Concrete Market Size to grow by USD 119.6 billion between 2024-2028
According to a research report “ Concrete Market” by Type (Ready-mix concrete, Precast concrete) End-user (Residential, Non-residential) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 119.6 billion, at a CAGR of 4.26% during the forecast period. The global concrete market is poised for significant expansion due to the surge in construction and renovation activities driven by economic growth, increasing urbanization, and rising income levels. This trend is further fueled by the commitment of construction industry stakeholders towards sustainable building practices, energy efficiency, and the adoption of advanced materials. Notably, the residential and commercial sectors, as well as infrastructure development, are expected to offer substantial growth opportunities for the concrete industry in various regions throughout the forecast period.
Browse market data tables, figures, and in-depth TOC on “Concrete Market” by Type (Ready-mix concrete, Precast concrete) End-user (Residential, Non-residential) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Type, the Ready-mix concrete segment is projected to dominate the market size in 2024
The concrete market represents a significant segment within the construction industry, exhibiting robust growth and innovation. Key players in this sector focus on enhancing product offerings through advanced technologies, such as high-performance concrete and sustainable solutions. Consumer demand for durable, cost-effective, and eco-friendly construction materials continues to fuel market expansion. Industry trends include increased automation, regional expansion, and strategic partnerships to cater to diverse client needs.
By End-user, Residential segment is expected to hold the largest market size for the year 2024
The concrete market represents a significant sector in the construction industry, exhibiting robust growth and substantial opportunities. Market trends indicate a rising demand for sustainable and high-performance concrete solutions, driven by increasing infrastructure development and urbanization. Key players in this market prioritize innovation, efficiency, and sustainability to maintain competitiveness. Collaborations, mergers, and acquisitions are common strategies to expand market share and enhance product offerings.
APAC is forecasted to hold the largest market size by region in 2024
The concrete market represents a significant sector in the construction industry, demonstrating robust growth and stability. Market trends indicate increasing demand for sustainable and high-performance concrete solutions, driven by infrastructure development and urbanization. Key players are focusing on innovation and technological advancements to meet evolving customer needs and regulatory requirements. The market's future looks promising, with potential opportunities in emerging economies and the adoption of green concrete technologies.
The Concrete Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The concrete market has experienced significant growth in recent years, particularly in the production of precast concrete elements for non-residential buildings. Precast concrete is a construction method that uses a central plant to produce concrete components, which are then transported to the construction site and assembled. This method is ideal for large-scale projects such as dams & power plants, tunnels, roads & highways, and other non-residential structures. Precast concrete is an environmentally friendly material as it reduces the need for on-site mixing and transportation of concrete, minimizing the carbon footprint. However, the high initial investment required for setting up a central plant and the need for skilled labor can be a barrier to entry for some players in the market. Precast concrete elements include building blocks, floor and façade panels, precast beams, columns, and other structural components. Precast concrete can also be used to produce non-reinforced and reinforced concrete elements, as well as precast products like AAC blocks, bricks, paving stones, and slabs. The production of precast concrete involves the use of binding adhesives, aggregates, water, sand, and cement. Mining and quarrying are essential for the extraction of raw materials such as sand, gravel, and aggregates. The concrete market is expected to continue growing due to the increasing demand for sustainable and durable construction materials, especially in the infrastructure sector.
Market Research Overview
The concrete market is witnessing significant growth due to the increasing demand for precast concrete products and elements in both residential and non-residential buildings. Precast concrete plants use industrialized methods to produce precast modules, including reinforcing bars, using cement, aggregates, water, sand, and cement. Builders and contractors prefer precast concrete for its high-quality control, process standardization, labor reduction, time reduction, and cost reduction. Precast concrete is widely used in various industries such as tourism, manufacturing, and construction. Precast products include precast concrete pipes, building blocks, floor, facade, and precast elements for bridges, dams, power plants, tunnels, roads, and highways. Precast concrete is also used in the production of AAC blocks, bricks, paving stones, and slabs. Precast concrete is an environment-friendly material, but its high initial investment and the need for skilled labor and technology make it a costly option. However, the use of machinery, such as mobile concrete trucks and trailers, and material handling equipment, helps reduce wastage and increase efficiency. Precast concrete is essential in construction activities related to industrialization and rapid urbanization. It is used in the improvement of roads, water management systems, and large infrastructures such as highways, dams, power plants, and bridges. The concrete market is expected to grow further due to government expenditures on infrastructure projects and the increasing demand for high-quality concrete products. However, the use of precast concrete also comes with challenges such as work-zone safety, pollution, heat, and moisture. Proper scaffolding and material handling techniques are necessary to ensure work-zone safety. The concrete industry must also focus on reducing pollution and minimizing the use of non-reinforced concrete to improve construction quality and reduce wastage. In summary, the concrete market is growing due to the increasing demand for precast concrete products and elements in various industries. Precast concrete offers benefits such as high-quality control, labor reduction, time reduction, and cost reduction. However, it also comes with challenges such as work-zone safety, pollution, heat, and moisture. Proper planning, implementation, and adherence to process standards are essential to ensure the successful use of precast concrete in construction activities.
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