Ready-mixed concrete market is booming globally with a CAGR of 5.5% by 2026
The commercial and infrastructure segment expected to grow in the near future has witnessed significant growth.
PORTLAND, OR, USA, Jan. 19, 2022 /EINPresswire.com/ — According to the report, the global ready-mix concrete market earned $491.61 billion in 2018 and is expected to reach $766.63 billion. dollars by 2026, registering a CAGR of 5.5% from 2019 to 2026.
Drivers, constraints and opportunities
Rising demand for durable ready-mixed concrete infrastructure, increasing urbanization and industrialization in developing countries, and growth in construction industry are driving the global market for ready-mixed concrete. However, unstable economic conditions in Latin America and loss of maneuverability are restraining the growth of the market. On the other hand, the increase in public and private investments in the infrastructure sector creates new opportunities in the years to come.
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Operations in the construction sector have been halted during the lockdown. However, due to the increased need for health centers, several countries have built a number of specialized COVID 19 hospitals during the lockdown.
On the other hand, many countries have entered the recovery phase and thus have started to resume construction industry activities.
The Transit Mix Concrete segment to maintain its leading status in terms of revenue throughout the forecast period
By type, the transit mix concrete segment accounted for almost three-fifths of the total global ready-mixed concrete market share in 2018 and is expected to maintain its leading status in terms of revenue throughout the period. forecast. This is due to its contribution to reducing dust pollution and ease of transportation and placement. However, the center-mix concrete segment is estimated to show the highest CAGR of 6.3% from 2019 to 2026, due to its advantages of center-mix concrete, such as faster batching, cost savings, cement and reduced wear on mixer truck drums.
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The commercial and infrastructure segment to maintain its leading position during the forecast period
Based on application, the commercial and infrastructure segment contributed the highest market share in 2018, with more than two-thirds of the global ready-mixed concrete market, and is expected to maintain its leading position during the forecast period. This is attributed to its strength and profitability. 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, especially China and India.
Asia-Pacific, followed by North America, to maintain its dominance over the forecast period
Based on region, Asia-Pacific accounted for the highest share in terms of revenue, holding more than two-thirds of the total global ready-mixed concrete market share in 2018, and is expected to maintain its dominant position throughout the forecast period. . This is attributed to the increase in infrastructure development projects in this region. However, LAMEA is estimated to show the fastest CAGR of 6.3% from 2019 to 2026, due to increasing urbanization in this region. Additionally, North America is expected to register a CAGR of 4.0% during the forecast period.
Main market players
Barney & Dickenson Inc.
CEMEX SAB de CV
Ultra Tech Cement Limited
Vulcan Materials Company
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