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The global ready-mix concrete market size is projected to reach USD 1,227.2 billion by 2027. It is expected to grow astonishingly backed by the increasing usage of RMC for the construction of green buildings worldwide. Green buildings help in enhancing the quality of life and reserving precious natural resources. This information is given by Fortune Business Insights™, in a recently published study, titled, “Ready-Mix Concrete Market Size, Share & Industry Analysis, By Application (Residential, Commercial, Infrastructure, and Others), and Regional Forecast, 2020-2027.” The study further mentions that the global market stood at USD 633.4 billion in 2019. However, it is set to exhibit a CAGR of 8.7% during the forecast period between 2020 to 2027.
Hanson Group Supplies Concrete to Support NHS in Meeting COVID-19 Challenges
In April 2020, Hanson Group, a manufacturer of products for a wide variety of industries, delivered concrete to a significant site in Swansea. This was done to support the National Health Service (NHS) in battling the challenges of the current COVID-19 pandemic. The site in South Wales is a single-tiered former film studio and factory. It will be transformed into a hospital that would provide medical care to those affected by coronavirus in the nearby areas.
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Expansion of Construction Industry Worldwide to Accelerate Growth
The construction industry is expanding rapidly across the globe, which, in turn, is surging the demand for this concrete. Apart from that, the rising incomes of people in the developed and emerging economies are resulting in the increasing construction of housing structures and other infrastructures. It is a vital factor that is expected to propel the ready-mix concrete market growth during the forthcoming years. In the Asian countries, such as Japan, India, and China, economic growth is causing the construction industry to prosper. The rising population in these countries is further bolstering the need for residential structures.
However, the outbreak of the COVID-19 pandemic worldwide is set to affect the construction industry severely. This would occur because of the implementation of preventive measures, such as complete lockdown by the regulatory bodies. Several construction sites are shut down. Some of the open sites are constantly facing disruptions in supply chains. These factors may obstruct the market growth.
Key Players Adopt Various Strategies to Intensify Competition
The companies present in the market are persistently striving to intensify competition by adopting various strategies, such as divestments, investments, mergers & acquisitions, hiring distributors & suppliers, partnerships, and collaborations. Some of them are helping in the construction of medical facilities by providing their in-house ready-mix concrete to fit in every patient affected by coronavirus.
Fortune Business Insights™ lists out the names of all the prominent concrete producers operating in the global market. They are as follows:
A Noteworthy Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion) and Volume (Million Tons)