Ready-mix concrete is a type of concrete manufactured in a batch plant as per a set engineered mix design. RMC is widely used as a building material for residential & commercial buildings, manufacturing amenities, energy generation plants, roads, and runways. Infrastructure development such as construction of highways, makeover of airports, and construction of dams in developing economies, coupled with the growing trend of urbanization, is one of the significant factors propelling market growth. Increasing number of big infrastructure projects are spurring RMC consumption, owing to its high quality and ease of use. The time constraints in infrastructure development projects across urban areas are creating huge demand for readymade concrete mixes. Also, ready-mix concrete reduces shrinkage, cracking tendencies and volume change, which drives its increased adoption. The process of 3D printing using concrete mix is likely to drive the ready-mix concrete market growth in coming years. The technology offers benefits such as low labor cost, fast construction, increased complexity or accuracy, low waste production, and greater integration of function.
Geographically, the ready-mix concrete market has been segmented into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
Asia Pacific is expected to hold a major share of the ready-mix concrete market, owing to new infrastructure development and renewal of existing infrastructure in cities. Presence of several developing countries such as South Korea, India, Hong Kong, and others which are emerging strong is one of the major drivers for ready-mix concrete market growth.
The ready-mix concrete market in North America is expected to witness significant growth, owing to several developments in transportation and construction industries. Ready-mix concrete finds applications in construction and transportation sectors, promising efficiency and durability. Attributing to the perishable nature of ready-mix concrete, its production and supply are limited to several rural and metropolitan locations. The National Ready Mixed Concrete Association (NRMCA) has an estimated 5,500 ready-mix concrete plants with a primary focus on production and approximately 55,000 ready-mix concrete mixer trucks to deliver them to a place of order. Additionally, the ready-mix concrete sector utilizes 75% of the total cement shipped in North . NRCMA had approx. USD 35 billion of ready-mix concrete for 2018, representing a pool of opportunities for the ready-mix concrete market.
The Europe ready-mix concrete market is expected to witness healthy growth, owing to the region’s stringent regulations and reforms that have been drafted to attain sustainable environment and reduce hazardous impacts on the environment. For instance, according to The British Ready-Mixed Concrete Association (BRMCA), ready-mix concrete does not go to landfills and is recycled and reworked on site. Manufacturers are now required to register data of levels of chemical components used in production and develop targets that promote best practices to achieve reduction in wastage associated with ready-mix concrete. These regulations also promote demand for ready-mix concrete.
The MEA ready-mix concrete market is expected to register steady growth during the forecast period, owing to the presence of developing economies such as the Middle East and Africa. Latin America is expected to witness stagnant growth during the forecast period. Infrastructure projects boost economic growth during construction and operation phases as well as in the long term. During the construction phase, infrastructure investments directly offer employment to labor, and stimulate demand for supplies and services, instantly raising economic value added.
The global ready-mix concrete market has been segmented by production and application.
Based on production, the ready-mix concrete market can be segmented into on-site and off-site. The on-site segment is expected to witness sound growth during the forecast period, owing to rapid urbanization in developing as well as developed economies such as India, China, and those in Europe. RMC along with associated construction materials are primarily used at construction sites for ease of application.
On the basis of application, the ready-mix concrete market can be segmented into residential, commercial, infrastructure, and industrial utilities. Increasing construction of residential and commercial complexes is expected to surge demand for ready-mix concrete during the forecast period. Growing population, coupled with infrastructure requirement in Saudi Arabia, has compelled governments to initiate several large-scale construction projects in order to ease pressure on existing infrastructure, which, in turn, is projected to spur the ready-mix concrete market growth in the coming years.
RMC Market Segmentation