The construction industry cannot afford to take its current success for granted, and it needs to be prepared for supply, labor, and financial risks. Shibuya Data Count has compiled the latest Concrete Industry Outlook 2022 & Beyond report. In this report, we highlight the most critical industry trends that will impact the construction industry over the next eight years. The outlook will also cover important issues such as the potential impact of alternative materials.
The global concrete market is forecast to grow at a comparatively faster pace than the average, as more consumers are building homes and businesses. Demand for concrete is expected to rise by almost 9% in the coming years. However, the industry is facing some challenges that are making it difficult for companies to remain competitive. As a result, a lack of available workforce and a decline in cement manufacturing are hindering the growth of the industry.
One of the biggest challenges facing the industry is a global shortage of raw materials. This has slowed construction activities. The demand for concrete is also rising, and lorry driver shortages are limiting supply. This situation is expected to continue until the end of the year, but it’s a slow and steady process. Many contractors are facing lengthy lead times of 24 to 30 weeks for concrete tiles.