India Ready Mix Concrete Market to Surpass USD 3954.26 Million by FY2026
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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