Report : Asia Pacific Ready Mix Concrete Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by End Use (Residential, Commercial, and Others)
At 5.5% CAGR, the Asia Pacific Ready Mix Concrete Market is speculated to be worth US$ 6,25,199.64 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific ready mix concrete market was valued at US$ 4,53,542.89 million in 2022 and is expected to reach US$ 6,25,199.64 million by 2028, registering a CAGR of 5.5% from 2022 to 2028. Upsurge in commercial and residential construction projects and high government spending on structure projects are the critical factors attributed to the Asia Pacific ready mix concrete market expansion.
Ready mix concrete helps save on capital investments by not having to invest in plants and machinery for cement. Thus, ready mix concrete provides an alternative that reduces resource wastage during construction. The Asia Pacific construction industry focuses on meeting the growing need for infrastructure development and housing while limiting the impact of its CO2 emissions. Ready mix concrete industries have partially replaced their cement with fly ash and Ground Granulated Blast Furnace Slag (GGBS), which are the by-products of other industries. These products enhance the workability, durability, and sustainability of construction. Owing to the enriched properties (such as quality, availability, and low cost) of these supplementary materials, they are widely used for construction projects. For instance, Heidelberg Cement developed various alternatives to conventional concrete with a reduced environmental impact and improved carbon footprint, as well as building materials with product properties favorable for lower material usage are largely preferred. This provides a product with a much lower level of embodied CO2 than if ordinary cement was used, which is more durable and aesthetically lighter in color. Moreover, Nor Lavkarbon (Norway) product contains fly ash as secondary cementitious material to produce low-carbon concrete (CO2 reduction by 20%). Therefore, developing such sustainable products is forecasted to drive the Asia Pacific ready mix concrete market. This is expected to drive the market during the forecast period.
On the contrary, pollution caused by commercial ready mix concrete production plants in metro cities hurdles the growth of Asia Pacific ready mix concrete market.
Based on end use, the Asia Pacific ready mix concrete market is categorized into residential, commercial, and others. The residential segment held 44.7% market share in 2022, amassing US$ 2,02,522.68 million. It is projected to garner US$ 2,81,458.72 million by 2028 to expand at 5.6% CAGR during 2022–2028.
Based on country, the Asia Pacific ready mix concrete market has been categorized into Australia, Japan, South Korea, Indonesia, Taiwan, India, Malaysia, Vietnam, China, and the Rest of Asia Pacific. Our regional analysis states that China captured 40.7% market share in 2022. It was assessed at US$ 1,84,700.91 million in 2022 and is likely to hit US$ 2,62,220.79 million by 2028, exhibiting a CAGR of 6.0% during the forecast period.
Key players dominating the Asia Pacific ready mix concrete market are ACC Limited; Vicat SA; LafargeHolcim; CEMEX S.A.B. DE C.V.; HeidelbergCement AG; ULTRATECH CEMENT LTD.; and CROWN CEMENT PLC. among others.
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