Increase in government expenditures for infrastructural development, need for reduced construction time and cost-effective products, and development in manufacturing technology drive the growth of the global concrete market.
PORTLAND, Ore., Jan. 14, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Concrete Market by Concrete Type (Ready-Mix Concrete, Precast Products, and Precast Elements), Application (Reinforced Concrete and Non-Reinforced Concrete), and End-User Industry (Roads & Highways, Tunnels, Residential Buildings, Non-Residential Buildings, Dams & Power Plants, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030”. According to the report, the global concrete industry generated $617.2 billion in 2020, and is anticipated to generate $972.04 billion by 2030, witnessing a CAGR of 4.7% from 2021 to 2030.
Prime determinants of growth
Increase in government expenditures for infrastructural development, need for reduced construction time and cost-effective products, and development in manufacturing technology drive the growth of the global concrete market. However, high initial investments and use of alternative building materials hinder the market growth. On the other hand, rapid urbanization and industrialization of emerging countries present new opportunities in the coming years.
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The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global concrete market, especially during the initial phase.
End use industries such as construction, manufacturing, hotel, and tourism industries were majorly affected due to the implementation of global lockdown.
Manufacturing activities were stopped or restricted to a huge extent. Construction and transportation activities, along with their supply chains hampered on a global level. This led to decline in manufacturing of cement, which directly hampered growth of the concrete market.
The reinforced concrete segment to maintain its leadership status throughout the forecast period
Based on application, the reinforced concrete segment held the highest market share in 2020, accounting for 80% of the global concrete market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to its high tensile strength and durability. Moreover, the non-reinforced concrete segment is projected to manifest the highest …