New York, United States , Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Global Precast Concrete Market Size is to grow from USD 121.25 Billion in 2022 to USD 218.79 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.0% during the projected period. The rising adoption of precast concrete in various applications such as structural building components, architectural building components, transportation products, waste & water handling products, and others in several end-use applications including residential, commercial, infrastructure, and industrial is expected to boost the demand for the precast concrete market during the forecast period.
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Precast concrete is a form of building material that is prepared, cast, and cured away from the job site, usually in a controlled industrial setting using interchangeable molds. Precast concrete components can be joined together to form a complete structure. It is extensively used in the construction of wall panels, beams, columns, floors, stairwells, pipes, and tunnels. Precast concrete provides various advantages, including shorter building times, lower costs, superior quality control, speedy and precise member erection, and environmental protection.
Precast concrete is becoming more popular in the building and construction industry due to its ability to reduce costs, time, and labor while enhancing building quality through process consistency, which assures exceptional quality control and improved aesthetics. Furthermore, increased financial independence in both developing and established countries is expected to promote growth in the residential construction sector. Precast concrete constructions have the advantage of being more durable and long-lasting, and they may be produced more quickly than other accessible solutions. These concrete varieties have a high span-to-depth percentage, which helps the building's load carrying integrity and, as a result, lowers the need for additional columns.
Browse key industry insights spread across 200 pages with 125 market data tables and figures & charts from the report on, "Global Precast Concrete Market Size, Share, and COVID-19 Impact Analysis, By Type (Elemental Constructions, Permanent Modular Buildings, Relocatable Buildings, Others), By Application (Structural Building Components, Architectural Building Components, Transportation Products, Waste & Water Handling Products, Others), By End-Use (Residential, Commercial, Infrastructure, Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Here:
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The elemental constructions segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global precast concrete market is segmented into the elemental constructions, permanent modular buildings, relocatable buildings, and others. Among these, the elemental constructions segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Precast elements produced at a manufacturing facility assure excellent completion, durability, structural standards, acceptable uniformity, and quality management. Using precast components to make an entire structure speeds up construction, reduces time on site and defects, reduces labor costs, and reduces supporting and scaffolding costs.
The structural building components segment is witnessing significant CAGR growth over the forecast period.
On the basis of application, the global precast concrete market is segmented into structural building components, architectural building components, transportation products, waste & water handling products, and others. Among these, the structural building components segment is witnessing significant CAGR growth over the forecast period, owing to their high demand from the construction industry. The expanding number of hotels, malls, and hospitals, together with the rise of global industrialization, will most likely drive product segment expansion throughout the projection period.
The infrastructure segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of end-use applications, the global precast concrete market is segmented into residential, commercial, infrastructure, and industrial. Among these, discrete industries are dominating the market with the largest revenue share of 57.2% over the forecast period. This expansion can be attributed to significant infrastructure spending, which presents lucrative growth opportunities for the precast concrete market. The rising emphasis on infrastructure and housing demands, particularly in emerging nations, has resulted in substantial corporate and government-led funding for these sectors. The construction of dams, bridges, flyovers, and other vital public structures is likely to boost product demand.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 48.7% market share over the forecast period. As a result of rapid economic expansion and legislative efforts toward infrastructure development, the region's newly industrialized nations are expected to report increased demand for precast concrete. Because of advanced and sustainable construction processes that are boosting demand for cutting-edge materials, the North America market is expected to grow at a significant CAGR during the forecast period.
In contrast, Europe is predicted to grow the fastest during the forecast period. This is attributable, in part, to a rise in the usage of these concrete products for non-residential and infrastructure structures. The usage of precast concrete products has reduced construction time and labor costs, hence improving the region's construction market. The Latin American industry is likely to grow as demand for residential construction rises.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Precast Concrete Market include Cemex S.A.B. de C.V., LafargeHolcim Ltd., CRH Plc, Boral Limited, Forterra Pipe and Precast LLC, GÜlermak A.S., Bouygues Construction, Balfour Beatty Plc, Larsen & Toubro Ltd., Tindall Corporation, Spancrete, Bouygues Construction, Gulf Precast Concrete Co. LLC, and among others.
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Recent Developments
In August 2022, CXT Inc., a subsidiary of L.B. Foster Co., has purchased the operating assets of VanHooseCo Precast LLC, which specializes in precast concrete walls, water management solutions, and classic precast products for the industrial, commercial, and residential infrastructure markets. The acquisition broadens L.B. Foster's market reach to encompass commercial and residential developers, as well as state and local governments in Tennessee and bordering states. It also serves as a springboard for expansion into the precast concrete infrastructure market.
In November 2022, Middle Ground Capital announced the acquisition of Dutchland Inc. ("Dutchland"), a prominent manufacturer and installer of precast concrete tanks in the water and wastewater treatment markets.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Precast Concrete Market based on the below-mentioned segments:
Precast Concrete Market, Type Analysis
- Elemental Constructions
- Permanent Modular Building
- Relocatable Buildings
- Others
Precast Concrete Market, Application Analysis
- Structural Building Components
- Architectural Building Components
- Transportation Products
- Waste & Water Handling Products
- Others
Precast Concrete Market, End-Use Applications Analysis
- Residential
- Commercial
- Infrastructure
- Industrial
Precast Concrete Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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