New York (US), June 16, 2023 (GLOBE NEWSWIRE) -- Precast Concrete Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Precast Concrete Market By Product Type, Application, and Region - Forecast till 2030”, The market for precast concrete will surge from USD 66509.92 million in 2022 to USD 92098.9 million in 2030, with a CAGR of 4.76% over the review period (2022 - 2030).
Market Scope
Precast concrete is made by pouring concrete into a mold that can be used again, curing the concrete off-site in a controlled setting, and then transferring it to the construction site. This procedure is more effective than on-site casting because the molds are reused numerous times before being changed. The cast concrete products can be closely watched and allowed to cure correctly in a controlled atmosphere. This casting technique has a number of benefits, including superior workmanship, control over the quality of the materials, and increased safety due to ground-level production.
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Market Competitive Landscape:
The major vendors in the precast concrete industry are
- Jensen Precast (US)
- Skanska AB (Sweden)
- Molin Concrete Products Company Inc. (US)
- Coreslab Structures (US)
- Tindall Corporation (US)
- CRH (US)
- HeidelbergCement AG (Germany)
- Coltman Precast Concrete Limited (UK)
- Metromont Corporation (US)
- Taiheiyo Cement (Japan)
- SMEET (Qatar)
- Among others
Report Scope:
| Report Attribute | Details |
| Market Size | USD 92098.99266 million |
| CAGR | 4.76% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, End-Use |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Key Market Drivers | Need for cost-effective, safe, and eco-friendly products Rise in renovation and remodeling activities across the globe |
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The industry features numerous participants that offer a variety of product options, fueling fierce competitive competition. In industrialized economies like North America, Europe, and several regions of Asia Pacific, including Australia, there are numerous major players. The worldwide industry still has a high degree of forward and backward integration among leading businesses, which has increased rivalry and competition and made it challenging for new players to enter.
Market USP Covered:
Market Drivers:
In light of rising investments in infrastructure development, the market is anticipated to be driven by the developing construction sector across key regions. The residential construction industry is anticipated to grow as disposable income levels rise in both developed and developing nations. Additionally, rising government measures for the growth of their individual economies are anticipated to improve the building sector and increase product demand in the years to come.
Over the projection period, the industry at large is anticipated to increase significantly. Other significant drivers propelling the business are the rapid urbanization and industrialization of emerging nations, the increased attention to providing world-class infrastructure, and the emphasis on green building initiatives. Building materials like wall panels, sound walls, manholes, traffic barriers, and foundations are made from precast concrete. Precast concrete constructions are easier to build, stronger, and take less time to complete compared to other options.
These products have the potential to have a very high span-to-depth ratio, which improves the structure's ability to carry the load and lessens the need for extra columns. As a result, these items are frequently employed in large-scale projects like concert halls and arenas to ensure that no pillars obstruct the audience's view or experience. Leading business players use technological advancements to create new products and increase their market share. Over the course of the projection period, it is also anticipated that an increase in consumer demand and a shift in consumer preference towards high-quality items would create a number of new growth opportunities for new entrants in the market.
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Market Restraints:
An essential component of concrete is cement. One of the main causes of global warming and other forms of pollution is cement manufacture. Significant amounts of hazardous gases like nitrogen oxide, Sulphur dioxide, and carbon monoxide are produced at cement-producing facilities. Asthma, vision impairment, and cardiovascular disorders are just a few of the health problems that these gases are linked to. In addition, the effects of these gases on the ecosystem include acid rain, decreased water quality, and global warming. The precast concrete market's growth is projected to be constrained by the environmental and health risks associated with cement production. The government-enforced rules intended to lower emissions from cement manufacturing facilities would also slow the market's CAGR.
COVID 19 Analysis
According to estimates, the COVID-19 epidemic will have a big impact on the building and construction sector. Construction and infrastructure development projects were abruptly stopped as a result of the pandemic. The market was affected by the reduced output of raw materials, supply chain disruptions, limitations on the movement of people and goods, and alterations in trade flows. There is an oversupply of precast items as a result of the pandemic's lower demand.
Market Segmentation
By Product Type
Floors and roofs, columns and beams, stairs and landings, and walls are the several product categories that make up the precast concrete market segmentation. In 2021, the columns and beams sector accounted for the lion's share of market revenue. Columns and beams are frequently used in infrastructure for residential and commercial applications. Due to the accelerating rate of residential and commercial growth, as well as the global pace of urbanization, it is projected that the market for beams and columns would expand.
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By Application
The structural components, architectural components, and bridge components categories make up the precast concrete market segmentation based on application. During the projection period, 2022–2030, the structural components segment, which dominated the market in 2021, is expected to develop at a higher rate.
By End-Use
Residential, non-residential, and agricultural end uses are included in the precast concrete market data. The non-residential category dominated the market in 2021 and is anticipated to increase at the fastest rate from 2022 to 2030. It is projected that the non-residential sector will dominate the market
Regional Insights
In 2021, the Asia-Pacific precast concrete market had a value of USD 27172.8212 million, and during the study period, it is anticipated to increase at a CAGR of 42.80%. Due to the increase of the construction sector brought on by the region's rapid economic growth and government initiatives to develop the infrastructure, it is probably in high demand in the region's developing nations. Due to the increasing construction of both residential and non-residential structures and the availability of solutions that are affordable, quick, and low-maintenance, the precast concrete industry is growing quickly in the Asia-Pacific region.
The second-largest share in the worldwide market belongs to North America. Precast concrete is anticipated to play a key role in the construction of residential and commercial constructions, driving the market's rise in North America. The construction industry in North America is expanding quickly as a result of a strong economy and increased federal and state funding for institutional buildings and public works projects. Additionally, the US precast concrete market continued to hold the greatest market share as the growth will be assisted by increasing construction activity in the country and a growing trend of remodeling and refurbishing existing historical buildings. In addition, the precast concrete market in Canada expanded at the quickest rate in the entire North America.
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