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