DUBAI, United Arab Emirates, March 08, 2022 (GLOBE NEWSWIRE) -- Surge in offsite construction activities to reduce material wastage and achieve cost efficiency continues to primarily drive the demand for precast concrete. The global Precast Concrete Market will grow at 5.4% CAGR during the forecast period (2020-2030), as projected by a new Future Market Insights (FMI) study.
Infrastructure development in emerging countries such as India, Indonesia, China, and Brazil provides a strong impetus to the demand for precast concrete. There is a global shift among building & construction methods as precast concrete manufacturers innovate production techniques.
| Attribute | Details | |
| Precast Concrete Market Size Value in 2021 | US$ 113.4 Bn | |
| Precast Concrete Market Size Value in 2030 | US$ 172.7 Bn | |
| Precast Concrete Market Historical CAGR (2015-2021) | 4.70% | |
| Precast Concrete Market CAGR (2022-2030) | 5.40% | |
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The reusability of molds, when coupled with advancements in material science, forms a profitable basis for market players to garner customers. Increasing preference for precast concrete products on the back of superior quality, enhanced structural integrity, and cost efficiency continues to drive gainful opportunities for market players. Major organizations are innovating advanced concrete materials to differentiate their product offerings and capture a larger market share.
Key Takeaways of Precast Concrete Market
- The precast concrete market will grow 1.5X during the projection period.
- Structural and architectural building components collectively account for over 69% of the total market value.
- Architectural building components exhibit a strong growth trajectory, with a projected 6.3% CAGR through 2030.
- Highest growth can be seen in transportation precast concrete products propelling demand at an impressive 7% CAGR between 2020 and 2030.
- Water & waste handling products also show a healthy growth rate of 5.7% CAGR till the end of 2030.
- Residential end uses account for a majority share of more than 40% of the total market demand.
- Infrastructure projects would remain the key revenue generator, with a projected CAGR of over 6.2% during the forecast period.
- North America and Europe collectively hold 27% share of the total market value.
- South Asia will capture a significant value share with a strong CAGR of 6.5% during the projection period.
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Scope of the Report
| Attribute | Details |
| Forecast Period | 2022-2030 |
| Historical Data Available for | 2015-2021 |
| Market Analysis | US$ Bn for Value |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others. |
| Key Market Segments Covered | Product, End Use, and Region |
| Key Companies Profiled | • Boral Limited • Lafarge • Gulf Precast Concrete Co. LLC • Olson Precast Company • CEMEX S.A.B. de C.V. • Forterra • Tindall Corporation • Spancrete • ELO Beton |
| Buy Now | Precast Concrete Market Research Study |
Potential Impact of COVID-19 Pandemic
Until the novel coronavirus is brought under control, the future of growth in the precast concrete market is bleak. Normalization post the pandemic will be influenced by financial impact on organizations. Due to the fragmented nature of the market, companies have low cash reserves that will only last for the first or second quarter of 2020. Government aid is necessary for many players to stay afloat during the COVID-19 pandemic.
As governments struggle to mitigate deficits amid the COVID-19 pandemic. Dampened residential and commercial construction projects weaken growth prospects. Rising unemployment of laborers, and low GDP growth will have a ripple effect on demand for precast concrete products. Since the market derives most of its demand from building & construction applications, the halt in construction projects means a halt in growth of the precast concrete market. Market players are preparing for increased liquidation and renegotiation of contracts. Rapid restructuring of hierarchy, shifting focus on low impact countries, and salary cuts are the survival strategies adopted by key market players.
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Precast Concrete Market: Participant Insights
Research and development of innovative products such as eco-friendly concrete, cost efficient production processes shapes the competition among market participants. Mergers, acquisitions, and collaborations are prevalent strategies to expand global footprint in the market. Key players that shape the competition are, but not limited to, Boral Limited, Lafarge, Gulf Precast Concrete Co. LLC, Olson Precast Company, CEMEX S.A.B. de C.V., Forterra, Tindall Corporation, Spancrete, and ELO Beton.
Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain
Concrete Admixtures Market - Cement is the most common binding material used in construction activities. Cement is mixed with crushed rocks, sand and water in specific proportion to createconcrete. Admixtures are chemicals that are added to concrete at the initial mixing stage to enhances or modify the working properties of the mix.
Pre-Stressed Concrete Market - Pre-stressed concrete is used widely in multistoried buildings, civic infrastructure and bridges owing to the inherent weakness of concrete in tension which can be removed via the product.
Shotcrete/Sprayed Concrete Market - Shotcrete/sprayed concrete is a high performance concrete/mortar that is spread at high velocity on the backing surface of a construction through a hose. Shotcrete/sprayed concrete can be conveyed using two techniques, namely wet mix process and dry mix process.
Concrete Densifier Market - Earlier, concrete densifiers were not a viable solution for sealing, hardening, protecting and covering industrial concrete floors. However, these days, concrete densifiers have begun to utilize siliconate and silicate enhanced agents.
Concrete Containing Polymer Market - Concrete containing polymers were introduced in late 1950s and had become a popular choice by 1970s for precast components, thin overlays & floors and repair. The use of concrete containing polymers has been overseen by the Committee 548 of the American Concrete Institute since 1971.
Urethane Concrete Sealer Market - Urethane Concrete sealers is applied on concrete to protect it from staining, corrosion and surface damage. Urethane Concrete sealers form an impermeable layer which prevents such materials from passing or block the pores in the concrete to reduce absorption of water and salts.
Ready-mix Concrete Market - Ready-mix concrete is a concrete prepared in the batch plants that are situated proximity to the construction sites and projects. Ready-mix concrete is a defined recipe mixture of portland cement, sand, water & aggregates.
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Gadolinium Market - Global Gadolinium demand is anticipated to be valued at US$ 5.3 Billion in 2022, forecast to grow at a CAGR of 5.2%to be valued at US$ 8.8 Billion from 2022 to 2032.
Butyraldehyde Market - During the forecast period from 2022-2032, the market for butyraldehyde is expected to grow at a CAGR of more than 6%. The market is expected to be valued at US$ 200 Million in 2022, and is expected to reach a value of US$ 360 Million.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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