Ready Mix Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End Use (Residential, Commercial, and Others)

The scope of our recent study on the "Ready Mix Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by End Use" includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and identification of significant market players, along with their key developments.

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The ready mix concrete market size is expected to grow from US$ 844.10 billion in 2022 to US$ 1,118.18 billion by 2028; it is estimated to grow at a CAGR of 4.8% from 2022 to 2028. There are a number of advantages of ready mix concrete in construction projects. Its long-life span makes it an environmentally friendly, cost-efficient choice for concrete needs. The automated manufacturing process of ready mix concrete requires less human involvement, thereby lowering the risk of human error. Further, the ready mix concrete market is highly competitive owing to the presence of several regional and global players.

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Based on end use, the global ready mix concrete market is segmented into residential, commercial, and others. The residential segment held the largest market share in 2021. An increasing use of ready mix concrete in residential construction activities is driving its market growth. There is a surge in investments and development activities in the residential infrastructure sector due to the rising population and urbanization. Moreover, various favorable government policies in many countries have led to the establishment of residential buildings sector. All these factors are positively influencing the ready mix concrete market growth.

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The global ready mix concrete market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Of which, Asia Pacific held the largest revenue share of the global ready mix concrete market in 2021. This region is one of the prominent markets in terms of utilization of ready mix concrete owing to the surge in construction activities in the region. Because of rapid urbanization, infrastructural projects are rapidly growing in the region. According to the International Trade Administration, the South Korea public and private construction industry recorded a growth of 16.9% in 2020.

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Impact of COVID-19 Pandemic on Ready Mix Concrete Market

The COVID-19 outbreak created a temporary distortion in operational efficiencies of industrial bases. The demand for ready mix concrete declined in application sectors such as residential and commercial. However, the demand for ready mix concrete is increasing backed by the recovery of various construction activities in different countries. According to European Commission, construction output in the European Union climbed by 3.9% in January 2022 compared to December 2021; construction production in Europe similarly increased by 3.9%. In addition, the demand for ready mix concrete is growing across diverse industrial applications. This is expected to substantially promote the requirement for ready mix concrete.

1.1.1 Global Ready Mix Concrete Market Breakdown - by Region

• The report includes the segmentation of the global ready mix concrete market as follows:
• The global ready mix concrete market is segmented by end use and geography. Based on end use, the market is segmented into residential, commercial, and others. By geography, the global ready mix concrete market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The global ready mix concrete market in North America is further segmented into the US, Canada, and Mexico. The global ready mix concrete market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, Spain, Poland, Netherland, and the Rest of Europe. The global ready mix concrete market in Asia Pacific is further categorized into China, India, Japan, Australia, South Korea, Indonesia, Taiwan, Malaysia, Vietnam and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, Nigeria, Egypt, and the Rest of Middle East & Africa. The global ready mix concrete market in South & Central America is further categorized into Brazil, Argentina, and the Rest of South & Central America.

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