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Concrete Materials Market Outlook and Overview 2024-2033
Concrete Materials Market Outlook
According to The Business Research Company's, The concrete materials market size has grown steadily in recent years. It will grow from $306.09 billion in 2023 to $316.78 billion in 2024 at a compound annual growth rate (CAGR) of 3.5%. The growth in the historic period can be attributed to regulatory standards and building codes, innovations in cement formulations, adoption of reinforced concrete, environmental concerns and sustainability, advancements in mixing..
The concrete materials market size is expected to see steady growth in the next few years. It will grow to $364 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to global economic conditions, emerging market trends, urbanization and infrastructure development, construction industry growth, investments in r&d.. Major trends in the forecast period include innovative additives and admixtures, green concrete solutions, digitalization in construction, infrastructure development, prefabrication and modular construction..
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Market Drivers and Trends:
The development of the construction sector is expected to propel the growth of the concrete materials market in the coming future. The construction industry refers to the area of manufacturing and trade concerned with building, renovating, restoring, and maintaining infrastructure. The characteristics of concrete materials such as high strength, unit weight, durability, cost-effective, inertness, and versatility make it a more suitable material for the construction of dams, residential buildings, commercial buildings, roads, driveways, marine construction, culverts and sewers, and foundations. For instance, according to the Office for National Statistics, the administrative office of the United Kingdom Statistics Authority, in 2021, the annual construction sector rose by a record 12.7% compared to the previous year. In December 2021, the volume of monthly construction output climbed by 2.0%, this was entirely due to a rise in new work (3.5%). In addition to the monthly rise, the construction industry's quarterly production climbed by 1.0% in Q4 2021 compared to Q3. This increase was driven by both new work (1.1%) and repair and maintenance (0.8%). Therefore, the development of the construction sector is driving the growth of the concrete materials market.
Product innovation is a key trend gaining popularity in the concrete materials market going forward. Major companies operating in the concrete materials market are focused on developing innovative products to strengthen their position in the market. For instance, in May 2023, Associated Cement Companies Limited, an India-based cement industry launched Bagcrete. Bagcrete is a pre-blended concrete solution that is intended to be simple to use and hassle-free for a variety of construction needs. The final product is a stronger, more durable concrete mix that is formed by producing a proportionate balance of premium components to ensure uniform quality. There are two functional forms of the product available such as dry-mix and wet-mix. whereas the wet-mix is pre-mixed and immediately usable concrete that doesn't need to be further mixed before use, the dry-mix is pre-blended concrete that may be used immediately with just the addition of water. The product is particularly useful in locations with limited water sources or where traditional concrete mixing processes are unfeasible. It is perfect for construction jobs that call for a quick and efficient application method.
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Major Key Players of the Market:
CEMEX S.A.B. de C.V.; CRH plc; HeidelbergCement AG; LafargeHolcim Group; Shay Murtagh Precast; Weckenmann Anlagentechnik GmbH & Co. KG; Laing O'Rourke PPC Ltd.; Forterra plc; Cementir Holding S.p.A.; Vicat SA; Adelaide Brighton Limited; Broco Aerated Concrete Industry PT; JSW Cement Ltd.; R.W. Sidley Inc.; Saint-Gobain; QUIKRETE Holdings Inc.; Xella Group; ACC Limited; UltraTech Cement Limited; Buzzi Unicem S.p.A.; China National Building Material Company Limited; Sumitomo Osaka Cement Co. Ltd.; Martin Marietta Materials Inc.; Vulcan Materials Company; A & A Concrete Supply; National Cement Company; Oldcastle Inc.; Eagle Materials Inc; Titan Cement Company Inc; Taiheiyo Cement Corporation
Concrete Materials Market 2024 Key Insights:
• The concrete materials market will grow to $364 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%.
• Construction Sector Boom Fuels Robust Growth In The Concrete Materials Market
• Growing Emphasis On Pre-Blended Concrete For Hassle-Free Construction
• Asia-Pacific was the largest region in the concrete materials market in 2023
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