Global Readymix concrete market to reach $955bn by 2024

Global Readymix concrete market to reach $955bn by 2024

source LinkedIn

by Jochebed Menon on Nov 10, 2016 

The global readymix concrete market is expected to reach $954.7bn by 2024, according to a new report by Grand View Research.

As of 2015, the size of the market was valued at $492.2bn.

The Middle East and Africa (MEA) region accounted for 10.1% of the global volume share in 2015.

The region is expected to witness gains in light of rising construction and infrastructure activities in Saudi Arabia, the UAE, Qatar, and Kuwait.

Increased construction of residential and commercial complexes is also expected to boost readymix demand during the coming years.

Rapid population expansion, coupled with the infrastructural requirement in Saudi Arabia, has led the government to initiate several large-scale construction works in order to ease pressure on existing infrastructure, which, in turn, will spur  market growth over the forecast period.

The global market is anticipated to witness immense growth over the next eight years on account of increasing construction spending for infrastructure development in markets such as China, India, Mexico, South Korea, and Singapore.

Commercial applications will witness considerable volume growth at a compound annual growth rate (CAGR) of 7.6% from 2016 to 2024, according to the report.

Global readymix market demand was 9.74 billion tonnes in 2015.

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