Precast Concrete Market Trends, Business Opportunities, Challenges, Size, Share, Growth Insights to 2026
The global precastconcrete market size is expected to gain momentum and touch USD 162.72 billion by 2027 on accountof the increasing urbanization and a rise in the number of constructionactivities worldwide. Precast concretes mean mold in the reusable form whichcan be used to provide a superior level of resistance to insects and mold, ornatural disasters, or in case of fires. Unlike other building material, precastconcrete is resistant to termites, requires low maintenance, and meagerinsurance costs. As per a report by Fortune Business Insights, titled, “Precast Concrete Market Size, Share &Industry Analysis, By Product Type (Building Components, Transportation, Water& Waste Handling, and Others), By End-Use (Residential, andNon-Residential), and Regional Forecast, 2020-2027,” the market value was USD 115.98 billion in 2019. Theforecast period is between 2020 and 2027, and the market is likely to exhibit aCAGR of 4.4%.
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TheReport Answers the Following Queries:
· What is the nature of the market?
· Who are the key players of the market for precastconcrete, and what is their strategy?
· How will urbanization contribute to the growth ofthe market?
· What are the recent industry developments in thismarket?
Drivers& Restraints-
IncreasingDemand for Commercial and Residential Spaces to Propel Growth
Increasing population,growing industries and businesses, and the rising need for residential andcommercial spaces are the key factors promoting the precast concrete marketgrowth. In addition to this, rapid urbanization and industrialization havepropelled the demand for construction activities. This has led to a rise in theexpenditure for construction activities, thereby augmenting growth.
On the contrary, certaindrawbacks may pull down this market in the future. These include theenvironmental and health concerns concerning cement manufacturing. It isbelieved that cement production releases many gases such as sulfur dioxide,carbon monoxide, and nitrogen oxide into the atmosphere. This may result in numerousenvironmental impacts such as global warming, depletion in the quality ofwater, and acid rain, among others. Besides this, there are several healthissues such as visual impairment, asthma, and various cardiovascular diseasesthat may cause hindrance to the overall market in the coming years.
Segment:
BuildingComponents Segment Earned Major Share Attributed to Utilization in ConstructionProjects
Based on segmentation byproduct type, the building components segment gained the largest precastconcrete market share. Growth of this segment is attributable to the increasingdemand for cost-efficient quality houses at affordable prices that propelled a risein the number of construction projects.
RegionalAnalysis-
AsiaPacific to Emerge Dominant on Account of Rising Investments in InfrastructuralDevelopment
Geographically, Asia Pacificearned a revenue of USD 46.97 billion in the year 2019 and received the largestprecast concrete market share. This is attributable to the increasinginvestments on infrastructural development by emerging nations such as India,China, and Japan in the forecast duration that will propel the demand forprecast concrete in the regional market. Europe ranks second on account of the increasinguse of precast concrete products for commercial and industrial constructionprojects.
CompetitiveLandscape-
PlayersFocusing on Geographical Expansion for Gaining Significant Position in Market
Theglobal market for precast concrete is fragmented as the number of players ismany. Some of them are investing heavily on material supply and otherpartnership strategies to gain a competitive edge in the market. Others areplanning on expanding their brand presence geographically to draw significantrevenues to the market.
MajorIndustry Developments of the Marketfor Precast Concrete Include:
January2019 – Alfons Greten Betonwerk was acquired by Lafarge Holcim for operatingcollaboratively on one ready-mix and one precast concrete plant located inGermany. This effort is expected to help increase its brand presence in thenation.
April2017 – The Caissons of maritime infrastructure by Bouygues Construction waspre-casted for the Monaco offshore extension project located in Marseille. Thiswill help to serve as the new base for offshore extensions.
Someof the Key Players of the Market for Precast Concrete include:
· OldcastlePrecast (U.S.)
· BalfourBeatty(U.K.)
· BouyguesConstruction(France)
· ElementbauOsthessen GmbH & Co., ELO KG (Germany)
· Spancrete(U.S.)
· TindallCorporation (U.S.)
· Forterra(U.S.)
· CEMEX(Mexico)
· Larson& Turbo Limited (India)
· OlsonPrecast Company (U.S.)
· GulfPrecast (UAE)
· LafargeHolcim(Switzerland)
· Boral(Australia)
Other players
