Concrete Market to Reach $972.04 Bn, Globally, by 2030 at 4.7% CAGR: Allied Market Research

Concrete Market to Reach $972.04 Bn, Globally, by 2030 at 4.7% CAGR: Allied Market Research

PR Newswire

PORTLAND, Ore., Jan. 14, 2022

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.

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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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Covid-19 Scenario

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 CAGR of 5.2% from 2021 to 2030, owing to development in technology of non-reinforced concrete manufacturing.

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The residential buildings segment to maintain its lead position during the forecast period

Based on end use industry, the residential buildings segment accounted for the largest share in 2020, contributing to more than two-fifths of the global concrete market, and is projected to maintain its lead position during the forecast period. This is due to its urbanization in developing countries. However, the dams & power plants segment is expected to portray the largest CAGR of 5.4% from 2021 to 2030.

Asia-Pacific, followed by Europe, LAMEA, and North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe, LAMEA, and North America, held the highest market share in terms of revenue 2020, accounting for 80% of the global concrete market. This is owing to industrialization and urbanization in developing countries of the region. Moreover, the LAMEA region is expected to witness the fastest CAGR of 5.5% during the forecast period, owing to rapid development programs in the region.

Leading Market Players

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