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India Ready-Mix Concrete Market - Growth, Trends, and Forecast (2019 - 2024)

India Ready-Mix Concrete Market - Growth, Trends, and Forecast (2019 - 2024)

  • September 2019
  • 109 pages
  • ID: 5821496
  • Format: PDF
  • Mordor Intelligence LLP

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Market Overview
The India ready-mix concrete market is expected to register a CAGR of more than 8% during the forecast period. The major factors that are driving the growth of the market studied are increasing investments and development activities in the infrastructure sector.
• Increasing investments and development activities in the construction sector are augmenting the growth of the market.
• On the flipside, 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

• Increasing construction activity in the infrastructure sector is the primary driver for the growth of the Indian construction sector. According to the IBEF, 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’s economy and is highly responsible for propelling the country’s 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).
• In 2018, the infrastructure sector in India witnessed private equity and venture capital investments worth USD 1.97 billion. The private equity and venture capital investments are expected to surpass USD 65 billion in 2025.
• In June 2018, the Asian Infrastructure Investment Bank (AIIB) announced its decision to invest USD 200 million in India’s National Investment and Infrastructure Fund (NIIF).
• India’s national highway network is expected to cover 50,000 kilometers, by the end of 2019, as part of a long-term goal of doubling the length of the national highway network to 200,000 km. The national highway construction in India increased by 20% year-on-year, during 2017-2018.
• According to the ministry of road transport and highways, the central government has completed over 40% of the 700 ongoing national highway (NH) projects in the country. Also, 300 projects are expected to be completed by the end of 2019, recording the highest ever construction in the financial year 2018-19.
• Railway infrastructure investments are expected to increase, from USD 58.96 billion during 2013-2017 to USD 124.13 billion during 2018-2022.
• The Airports Authority of India (AAI) is planning city-side infrastructure development at 13 regional airports, with the collaboration of private investors, for building hotels, car parking, and other facilities, to boost its non-aeronautical revenues.
• 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.
• Growing investments in the infrastructure sector and strategic initiatives of the Indian government are expected to boost the construction sector in the country, which, in turn, is anticipated to propel the demand for ready-mix concrete in the country.

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.
• 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 market studied is consolidated, with the top five players occupying about 50% of share in the market. Key players in the India ready-mix concrete market include UltraTech Cement Ltd, ACC Limited, LafargeHolcim, Prism RMC and RDC Concrete (India) Pvt Ltd. among others.

Key Players
• UltraTech Cement Ltd
• ACC Limited
• LafargeHolcim
• Prism RMC
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