Concrete Materials Global Market Report 2024

The concrete materials market size has grown steadily in recent years. It will grow from $306.09 billion in 2023 to $316.78 billion in 2024 at a compound annual growth rate (CAGR) of 3.5%. The expansion observed in the historical period can be linked to various factors such as the implementation of stringent regulatory standards and building codes, innovations in cement formulations, increased adoption of reinforced concrete practices, growing emphasis on environmental concerns and sustainability measures, as well as advancements in concrete mixing techniques. These elements collectively contributed to the growth and evolution of the concrete industry.

The concrete materials market size is expected to see steady growth in the next few years. It will grow to $364 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The anticipated growth in the upcoming period is expected to be driven by global economic conditions, emerging market trends, ongoing urbanization, and increased infrastructure development activities, along with the expansion of the construction industry and investments in research and development. Key trends anticipated in the forecast period encompass innovative additives and admixtures for concrete, the rise of green concrete solutions emphasizing sustainability, the integration of digital technologies in construction practices, focused infrastructure development initiatives, and the growing popularity of prefabrication and modular construction techniques. These trends are likely to shape and influence the trajectory of the concrete industry in the near future.

The concrete materials market is poised for growth, driven by the burgeoning development in the construction sector. The construction industry, encompassing the building, renovation, and maintenance of infrastructure, plays a pivotal role in propelling the demand for concrete materials. The unique characteristics of concrete, such as high strength, unit weight, cost-effectiveness, and versatility, make it a preferred choice for various construction applications, including dams, residential and commercial buildings, roads, driveways, marine construction, culverts, sewers, and foundations. Notably, the Office for National Statistics reported a record 12.7% increase in the annual construction sector in 2021 compared to the previous year. With a monthly rise of 2.0%, driven by an uptick in new work (3.5%), and a quarterly production increase of 1.0% in Q4 2021, the construction industry's positive momentum contributes significantly to the growth of the concrete materials market.

The concrete materials market is expected to witness substantial growth due to the escalating demand in mining activities. Concrete materials utilized in mining operations offer crucial attributes such as fire resistance, abrasion resistance, versatility, and noise reduction. These properties contribute to the efficiency, safety, and sustainability of mining processes. Notably, in 2022, U.S. mines produced non-fuel mineral products valued at approximately $98.2 billion, reflecting a growth of $3.6 billion compared to the revised total of $94.6 billion in 2021. The increasing demand for minerals and metals, with an estimated requirement of over 3 billion tons, underscores the pivotal role of concrete materials in meeting the needs of the thriving mining sector.

A key trend shaping the concrete materials market is product innovation, with major companies actively developing innovative solutions to bolster their market positions. An exemplar of this trend is Associated Cement Companies Limited, an Indian cement industry player, introducing 'Bagcrete' in May 2023. Bagcrete represents a pre-blended concrete solution designed for simplicity and hassle-free application across various construction requirements. The product's unique composition ensures a stronger and more durable concrete mix, striking a proportionate balance of premium components for uniform quality. Available in both dry-mix and wet-mix forms, Bagcrete offers versatility in construction applications. The wet-mix variant is pre-mixed and immediately usable, while the dry-mix version can be utilized with the addition of water. This innovation is particularly advantageous in locations with limited water sources or where traditional concrete mixing processes pose challenges, catering to construction projects demanding a swift and efficient application method.

Major players in the concrete materials market are strategically focusing on the development of cutting-edge products such as Dynamax to enhance their market presence and drive revenue growth. Dynamax, introduced by Holcim Ltd., a prominent Switzerland-based building materials and solutions company in November 2021, stands as a high-performance concrete designed to revolutionize construction methodologies. This innovative concrete offers exceptional performance, enabling the construction of structures that are both thinner and longer without compromising functionality or aesthetics. Dynamax is tailored to facilitate intelligent design choices, leading to longer and more slender structures, greater floor plan diversity, and increased usable space when materials are optimized. Its longevity contributes to reduced maintenance and lifecycle costs for buildings. Additionally, Dynamax boasts a circular and entirely recyclable profile, local manufacturing capabilities, short transportation routes, and minimized material usage, all contributing to its sustainable footprint. Dynamax not only provides a broad spectrum of high-performance concrete but also delivers technological advantages such as enhanced durability, stiffness, and increased compressive strength.

In August 2021, Vulcan Materials Company, a pivotal player in the concrete materials market and a prominent US-based construction materials manufacturer and distributor, executed a noteworthy strategic move by acquiring US Concrete Inc. The acquisition, valued at an undisclosed amount, led to US Concrete Inc. becoming a fully-owned subsidiary of Vulcan. This strategic merger was strategically designed to capitalize on the expanded scale of the aggregates industry, facilitating enhanced access to rapidly growing metropolitan areas. The consolidation of Vulcan and US Concrete Inc., guided by a shared commitment to innovation and operational excellence, positioned the combined entities for heightened competitiveness and market leadership within the construction materials sector.

Major companies operating in the concrete materials market report are CEMEX S.A.B. de C.V., CRH plc, HeidelbergCement AG, LafargeHolcim Group, Shay Murtagh Precast, Weckenmann Anlagentechnik GmbH & Co. KG, Laing O'Rourke PPC Ltd., Forterra plc, Cementir Holding S.p.A., Vicat SA, Adelaide Brighton Limited, Broco Aerated Concrete Industry PT, JSW Cement Ltd., R.W. Sidley Inc., Saint-Gobain, QUIKRETE Holdings Inc., Xella Group, ACC Limited, UltraTech Cement Limited, Buzzi Unicem S.p.A., China National Building Material Company Limited, Sumitomo Osaka Cement Co. Ltd., Martin Marietta Materials Inc., Vulcan Materials Company, A & A Concrete Supply, National Cement Company, Oldcastle Inc., Eagle Materials Inc, Titan Cement Company Inc, Taiheiyo Cement Corporation.

Asia-Pacific was the largest region in the concrete materials market in 2023. Asia-Pacific is expected to be the fastest-growing region in the concrete materials market report during the forecast period. The regions covered in the concrete materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the concrete materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of concrete materials include ready-mix concrete, precast products, and precast elements. Ready-mix concrete is manufactured and cured in a centralized facility before distribution. It finds application in diverse sectors such as road construction, tunnels, residential and non-residential buildings, infrastructure such as dams and power plants, mining operations, and more.

The concrete materials market research report is one of a series of new reports that provides concrete materials market statistics, including concrete materials industry global market size, regional shares, competitors with a concrete materials market share, detailed concrete materials market segments, market trends and opportunities, and any further data you may need to thrive in the concrete materials industry. This concrete materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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