The Concrete Market is being driven by Expansion of construction industry
The Concrete Market is expected to grow at a CAGR of 6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 203.4 billion. Precast concrete is a cost-effective and efficient solution in the construction industry, manufactured off-site in a controlled factory environment using reusable molds. This process enables the production of precise and consistent concrete elements, such as columns, floors, beams, wall panels, staircases, pipes, and tunnels. The prefabricated nature of precast concrete reduces on-site construction time, labor requirements, and expenses. Additionally, the precast concrete industry caters to non-residential sectors, delivering structural components with superior quality and durability.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
232 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
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Market growth 2025-2029 |
USD 203.4 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
5.7 |
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Key countries |
US, China, Japan, Canada, Germany, India, UK, South Korea, Saudi Arabia, and Italy |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The concrete market encompasses a range of high-performance concrete types, including self-consolidating and fiber-reinforced varieties. Lightweight, insulating, decorative, and stamped concrete are also popular choices. Services such as concrete overlays, resurfacing, sealers, coatings, waterproofing membranes, crack repair, joint sealing, grouting, underpinning, and lifting are common concrete applications. Sustainability practices, innovation, and technology advancements are shaping the concrete industry, driving growth and demand. The concrete supply chain, logistics, workforce, safety, carbon footprint, and trends are key considerations in this dynamic market.
The ready-mix concrete and precast concrete segments fall under the larger construction materials market, which encompasses the manufacturing industry of sand, clay, gypsum, lime, aggregates, cement, concrete, bricks, and other materials. The global construction materials market revenue is derived from the combined sales of providers in the chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products sectors. The construction materials market growth is primarily driven by the upsurge in the building and construction industry. With the notable expansion of this sector in recent years, the demand for construction materials, including concrete, is anticipated to persistently increase. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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