Concrete Market Top Companies, Key Segments and Regions | Reaching $972,046.3 Mn by 2030
The global Concrete market is registering a CAGR of 4.7% forecast to 2030
PORTLAND, OREGON, UNITED STATES, October 9, 2023 /EINPresswire.com/ — The concrete market was valued at $617,260.1 million in 2020, and is expected to reach $972,046.3 million by 2030, registering a CAGR of 4.7% from 2021 to 2030
The Concrete Market, Construction of all infrastructures need concrete for building purpose. Concrete can be in the form of ready-mix concrete or precast products & elements. Revenue generated by sales of these products represents the market size of the concrete market. Increase in government expenditures for development and reconstruction & repair of infrastructures in various countries leads to increase in demand for ready-mix concrete and precast products & elements. In addition, ready-mix concrete and precast products reduce construction time, which, in turn, saves project cost and timeline.
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Top Leading Companies: 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.
Moreover, these products are cost effective and reduce wastage of raw material. Furthermore, innovation in manufacturing technology boost production quality and capacity. These are factors are anticipated to propel the market growth. However, initial investment costs are high to set up ready-mix concrete plants and precast production facility. This leads customers to buy products in bulk at discounted rates.
Concrete, often referred to as the “backbone of modern construction,” is one of the most widely used construction materials worldwide. It plays an essential role in shaping our cities and infrastructure. This article explores the global concrete market, its current status, trends, challenges, and the path towards a more sustainable future.
The global concrete market has seen significant growth over the past few decades, driven by urbanization, population growth, and increasing infrastructure development. Concrete is favored for its durability, versatility, and cost-effectiveness, making it the primary choice for constructing buildings, roads, bridges, and countless other structures.
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In addition, there has been a rise in environmental awareness, which has led to the adoption of sustainable and environment friendly construction material to build houses and offices. Such factors hinder growth of the concrete market. Further, the outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to interruption of the supply chain, which, in turn, hinders growth of the concrete market. However, industries are gradually getting back on track and vaccine manufacturing is expected to lead to recovery of the concrete market by the end of 2021.
Incorporating recycled materials and adopting circular economy principles can reduce the industry’s reliance on finite resources and minimize waste. Improving the energy efficiency of concrete production processes can lower emissions and operational costs. BIM technology enables efficient project planning and design, reducing material waste and improving construction accuracy. Collaboration among stakeholders, including governments, industry players, and researchers, is crucial for implementing sustainable practices and regulations.
The global concrete market remains a cornerstone of the construction industry. While it faces challenges related to environmental impact and resource scarcity, it also presents opportunities for innovation and sustainability. As the world moves towards more sustainable construction practices, the concrete industry is poised to play a pivotal role in shaping a greener and more resilient future for our built environment.
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