LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global ready-mix concrete market to grow to USD 410.59 billion by 2021, at a CAGR of more than 9% over the forecast period, according to their latest report.
The research study by Technavio on the global ready-mix concrete market for 2017-2021 provides detailed industry analysis based on application (residential and non-residential) and geography (APAC, EMEA, and the Americas).
|Ready-mix concrete is manufactured in a factory or a plant and then delivered to the construction site through a truck equipped with transit mixers. The non-residential sector creates a higher demand for the ready-mix cement, generating over 64% of the overall market revenue.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global ready-mix concrete market:
- Increasing urbanization and rising disposable income
- Increase in demand for concrete additives
- Increase in demand for concrete in APAC
Increasing urbanization and rising disposable income
“The ongoing development both in terms of economy and infrastructure in countries such as Malaysia, India, Vietnam, China, and Qatar is positively impacting the demand for readymade concrete mix, thereby driving the market,” says Hitesh Bhatia, a lead analyst at Technavio for glass and ceramics research.
The time constraints placed upon infrastructure development projects in the urbanized economies is creating a high demand for readymade concrete mixes. Also, ready-mix concrete provides reduced shrinkage, cracking tendencies and volume change, leading to its increased adoption.
Increase in demand for concrete additives
Ready-mix concrete with various additives to improve acceleration or retardation of setting time, concrete quality, and manageability is in high demand due to the varied requirements of modern infrastructure development projects. The global concrete additives market has been growing at a CAGR of more than 4%. Concrete additives are also encouraging innovation in design while improving the strength, quality, appearance, and durability of the finished concrete. The increasing use of these additives by ready-mix concrete manufacturers will attract more consumers toward using ready-mix concrete, thereby driving the market growth.
Increase in demand for concrete in APAC
“APAC is home to several swiftly growing economies such as India, Singapore, Indonesia, China, and Thailand, which is creating a rising demand for new and improved public and private infrastructure. This is creating a direct demand for ready-mix concrete and driving the market growth,” says Hitesh.
The growing number of infrastructure projects such as dams, roads, bridges, and airport expansion work, especially in developing countries, such as India, China, Indonesia, and Vietnam, is fueling the demand for ready-mix concrete. Also, government initiatives to attract foreign companies to invest in establishing and developing industrial areas is expected to impact the demand for ready-mix concrete.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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