Saudi Arabia Ready-Mix Concrete Market

Saudi Arabia Ready-Mix Concrete Market is forecast to add a whopping incremental revenue of USD 3.6 billion between 2021 to 2030, growing at a robust growth rate till 2030 attributed to rapid growth in construction activities driven by vision 2030 and increasing focus of Government on diversifying the economy.

Ready-mix concrete gained popularity in the Saudi Market during mid 1970s due to rapid growth in the construction of buildings and infrastructure projects across the kingdom. Ready-mix concrete is a type of concrete, prepared in a batching plant and then delivered to on-site using cylindrical trucks.

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Factors driving growth of Saudi Ready Mix Concrete Market includes increasing focus of Government on reducing the dependency on oil sector, rapid urbanization, growing demand for affordable housing units. As per Vision 2030, Government of Saudi Arabia set-up a sovereign wealth fund, amounting up to USD 2 trillion for the development of large-scale projects, including nine mega-projects such as Qiddiya, Red Sea Project and NEOM, which is expected to generate tremendous growth opportunities in the market.

Ready-mix concrete reduces construction time and cost because it is mixed at plants before being delivered, and offers greater quality as compared to traditional concrete, are some of its remarkable features, which are propelling the market growth. In addition, increasing crude oil prices in the international markets and rising population growth rates, are further contributing towards the market growth. As government is highly reliant on crude oil income and crude oil prices are projected to remain at USD 97 per barrel in 2023 and USD 88 per barrel in 2024 which is expected to increase government’s revenue and eventually giving government more fund for expenditure, which will accelerate the execution of giga projects, thereby driving the growth of ready-mix concrete market in Saudi Arabia. However, medium investments required for setting-up ready-mix concrete plants and challenges faced by companies in managing concrete from mixer to different points of work, are restricting the market growth.

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Based on Application, Residential segment is projected to grow at a robust CAGR during the forecast period attributed to Low mortgage rates, robust economic growth, growing demand for affordable housing units, and increasing pace of urbanization across the kingdom. On the other hand, Commercial segment is projected to expand at a faster CAGR over the forecast period. Programs introduced by Government such as National Transformation Programme (NTP) 2020 which has attracted significant investments in the commercial sector along with Increasing demand for high-quality offices, and growing tourism industry, are pushing the segment’s growth.

Industrial segment is estimated to grow at a moderate CAGR during the forecast period. Increasing Foreign Direct Investments (FDIs) in the manufacturing sector, availability of low-cost land for setting up ready-mix concrete plants in cities such as Yanbu and Jubail and incentives provided by Government in the form of tax cuts, are primarily driving growth of the segment. On contrary, Infrastructure segment is anticipated to grow at a promising CAGR over the forecast period attributed to rise in Country’s budget spending on the construction of roads, water conservation systems and dams.

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Some large RMC market companies in Saudi Arabia are differentiating by adopting latest technologies to be at the forefront to provide the best customer service and experience. The major players operating in the Saudi Arabia RMC market are Saudi Ready Mix, Al Kifah, Saudi Building Materials Company, Bina Ready-mix Concrete, Qanbar Ready Mix, Green Concrete, Al Falwa, Premco, Alfalah Ready Mix and Al arabia Co. (Previously Al Tawi Company), among others.

Key Developments

• • In August 2022, Al Kifah Ready-Mix & Blocks (KRB) became the first supplier to supply ready-mix concrete to Neom Mountain Base Camp Trojena, compound for Neom employees which covers more than 400 accommodation units and recreational buildings.
  • In March 2022, Al Kifah Ready-Mix & Blocks (KRB) unveil the launch of its ConGreen reduced-CO2 concrete, made from low-carbon materials such as pozzolan, implanted with recycled CO2 technology, which can reduce carbon footprint by 30%.
  • In December 2019, Red Sea Development Company (TRSDC), awarded a contract to AlFalah Ready Mix to supply structural low-carbon concrete, manufactured using recycled raw materials to meet its sustainability goals for creating complete carbon neutral environment in destination operations.
  • Saudi Readymix received an official IKTVA Score of 65% for 2020. To achieve this, Saudi Readymix used local materials to supply concrete and related materials to clients and projects, including Saudi Aramco projects and efficiently trained and recruited Saudi employees.

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Key questions answered in this research report:

• • At what pace is Saudi Arabia Ready-Mix Concrete Market growing? What will be the growth trend in future?
  • What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
  • Saudi Arabia Ready-Mix Concrete Market outlook, application areas and how they are poised to grow?
  • Saudi Arabia Ready-Mix Concrete Market overview, industry analysis and scope of study?

Market Segmentation

Saudi Arabia Ready-Mix Concrete Market by Application

• • Residential
  • Infrastructure
  • Industrial
  • Industrial Utilities