concrete technologies-stemming from minimal outreach efforts-contributes to low sales and installation rates. These factors collectively create obstacles that limit the expansion of the ready-mix concrete market.

Market Trends of the Ready-Mix Concrete Market

The ready-mix concrete market is witnessing significant growth, driven by advancements in innovative building materials and increasing infrastructure development globally, especially in emerging economies. The surge in various projects, including bridges, highways, and airport expansions, is propelling the demand for ready-mixed concrete. Moreover, the trend towards sustainable construction practices is further boosting the market, as ready-mix concrete can be produced with eco-friendly materials and lower carbon footprints. With ongoing urbanization and government initiatives aimed at enhancing infrastructure, the ready-mix concrete market is poised for rapid expansion, reflecting a robust outlook for the coming years.