Report : Middle East & Africa Ready Mix Concrete Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by End Use (Residential, Commercial, and Others)
At 3.2% CAGR, the Middle East & Africa Ready Mix Concrete Market is speculated to be worth US$ 44,003.29 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa ready mix concrete market was valued at US$ 36,404.32 million in 2022 and is expected to reach US$ 44,003.29 million by 2028, registering a CAGR of 3.2% from 2022 to 2028. Escalation in commercial and residential construction projects and high government spending on infrastructure ventures are the critical factors attributed to the Middle East & Africa ready mix concrete market expansion.
Government spending on infrastructure projects has increased exponentially to improve the quality of roads, dams, bridges, tunnels, ports, and aqueducts. Further, airports and seaports face unprecedented financial challenges while continually working to modernize their infrastructure. These financial challenges are resolved with grants provided by government organizations. Moreover, 4 major road schemes were announced, backed by the funding of US$ 186.70 million, to reduce congestion and improve connectivity. The hefty investments in infrastructure construction and efforts by central governments across countries are stimulating the Middle East & Africa 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 making plants in metro cities hurdles the growth of Middle East & Africa ready mix concrete market.
Based on end use, the Middle East & Africa ready mix concrete market is categorized into residential, commercial, and others. The residential segment held 51.2% market share in 2022, amassing US$ 18,647.83 million. It is projected to garner US$ 22,389.59 million by 2028 to expand at 3.1% CAGR during 2022–2028.
Based on country, the Middle East & Africa ready mix concrete market has been categorized into South Africa, Saudi Arabia, the UAE, Nigeria, Egypt, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 32.8% market share in 2022. It was assessed at US$ 11,938.22 million in 2022 and is likely to hit US$ 13,974.24 million by 2028, exhibiting a CAGR of 2.7% during the forecast period.
Key players dominating the Middle East & Africa ready mix concrete market are Vicat SA; LafargeHolcim; Buzzi Unicem S.p.A; CEMEX S.A.B. DE C.V.; HeidelbergCement AG; and ULTRATECH CEMENT LTD. among others.
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