The increasing number of infrastructural development projects, which includes bridges, dams, roads, and airport expansion works predominantly in developing countries is stirring the demand for ready-mix concrete. This, in turn, will translate into growth for the global ready-mix concrete market in the coming years. In addition, government spending for the construction of power plants, manufacturing units, and cooperative residential complexes in several parts of the world and trending urbanization will further fuel the demand for ready-mix concrete.
Ready-mix concrete is customized concrete which offers several advantages in terms of durability and sustainability. This includes high speed of construction, reduction in amount of cement used, reduced pollution, conservation of energy, versatility in uses, elimination or reduced dependency on human labor, saves storage space requirement, timely delivery as mixture in prepared on site, and reduced noise and air pollution.
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This blog post presents answers to several questions that are pertinent with respect to developments in the global ready-mix concrete market;
What are the major factors driving and challenging the growth of the ready-mix concrete market?
The development of smart cities undertaken by several governments around the world will fuel the growth of ready-mix concrete market. This is because the introduction of ready-mix concrete has been instrumental in driving infrastructure and construction industries to new heights.
In general, construction projects are facing pressures related to wastage reduction, low inventory costs, and efficient utilization of resources with the objective to lower overall expenditures. This is expected to boost the growth of the ready-mix concrete market. Ready-mix concrete is increasingly being used due to its high quality, ease of use, convenience, and better economy.
However, handling capacity requirement for concrete from the mixer to several operational points is one of the key challenges that players in this market are facing. In addition, high initial capital for setting up manufacturing unit for ready-mix concrete will challenge the market’s growth. Nevertheless, the launch of modern infrastructural development undertakings will present new opportunities to the ready-mix concrete market.
Which is the leading application segment in this market?
The infrastructure segment is expected to be the leading application segment due to massive projects underway for construction of highways, dams, bridges, and renovation of airports across several parts of the world. The increasing government spending for infrastructural development will further benefit this application segment.
Other major application segments include commercial buildings, residential buildings, and industrial utilities.
Which factors will lead Asia Pacific to hold dominant position in the market?
The rising number of infrastructural development projects in India, China, Singapore, and Thailand is the key factor that will lead Asia Pacific to hold lead position in the global market. Rapid industrialization and urbanization in emerging economies is influencing the growth of Asia Pacific ready-mix concrete market.