Burlingame, July 19, 2023 (GLOBE NEWSWIRE) -- The global Precast Concrete Market size is expected to grow from USD 100.68 billion in 2022 to USD 152.75 billion in 2030, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period, according to a new report by Coherent Market Insights, Inc.
Analysts’ Views on Global Precast Concrete Market
Precast concrete has various benefits compared to conventional methods of construction. This material is a cost-effective, high quality, and sustainable alternation for building designing. With this systems constructors can reduce building time and requirement for on-site trades. Precast concrete also offers a higher accuracy and better quality assurance in construction.
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Key Trends and Analysis of the Global Precast Concrete Market:
Increasing inorganic growth strategies among market players such as merger and acquisition is a growing trend in the global precast concrete market. Market players are increasingly investing in mergers & acquisitions and R&D activities for expansion of their regional presence. For instance, in January 2021, LafargeHolcim, completed acquisition of Firestone Building Products. With this acquisition, the company strengthened its manufacturing capacity in Europe and North America. Such strategic expansions among market players are likely to aid in growth of the global market.
Global Precast Concrete Market – Drivers
Rise in awareness about benefits of precast concrete to fuel the market growth
Precast concrete can be utilized in several construction applications, and offers its adaptability in design. This material is most commonly used in construction of large infrastructures such as homes, stadiums, and skyscrapers. It is used in various purposes such as beams, floor slabs, columns, and walls. The awareness about various benefits offered by this material is growing among people, and this factor is expected to fuel growth of the global precast concrete market over the forecast period.
Growing modernization and reconstruction of infrastructural facilities to boost the market growth
The rise in investments in industrial and commercial infrastructure in emerging markets is largely contributing to the market’s growth. Such investments comprise of novel bridges, commercial buildings, airports, metros, and railroads. Moreover, due to declining structural condition of infrastructural assets, governments of countries are replacing these buildings with advanced and modern structures that can adapt to future requirements.
Precast Concrete Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 100.68 Bn | |
| Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 5.4% | 2030 Value Projection: | US$ 152.75 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Oldcastle Inc., Cemex Inc., Lafarge North America, HeidelbergCement, Holcim Inc., Vulcan Materials Co., Colas S.A., Martin Marietta Materials, MDU Resources, and Buzzi Unicem | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Precast Concrete Market – Restrain
High cost of initial investment to impede growth of the market
Installing a precast concrete facility could involve high cost investment for set up, as the machinery required for producing such products are expensive. This further impacts adoption of precast concretes. However, precast concrete offers high efficiency, quality, and durability, which is further likely to generate business opportunities in the market.
Global Precast Concrete Market – Opportunities
Increasing applications in water and waste management industry is creating growth opportunities in the global precast concrete market. Over the coming years, precast concrete applications in water and waste management are likely to grow rapidly due to increase in demand for advanced stromwater runoff management systems. The use of precast concrete forming systems is increasing in wastewater treatment facilities, as it offers superior resiliency, weather-resistance, and durability.
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Global Precast Concrete Market - Key Developments
In January 2021, LafargeHolcim completed acquisition of Firestone Building Products from Bridgestone Americas for US$ 3.4 billion.
In June 2020, Gammon Construction, a Balfour Beatty joint venture company received a contract for delivering tunnels and related works for a baggage handling systems and automatic people mover at the Hong Kong International Airport.
Key Market Takeaways:
Global precast concrete market is expected to exhibit a CAGR of 5.4% during the forecast period. The precast concrete market is growing rapidly in response to the growing need to reduce construction time and need for cost-effective products, as precast concrete construction provides major reduction in construction time which further reduces human labor eventually leading to cost savings.
On the basis of Product, Transportation Segment is expected to dominate the market during the forecast period and this is attributed to the increase in demand for transport infrastructure around the world. Additionally, the growing demand for road and rail infrastructure in emerging countries is also driving growth of this segment.
On the basis of Application, Residential Segment is expected to dominate the market during the forecast period and this is attributed to the rise in demand for novel and environmentally-friendly buildings, along with decreased rental costs.
On the basis of Geography, Asia Pacific is expected to hold a dominant position over the forecast period, due to rise in growing economic performance of the region. Government of countries around this region are imposing stringent rules and regulations to limit GHG emissions. Along with this, industrial sector in the region is thriving, and these factors are further driving growth of the market.
Competitive Landscape:
Key players operating in the global precast concrete market include Buzzi Unicem, Oldcastle Inc., MDU Resources, Cemex Inc., Martin Marietta Materials, Lafarge North America, Colas S.A., HeidelbergCement, Vulcan Materials Co., and Holcim Inc.
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Detailed Segmentation:
Global Precast Concrete Market, By Product
- Structural Building Components
- Architectural Building Components
- Transportation
- Waste & Water Handling Products
- Others
Global Precast Concrete Market, By Application
- Residential
- Commercial
- Infrastructure
- Industrial
Global Precast Concrete Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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