The market for ready-mix concrete is expected to expand at a CAGR of 6.64%, during the forecast period of 2019

NEW YORK, Sept. 11, 2019 /PRNewswire/ --

Market Overview
The market for ready-mix concrete is expected to expand at a CAGR of 6.64%, during the forecast period of 2019 – 2024. Major factors driving the market studied are the development of smart cities, and continuous infrastructure development in emerging. Ease of availability of potential substitutes is expected to hinder the growth of the market studied.



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- Rising awareness of ready-mix concrete in developing economies is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from the countries such as China and India.

Key Market Trends
Increasing Demand from Non-Residential Segment

- Non-residential is segmented into infrastructure, commercial, and industrial/ institutional
- Infrastructure development, such as the construction of highways, a 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 for ready-mix concrete.
- An increasing number of big infrastructure projects are propelling the growth of the market studied, 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.
- Furthermore, since ages, concrete has been the first choice of contractors for commercial development of buildings and if it is a large-scale concrete structure, the ready-mix is the ultimate choice. Construction units, like office spaces, retail, hotels, and entertainment centers are the growth wagons for the market studied in commercial buildings application.
- Asia-Pacific has been a thriving market for office spaces in recent years. Demand for office spaces in India has been growing rapidly for many years. About 33 million ft2 of office space was absorbed in 2018, a growth of 16 percent from the previous year, and it is expected to exceed 37 million ft2 by 2019. The country has been receiving significant interest from foreign investors in the commercial sector
- Owing to the aforementioned developments and investments, the use of ready-mix in the industrial/institutional application segment is expected to rise globally, during the forecast period.

China to Dominate the Asia-Pacific Region Market

- According to the Government of China, the construction sector of the country is estimated to grow by 5.9% and 6.1% during 2019 and 2020, respectively. Although there was a marginal improvement during 2017, the pace of expansion in 2018 was still relatively sluggish for the industry, bearing in mind that over the preceding 10 years period, the nation's construction industry expanded at an annual rate of more than 8%.
- The Chinese residential housing sector is experiencing a drop-in growth. Nearly 22% of the Chinese urban house stocking is expected to be empty as of late 2019. These include unsold properties and apartments brought by entrepreneurs and speculators, who have no intention of living in them but to hold them as an investment property. As a result, a decline in the construction and rise in the taxes are expected to occur in the Chinese construction sector in the upcoming years, which can have a negative impact on the demand for the consumption of ready-mix concrete in the country. The total floor space of buildings completed, dropped by 1.3% in 2018, reflecting a weak performance compared to that of 2017.
- Infrastructure and highway expansion are a key part of China's 13th Five Year Plan. In the present scenario the government is taking initiatives, which involves two types of road networks that include a tolled expressway with low tariff and another without toll.
- In 2019, China's People's Liberation Army (PLA) has made noteworthy advances in constructing an 'all-weather road' that connects the Doklam plateau with its network of highways. According to latest updates, a 12-km-long stretch of Merug La-Doklam road has been black-topped and is close to finishing. Sources also mention that another stretch to Jelep La from Yatung has also been 'black-topped'.
- China has one of the largest healthcare sectors across the globe. In 2018, around RMB 82.6 billion (USD 11.95 billion) has been invested in the Chinese healthcare sector which is 78.64% greater than the investment made in the previous year. The major factors for the increasing investments are the rising demand for healthcare clinic to treat chronic and age-related diseases and growing healthcare policy support.
- Moreover, the country's 13th Five-Year Plan prioritizes health and innovation, which is expected to increase investments in the sector during the forecast period.
- Thus, owing to such factors, the demand for ready-mix concrete is expected to remain high during the forecast period in China.

Competitive Landscape
The global ready-mix concrete market is consolidated and dominated by the top five players, accounting for an estimated market share of almost 50% in the overall market revenue. Key players include CEMEX S.A.B. de C.V., LafargeHolcim, Heidelberg Cement AG., UltraTech Cement Ltd., BuzziUnicem S.p.A., etc.

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