Dublin, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The "Precast Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Structure System; and End use" report has been added to ResearchAndMarkets.com's offering.
The precast concrete market is expected to grow from US$ 151.84 billion in 2022 to US$ 234.66 billion by 2028; it is estimated to grow at a CAGR of 7.5% from 2022 to 2028.
The high-density precast concrete is more durable against acid attack, corrosion, and impact, reduces surface voids, and resists the accumulation of dust. There are various benefits of using precast concrete products for various structural purposes. Precast concrete can be used to create road barriers, building segments such as walls, and a wide range of shapes and sizes of blocks. Using precast concrete can help to save money by reducing the time spent on a project. As the parts being used come already created, no time is wasted in forming, framing, pouring, or curing.
A rise in renovation and remodeling activities, driven by increasing investments by the government and private sectors in the modernization of existing infrastructure, is fueling the precast concrete market growth. However, the volatility of raw material prices hampers the precast concrete market growth. Cement, aggregates, and sand are among the primary raw materials used in the production of precast concrete. The key cause of raw material price fluctuations is volatility in the prices of energy and crude oil, which are used in the production and transportation of these products.
Based on structure system, the precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, facade system, and others. The beam and column system segment held the largest market share in 2021. Beams are the structural components that are formed in one of three fundamental shapes - rectangular beams, inverted tee beams, and L-beams. Beams are primarily utilized to support deck components, such as solid slabs, double tees, and hollow-core, and sometimes other beams. The precast beams and columns offer advantages, including design flexibility, faster installation structures, sustainable construction, durability, long life, low maintenance, and moisture resistance.
In 2021, Asia Pacific held the largest share of the precast concrete market. Easier and faster construction, minimum fieldwork, and cost reduction are among the major advantages associated with the use of precast concrete that fuel its demand in different applications in Asia Pacific. The building and construction industry is a strong contributor to the precast concrete market growth in the region. In India, construction is the second-largest industry, after agriculture, which accounts for ~11% of the country's GDP. The market growth in Japan is ascribed to the strong presence of construction, automotive, and other industries.
Manufacturers in Japan are producing precast concrete products that deliver high precision and consistent quality. The frequency and intensity of earthquakes is often high in Taiwan. This has driven the developers' focus toward making earthquake-resistant buildings. Hence, the demand for construction materials suitable for the development of high-rise earthquake-resistant buildings is increasing, which is propelling the precast concrete market growth in the country.
A few players operating in the global precast concrete market include Betongindustri AB; Boral; Cemex S.A.B. DE C.V.; Consolis Group SAS; Elementbau Osthessen GmbH & Co., Elo Kg; Forterra; Gulf Precast; Lafargeholcim; Centrum Pile Ltd.; and Tindall Corporation. Players operating in the precast concrete market are focusing on providing high-quality products to fulfill customer demands. Players operating in the precast concrete market are also investing significantly in research and development activities, and mergers and acquisitions.
Market Dynamics
Market Drivers
- Need for Cost-Effective, Safe, and Eco-Friendly Products
- Rise in Renovation and Remodeling Activities Across the Globe
Market Restraints
- Volatility in Raw Material Prices
Market Opportunities
- Supportive Government Initiatives in Emerging Economies
Future Trends
- Significant Investment in Innovation and Product Development
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Precast Concrete Market Landscape
5. Precast Concrete Market - Key Market Dynamics
6. Precast Concrete - Global Market Analysis
7. Global Precast Concrete Market Analysis - By Structure System
8. Global Precast Concrete Market Analysis - By End Use
9. Global Precast Concrete Market- Geographic Analysis
10. Impact of COVID-19 Pandemic on Global Precast Concrete Market
11. Industry Landscape
12. COMPANY PROFILES
13. Appendix
Companies Mentioned
- Betongindustri AB
- Boral
- Cemex S.A.B. DE C.V.
- Consolis Group SAS
- Elementbau Osthessen Gmbh & Co., Elo Kg
- Forterra
- Gulf Precast
- Lafargeholcim
- Centrum Pile Ltd.
- Tindall Corporation
For more information about this report visit https://www.researchandmarkets.com/r/qeuf6m
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