Concrete Market Growing at 4.7% CAGR to Hit $972.04 billion by 2030| Growth, Share Analysis, Company Profiles

Concrete Market by Concrete Type (Ready-Mix Concrete, Precast Products, and Precast Elements), Application (Reinforced Concrete and Non-Reinforced Concrete), and End-User Industry (Roads & Highways, Tunnels, Residential Buildings, Non-Residential Buildings, Dams & Power Plants, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, 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.

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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, high initial investments and use of alternative building materials hinder the market growth. On the other hand, rapid urbanization and industrialization of emerging countries present new opportunities in the coming years.

Covid-19 Scenario
The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global concrete market, especially during the initial phase.
End use industries such as construction, manufacturing, hotel, and tourism industries were majorly affected due to the implementation of global lockdown.
Manufacturing activities were stopped or restricted to a huge extent. Construction and transportation activities, along with their supply chains hampered on a global level. This led to decline in manufacturing of cement, which directly hampered growth of the concrete market.

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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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Leading Market Players
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, Wells Concrete

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