Rising disposable income and hectic working schedules to drive India Ready Mix Concrete market during forecast period
According to TechSci Research report, “India Ready Mix Concrete Market - By Production (On Site and Off Site), By Product Type (Transit Mixed Concrete and Shrink Mixed Concrete), By Application (Commercial, Residential, Infrastructure and Industrial), Competition Forecast & Opportunities, FY2026”, India ready mix concrete market valued USD 2378.11 Million in FY2020 and the market is forecast to grow at CAGR of 16.21% until FY2026. Ready mix concrete helps customers to eliminate the need to procure and store cement, sand, admixtures, water and aggregators at construction site. This drastically reduces the space requirement and customer effort to procure and store various materials, thereby, driving the growth of the market.
Infrastructure sector is among the major drivers for the Indian economy. Government of India is taking various initiatives in order to boost the infrastructure development in the country. For instance, under Union Budget 2020-2021, the government has allocated USD 24.27 billion for the development of transport infrastructure. Moreover, Border Roads Organisation (BRO) in May 2020 constructed a 440-meter long tunnel in Chamba town on Rishikesh-Dharasu road Highway (NH 94). The aforementioned factors are driving the growth of the country’s ready mix concrete market.
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India ready mix concrete market can be segmented based on production, product type, application, and region. In terms of regional analysis, West region dominates India ready mix concrete market accounting for a share of 34.2% in FY2020, due to comparatively higher usage of ready mix concrete across the region. Use of ready mix concrete in the western region is also growing owing to the increasing construction of commercial & residential buildings and ongoing infrastructural projects in the region.
Some of the major players operating in India ready mix concrete market include Ultra Tech Cement Limited, ACC Limited, Nuvoco Vistas Corporation Limited, RDC Concrete(India) Pvt. Ltd., I J M Concrete Products Private Limited, Prism Johnson Limited, The India Cements Limited, Godrej Construction, The Ramco Cement Limited, and JK Lakshmi Cement Limited, among others. Companies are using inorganic growth strategies such as mergers & acquisitions in order to stay competitive in the market. For instance, in September 2019, Ultratech Cement Limited acquired Century Cement, which helped the company to increase its production capacity to over 117.35 million tons per annum. Increasing merger & acquisition activities are expected to positively influence the market over the next five years.
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“Infrastructure sector is the highest demand generating sector for ready mix concrete. Infrastructure sector accounts for a share of over 54% in India ready mix concrete market. Favourable government policies and initiatives such as “Housing for All”, Smart City Mission, green field and brown field projects for developing new airports along with expansions of existing airports, Metro Rail Projects coupled with implementation of Real Estate Regulations and Development Act 2016 are the major factors propelling demand for ready mix concrete in India.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Ready Mix Concrete Market By Production (On Site and Off Site), By Product Type (Transit Mixed Concrete and Shrink Mixed Concrete), By Application (Commercial, Residential, Infrastructure and Industrial), Competition Forecast & Opportunities, FY2026” has evaluated the future growth potential of India Ready Mix Concrete market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India Ready Mix Concrete market.
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