(MENAFN- GlobeNewsWire - Nasdaq) LONDON, May 29, 2023 (GLOBE NEWSWIRE) -- The Business Research Company's report on the concrete materials market forecasts the market to grow from $ 305.7 billion in 2022 to $314.8 billion in 2023 at a compound annual growth rate (CAGR) of 3% . Further, the market will reach $350.2 billion in 2027 at a CAGR of more than 2%. Asia-Pacific was the largest region in the concrete materials market in 2022.
The development of the construction sector will propel the growth of the concrete materials industry in the coming future. The construction industry refers to the area of manufacturing and trade concerned with building, renovating, restoring, and maintaining infrastructure. The characteristics of concrete materials such as high strength, unit weight, durability, cost-effective, inertness, and versatility make it a more suitable material for the construction of dams, residential buildings, commercial buildings, roads, driveways, marine construction, culverts and sewers, and foundations.
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Major concrete materials companies are CEMEX S.A.B. de C.V., CRH Plc., Heidelberg cement AG, Holcim Group, Shay Murtagh Precast Ltd., Sika AG, Weckenmann Anlagentechnik GmbH and Co KG, Laing O Rourke PPC Ltd., Vicat SA, and Adbri Limited.
Product innovation is a key trend gaining popularity in the concrete materials market going forward. Major companies operating in the market are focused on developing innovative products to strengthen their position in the market.
For instance, Cemex, a Mexico-based concrete materials manufacturer, launched ready-mixed concrete which is a CarbonNeutral product. It presents the Vertua low carbon concrete range, which includes the option to offset residual CO2, by introducing a new innovative geopolymer cement solution in accordance with The CarbonNeutral Protocol.
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The global concrete materials market is segmented as-
1) By Concrete Type: Ready-mix concrete, Precast products, Precast elements
2) By Application: Reinforced concrete, Non-reinforced concrete
3) By End-User Industry: Roads and Highways, Tunnels, Residential Buildings, Non-Residential Buildings, Dams and Power Plants, Mining, Other End-User Industries
The concrete materials market report provides in-depth insight into the market, highlighting its growth potential, driving factors, and key trends shaping the industry. The report serves as a valuable resource for industry stakeholders, investors, researchers, and policymakers, providing insights into the concrete materials market's dynamics, key players, and emerging trends.
concrete materials global market report 2023 by the business research company provides insights on the concrete materials market size, concrete materials market segments, concrete materials market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
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