Concrete Market to Reach $972.04 Bn, Globally, by 2030 at 4.7% CAGR: Allied Market Research

Concrete Market to Reach $972.04 Bn, Globally, by 2030 at 4.7% CAGR: Allied Market Research

WILMINGTON, DE, UNITED STATES, October 30, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “concrete market by concrete type, application, end-user industry and region: global opportunity analysis and industry forecast, 2021–2030." the global concrete industry generated $617.2 billion in 2020, and is anticipated to generate $972.04 billion by 2030, witnessing a CAGR of 4.7% from 2021 to 2030.

Prime determinants of growth

Increase in government expenditures for infrastructural development, need for reduced construction time and cost-effective products, and development in manufacturing technology drive the growth of the global concrete market. However, rapid urbanization and industrialization of emerging countries present new opportunities in the coming years.

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Driving Demands:

Construction of all infrastructures need concrete for building purpose. Concrete can be in the form of ready-mix concrete or precast products & elements. Revenue generated by sales of these products represents the market size of the concrete market.

Increase in government expenditures for development and reconstruction & repair of infrastructures in various countries leads to increase in demand for ready-mix concrete and precast products & elements. In addition, ready-mix concrete and precast products reduce construction time, which, in turn, saves project cost and timeline. Moreover, these products are cost effective and reduce wastage of raw material.

Furthermore, innovation in manufacturing technology boost production quality and capacity. These are factors are anticipated to propel the market growth.

Key Segments:

By Concrete Type -
Ready-mix Concrete
Transit Mix Concrete
Central Mix Concrete
Shrink Mix Concrete

Precast Products
Paver Blocks & Slabs
Bricks
AAC Blocks
Others

Precast Elements
.Facade
Floors & Roofs
Building Blocks
Walls
Others

By Application:

Reinforced Concrete
Non-reinforced Concrete

By End-User industry:

Roads & Highways
Tunnels
Residential Buildings
Non-Residential Buildings
Dams & Power Plants
Mining
Others

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Top Players:
The major players profiled in the concrete market include CEMEX, S.A.B. de C.V., CRH, Forterra, Heidelbergcement AG, Holcim, Shay Murtagh Precast Ltd, Sika AG, Votorantim S.A., Weckenmann Anlagentechnik GmbH & Co. KG, and Wells Concrete. Major companies in the market have adopted strategies such as business expansion, acquisition, product launch, and collaboration to offer better products and services to customers in the concrete market.

The reinforced concrete segment to maintain its leadership status throughout the forecast period

Based on application, the reinforced concrete segment held the highest market share in 2020, accounting for 80% of the global concrete market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to its high tensile strength and durability. Moreover, the non-reinforced concrete segment is projected to manifest the highest CAGR of 5.2% from 2021 to 2030, owing to development in technology of non-reinforced concrete manufacturing.

The residential buildings segment to maintain its lead position during the forecast period

Based on end use industry, the residential buildings segment accounted for the largest share in 2020, contributing to more than two-fifths of the global concrete market, and is projected to maintain its lead position during the forecast period. This is due to its urbanization in developing countries. However, the dams & power plants segment is expected to portray the largest CAGR of 5.4% from 2021 to 2030.

Asia-Pacific, followed by Europe, LAMEA, and North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe, LAMEA, and North America, held the highest market share in terms of revenue 2020, accounting for 80% of the global concrete market. This is owing to industrialization and urbanization in developing countries of the region. Moreover, the LAMEA region is expected to witness the fastest CAGR of 5.5% during the forecast period, owing to rapid development programs in the region.

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Key Findings Of The Study:

By concrete type, the ready-mix concrete segment was the highest revenue contributor in 2020.
By application, the reinforced concrete segment was the highest revenue contributor in 2020.
By end-user industry, the residential buildings segment was the highest revenue contributor in 2020.
By region, Asia-Pacific generated the highest revenue in 2020.