Market Size of ready mix concrete Industry
| Icons | Lable | Value |
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Study Period | 2018 - 2030 |
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Market Volume (2024) | 5.3 Billion Cubic meters |
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Market Volume (2030) | 7.13 Billion Cubic meters |
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Largest Share by End Use Sector | Residential |
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CAGR (2024 - 2030) | 5.04 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Ready Mix Concrete Market Analysis
The Ready Mix Concrete Market size is estimated at 5.3 billion Cubic meters in 2024, and is expected to reach 7.13 billion Cubic meters by 2030, growing at a CAGR of 5.04% during the forecast period (2024-2030).
5.3 Billion
Market Size in 2024 (Cubic meters)
7.13 Billion
Market Size in 2030 (Cubic meters)
4.12 %
CAGR (2018-2023)
5.04 %
CAGR (2024-2030)
Largest Market by Product
73.33 %
volume share, Transit Mixed, 2023
Owing to the strict timelines of construction projects and the use of affordable concrete in the country's construction industry, transit mix has dominated the market.
Largest Market by End Use Sector
37.83 %
volume share, Residential, 2023
Due to the growing usage of ready-mix concrete for applications, such as building foundations, floors, walls, and columns, the residential sector has dominated the market.
Largest Market by Region
75.77 %
volume share, Asia-Pacific, 2023
Owing to the growing construction industrial activity in the region coupled with the increasing demand for ready-mix concrete in countries like China, India, Japan, and South Korea, the region has dominated the market.
Fastest Market by Region
5.67 %
Projected CAGR, Middle East and Africa, 2024-2030
The fast-paced growth of construction activities in the region coupled with government initiatives such as Vision 2030, etc., the region is expected to witness the fastest growth in the coming years.
Leading Company
3.65 %
market share, China National Building Material Group Corporation, 2022
In 2022, the company holds the largest share with its large ready-mix concrete production capacity of around 460 million cubic meters per year. The company serves customers across various construction sectors.
Increasing demand for housing units is likely to drive the ready-mix concrete market’s growth
- In 2022, the global consumption of ready-mix concrete saw a decline of approximately 5.46% from the previous year, primarily due to weakened demand from the residential and commercial construction sectors. Notably, the residential sector saw a 1.05% decrease in new floor area in 2022 compared to 2021. However, a rebound was expected in 2023, with ready-mix concrete consumption projected to grow by around 5.06% globally.
- The residential sector stands as the largest consumer of ready-mix concrete, accounting for nearly 36.96% of the global consumption in 2022. Factors such as urbanization, government initiatives, and both foreign and domestic investments are fueling housing demands, leading to an uptick in residential construction. For instance, Germany announced its plans to construct a minimum of 4,000 new housing units by 2024. Similarly, the Malaysian government aims to build around 500 thousand affordable housing units by 2025. Consequently, ready-mix concrete consumption in the residential sector is projected to surge by 32.39% by 2030 compared to 2023.
- The commercial sector is projected to be the fastest-growing consumer of ready-mix concrete, with a notable CAGR of 6.34% during the forecast period. The global commercial new floor area was anticipated to reach 6.83 billion sq. ft in 2023, driven by heightened demand for shopping malls, offices, and other commercial spaces. For instance, India's grade A office market in its top seven cities is set to expand to approximately 1 billion sq. ft by 2026 and further to 1.2 billion sq. ft by 2030. Consequently, the global consumption of ready-mix concrete in the commercial sector is projected to increase by 394 cubic meters by 2030 compared to 2023.
Understand The Key Trends Shaping This Market
Fast-paced construction activities in Asia-Pacific and Middle East & Africa are likely to drive the demand for ready-mix concrete
- Ready-mix concrete is a blend of cement, water, aggregates (such as sand or gravel), and admixtures. It is precisely mixed for use in diverse construction applications like foundations, walls, floors, and driveways. In 2022, the market experienced a downturn of approximately 5.46% compared to the previous year, largely due to a dip in demand from the residential sector. Specifically, the residential sector saw a decline of about 13.04% in 2022 compared to 2021. However, the market was projected to rebound, with a growth of around 5.06% in 2023 compared to 2022.
- Leading the global consumption, Asia-Pacific accounted for roughly 74.66% of the ready-mix concrete market in 2022. The region's robust demand is fueled by its burgeoning population, rapid urbanization, and heightened construction activities. Notably, investments in industrial, healthcare, and commercial sectors, including retail and offices, are on the rise. For instance, India's grade A office market in its top seven cities is set to expand to approximately 1 billion sq. ft by 2026 and further to 1.2 billion sq. ft by 2030. As a result, the Asia-Pacific ready-mix concrete market is poised for a significant surge, with a projected growth of about 42.28% by 2030 compared to 2023.
- Emerging as the frontrunner in consumption, Middle East & Africa is anticipated to register the highest CAGR of 5.68% in the ready-mix concrete market during the forecast period. This growth is primarily driven by escalating demand in both the residential and commercial segments. Notably, Saudi Arabia has ambitious plans, aiming to add approximately 555 thousand residential units, over 4.3 million sq. m of retail space, and more than 6.1 million sq. m of fresh office space by 2030.
