NEW YORK, Jan. 26, 2017 /PRNewswire/ -- The global ready-mix concrete market is expected to reach USD 954.7 billion by 2024, according to a new report by Grand View Research, Inc. An increasing number of infrastructure projects including roads, bridges, dams coupled with rapid airport expansion works in emerging countries will fuel growth over the next eight years. Furthermore, rising government spending on power plants, manufacturing facilities, construction infrastructure along with the growing population will augment industry expansion over the upcoming years.
Commercial applications will witness considerable volume growth at a CAGR of 7.6% from 2016 to 2024. Growing population and rapid economic development in emerging countries including China, South Korea, and India are expected to propel the demand for construction of commercial buildings such as shopping malls, schools, offices, colleges, banks, and hospitals.
Further key findings from the report suggest:
The global ready-mix concrete market demand was 9,746.5 million tons in 2015 and is anticipated to show high gains on account of swift infrastructural expansion in China, India, Mexico, Saudi Arabia, Brazil, Singapore, Thailand, Indonesia, UAE and the U.S.
Major government initiatives including the development of 100 smart cities in India, revival of 160 Indian airports and Silk Road Project of China are expected to create immense growth potential. Moreover, rising government spending for the development of government offices and buildings will augment the ready-mix concrete demand over the forecast period.
MEA accounted for 10.1% of the global volume share in 2015 and is expected to witness gains in light of rising construction activities in Saudi Arabia, UAE, Qatar and Kuwait coupled with growing number of infrastructural projects in the region.
Latin America is expected to grow significantly at a CAGR of 7.7% from 2016 to 2024 owing to rapid economic growth along with increasing construction of manufacturing plants and energy harnessing projects in Brazil. Rising government efforts to promote solar power generation will spur product demand for construction purpose over the upcoming years.
Ready-mix concrete industry is dominated by major participants including ACC Ltd., Lafarge, Vicat S.A., Buzzi Unicem S.p.A., Barney & Dickenson, Inc., R.W. Sidley, Inc., CEMEX S.A.B. de C.V., Italcementi Group, UltraTech Cement, Holcim Ltd., Dillon Bros Ready Mix Concrete, LLC, HeidelbergCement, Livingston's Concrete Service, Inc., U.S. Concrete, Inc. and Hanson Cement Ltd.
Companies are focusing on mergers & acquisitions to increase their penetration in the market. For instance, in July 2016, detergents and chemicals maker Nirma Ltd. acquired Lafarge India's cement assets for about USD 1.4 billion to expand its business portfolio.
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