The rise in commercial and residential construction projects, high government spending on infrastructure projects, and benefits of ready-mix concrete such as reduced construction time, low maintenance cost, and versatility are fueling the global ready mix concrete market growth.
According to a recently released study from The Insight Partners titled, “Ready Mix Concrete Market Share, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis By End Use (Residential, Commercial, and Others),” the ready mix concrete market is anticipated to grow from USD 844 billion in 2022 to USD 1118 billion by 2028, growing at a CAGR of 4.8% during that time.
Fueling the Growth
Government spending on infrastructure projects to improve the quality of roads, dams, bridges, tunnels, ports, and aqueducts has increased exponentially over the past few years. Airports and seaports are facing unprecedented financial challenges as they strive to modernize their infrastructure. These financial difficulties are resolved with grants provided by government organizations. For example, the Department for Transport (UK) announced funding of USD 34.83 million for the development of net zero highways in 2022. According to Construction Association statistics (US), the construction industry annually creates structures worth USD 1,400,000 million. Heavy investments in infrastructure construction, as well as efforts by central governments in various countries, are fueling the growth of the ready-mix concrete market.