India Ready-Mix Concrete Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 25, 2021 by Statzyreports

The India Ready-Mix Concrete Market size was estimated at over USD 15 million in 2020 and the market is projected to register a CAGR of over 9% during the forecast period (2021-2026).
 
The India Ready-Mix Concrete Market size was estimated at over USD 15 million in 2020 and the market is projected to register a CAGR of over 9% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020. According to IMF, the nation’s GDP declined to -10.30% in 2020, marking the first major decline in about 10 years, and it is projected to reach 8.8% growth by 2021. In 2020, the construction industry in the country had come to a standstill due to the COVID-19 impact and most of the construction sites were running at 50% of their capacity. The COVID-19 outbreak still persists in the first quarter of 2021 as well, which in turn, is expected to continue affecting the overall production, employment, income, and demand scenario in the country during 2021.

- Over the medium term, major factors that are driving the growth of the market studied are increasing investments and development activities in the infrastructure sector. The construction industry is expected to slowdown in 2020-2021 financial year due to COVID-19, but lion share of projects in commercial space are likely to continue even during this period, as they are either in public, private partnership (like smart city) or public projects, which are already budgeted.
- Increasing investments and development activities in the construction sector are augmenting the growth of the market.
- On the flip side, the easy availability of potential substitutes is expected to hinder the growth of the market studied.
- Increasing Foreign Direct Investments in India is projected to act as an opportunity for the market in future.

Key Market Trends

Increasing Investments and Development Activities in the Infrastructure Sector

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- Increasing construction activity in the infrastructure sector is the primary driver for the growth of the Indian construction sector. According to a recent study, India needs infrastructural investments worth INR 50 trillion by 2022, to have sustainable development in the country.
- In India, the infrastructure sector is a key driver for the country economy and is highly responsible for propelling the countryâ overall development. The Indian government has played an important role in developing world-class infrastructure in the country. Investments from the private sector are expected to show moderate-to-high growth, owing to the factors, such as increased stability in infrastructure projects, corporate deleveraging, and implementation of the Goods and Services Tax (GST).
- The metro rail project is another major infrastructure project which is expected to create huge demand for the construction chemicals across the country. There are currently more than 15 metro projects which are under construction across India. 462.67 kilometer of metro lines are under construction in the country while more than 457.56 kilometers of metro line has been approved which will be constructed in phased manner.
- But in the long run, the sector is expected to grow with high growth rate. Further, to support the UDAN scheme, the government has planned to develop 100 more airports across the country by 2025. These upcoming infrastructure projects are expected to contribute to the demand for geopolymers
- The private equity and venture capital investments are expected to surpass USD 65 billion in 2025.
- Additionally, India and Japan have joined hands for the development of infrastructure in the former’s Northeastern states.
- Government initiatives, such as Housing for All, smart city projects, etc., are fueling the growth of the urban infrastructure and construction development, which indicates a promising opportunity for the market studied during the forecast period.

Increasing Demand from Residential Sector

- The applications of ready-mix concrete found in residential construction are in kerb bedding and backing, reinforced and un-reinforced foundations, single- and double-story extension, reinforced and unreinforced house floors, garage and septic tank bedding, trench fill, garden shed and wall, drainage, heavy goods vehicle (HGV) parking and driveways, paths, steps and external paving, and hard standings.
- In the residential segment, the government is pushing huge projects in the next few years. The Government Housing for All initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This will provide a significant boost to residential construction (the marketâ largest category), which will account for a third of the industryâ total value by 2023.

- Smart cities mission is another major project undertaken by the government which will construct more than 100 smart cities all over the country to achieve rapid urbanization in the country. In 2018-2019 budget, Rs 6,450 crores has been allocated to the smart city mission against Rs 6,169 crore in 2018-2019 budget, an increase of 4.5%.
- The use of ready-mix concrete in modern constructions is an environmentally responsible choice that provides building owners with energy-efficient buildings by combining isolation with high thermal mass and low air infiltration.
- It is being preferred in the residential construction sector, owing to the advantages, such as savings in labor requirements and supervision costs, faster construction, and uniform, consistent, and assured quality of concrete.

- Demand for residential housing in India has rushed due to increased urbanization and rising household income. Also, the Indian Government has allowed FDI of up to 100% for settlements development and townships projects. This, in turn, is projected to increase the residential housing construction in the country.

Competitive Landscape

The India Ready-Mix Concrete Market is consolidated in nature. Some of the key players in the market include UltraTech Cement Ltd., ACC Limited, LafargeHolcim, Prism Johnson Limited, and RDC Concrete (India) Pvt Ltd.

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- The market estimate (ME) sheet in Excel format
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Tags India Ready-Mix Concrete Market , India Ready-Mix Concrete Market size , India Ready-Mix Concrete Market share , India Ready-Mix Concrete Market forecast , India Ready-Mix Concrete Market Trends , India Ready-Mix Concrete Market Growth , COVID-19 Impact
Last Updated April 25, 2021