Global Precast Concrete Market Size to Reach USD 154.89 Billion in 2030 | Emergen Research

Vancouver, Aug. 16, 2023 (GLOBE NEWSWIRE) -- As per the latest comprehensive analysis by Emergen Research, the precast concrete market achieved a substantial magnitude, attaining a valuation of USD 95.20 Billion in 2021. The market's trajectory remains poised for continuous growth, with a projected revenue compound annual growth rate (CAGR) of 5.7% during the forecast period. This dynamic expansion is underpinned by escalating investments in infrastructure, a pivotal driver propelling the market's revenue ascent.

The robust revenue growth is fortified by two principal catalysts: the rapid pace of urbanization and the exponential surge in global population. These transformative forces have set the stage for escalating demand across non-residential construction segments. Notably, airports, sports facilities, shopping centers, and office buildings stand as prime examples of non-residential structures that derive substantial benefits from the expedited and cost-effective construction enabled by precast concrete solutions.
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Moreover, the mounting demand for residential spaces, driven by the burgeoning population and governmental initiatives aimed at providing housing solutions for the Economically Weaker Section (EWS), augments the utilization of precast concrete. This multifaceted expansion extends beyond the residential sphere, permeating commercial areas like offices and other commercial spaces. This heightened adoption aligns seamlessly with escalating urbanization endeavors, as individuals seek improved employment prospects, thereby driving further revenue growth within the market.
The convergence of these factors underscores the pivotal role of precast concrete in shaping the global construction landscape, attesting to its efficacy, versatility, and capacity to cater to evolving demands across diverse construction segments.
Indeed, a critical aspect of concrete composition is cement. The manufacture of cement, however, presents a noteworthy environmental concern and plays a substantial role in global warming and other forms of pollution. The cement production process is associated with the emission of significant quantities of hazardous gases, including nitrogen oxide, sulfur dioxide, and carbon monoxide. The repercussions of these emissions are profound, manifesting in adverse health outcomes such as asthma, vision impairment, and cardiovascular ailments.

Furthermore, the environmental impact extends beyond human health, with cascading effects on the ecosystem. The emission of these gases contributes to the occurrence of acid rain, a phenomenon that impairs water quality and disrupts ecological balance. Additionally, the release of these gases is intricately linked to the exacerbation of global warming, thus further aggravating the broader issue of climate change.

The complex interplay between cement production, emissions, and their diverse consequences underscores the need for sustainable solutions and innovation within the construction industry. As the industry continues to evolve, it becomes imperative to explore alternative materials, production processes, and mitigation strategies that mitigate the adverse environmental effects associated with cement and contribute to a more ecologically balanced future.

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Scope of Research

Major Companies and Competitive Landscape

The Precast Concrete market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

• Larsen & Toubro
• Tindall Corporation
• Olson Precast Company
• STECS
• LafargeHolcim
• Gulf Precast Concrete Co. LLC
• Forterra Pipes & Precast LLC
• Spancrete
• Boral Ltd.
• LAING O’Rourke

Strategic Development

• On January 07, 2021, A contract for the acquisition of Firestone Building Products (FSBP), a pioneer in commercial roofing and building envelope solutions based in the United States, has been signed by LafargeHolcim. This acquisition is a significant step in LafargeHolcim's development into the world leader in cutting-edge, environmentally friendly building solutions.

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Some Key Highlights From the Report

• The structural building components segment is expected to register the highest revenue share in 2021. The increase in hotels, malls, and hospitals, as well as the process of global industrialization, are expected to drive the segment's revenue growth. The increasing usage of structural construction materials in low-cost housing is anticipated to have a substantial impact on this market sector.
• The infrastructure segment is expected to register substantial growth over the forecast period. Precast concrete is especially well suited for applications in which the building components must withstand severe weights. Tensile forces are absorbed by the steel reinforcement, whereas pressure forces are absorbed by the concrete. Because they are far more robust than sleepers made of other materials, reinforced precast concrete sections are suitable for the construction of sleepers that must withstand enormous weights.
• Market in the Asia Pacific is expected to register considerable growth rate during the forecast period. The region's market is expanding quickly because of the strength of its industrial base, which is largely fueled by well-known businesses. Due to the increased emphasis on sustainable and modular building as well as significant investment in rehabilitation projects across countries like China, Japan, Indonesia, and India, the rise of the precast concrete market in the Asia Pacific region offers profitable potential.

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Emergen Research has segmented the precast concrete market on the basis of product, application and region:

•    Product (Revenue, USD Billion; 2019–2030)
  • • Structural Building Components
    • Architectural Building Components
    • Waste & Water Handling Products
    • Others
•    Application Outlook (Revenue, USD Billion; 2019–2030)
  • • Infrastructure
    • Commercial
    • Residential
    • Industrial
•    Regional Outlook (Revenue, USD Billion; 2019–2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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