Ready-Mix Concrete Market Foresees High Growth during 2018-2024
The market of ready-mix concrete (RMC) is projected to witness a massive growth in the coming years owing to rising residential and commercial projects such as dam, bridges, buildings, and roads. Also, growing constructions spending and government infrastructural plans will raise the market growth. In addition, rising government spending for construction of energy generation plants and cooperative residential complexes in several regions coupled with trending urbanization will further propel the growth of ready-mix concrete market.
Ready-mix concrete is customized concrete which has several advantages over traditional concrete due to its durability and sustainability. This helps to speed-up construction, reduction of cement usage, increasing versatility and reduction in dependency on human labor. Furthermore, ready-mix concrete can be delivered at any destination where a truck can travel and can be fixed directly to the workplace or handling equipment at the point of use. Moreover, it saves storage space requirement, reduces noise and air pollution. Additionally, the emerging concept of Foreign Direct Investment (FDI) and Public Private Partnership (PPP), projected for the construction of infrastructure projects, is anticipated to spur the demand for the RMC over the coming years.
The development of a smart city program in response to creating cities with good infrastructure through the smart solution by the government will favor the growth of the ready-mix concrete market. In order to reduce wastage and inventory costs along with the concern over efficient utilization of resources and diversification of the economy, ready-mix concrete is being used increasingly, thus enhancing the growth of market overall.
Currently, infrastructure is the fastest growing application which is driving the market of RMC in emerging economies. Besides, the creation of manufacturing facilities and power plants to meet the growing demand for energy on a global scale will further stimulate the RMC requirement in the near future. Also, increasing budget for infrastructure development by governments will provide an additional push to the growth of the market.
As per the market report “Global Ready-Mix Concrete Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017-2024
” available with DecisionDatabases.com, the Asia-Pacific region accounted for the highest consumption of RMC and this drift is expected to continue owing to growing number of infrastructural projects in India, China, and Thailand. Expansion of road infrastructure along with the government initiatives towards construction activity in the Asian region is projected to benefit the market. The Middle East and Africa are projected to witness substantial growth on account of rising big-ticket commercial projects. Moreover, most of the construction projects are public-private partnership in MEA, thus this region is expected to gain in light of construction activity, which in turn will raise the demand for RMC. Also, rising population coupled with infrastructure requirement in Saudi Arabia has led the government to start with several large-scale projects to ease the burden on existing infrastructure; this will present more opportunity to the ready-mix market.
On the other hand, the high initial cost for setting up a manufacturing plant for ready-mix concrete will act as restraint for the new entrants in the coming years.
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