Pune, India, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Precast Concrete Market Size, Share, Growth Factors, Opportunity and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Structure System, End Use, and Geography,” the precast concrete market size is expected to grow from US$ 151.84 billion in 2022 to US$ 234.66 Billion by 2028; it is estimated to register a CAGR of 7.5% from 2022 to 2028. The projected growth of the market is attributed to the growing need for cost-effective, safe, and eco-friendly products and the rise in renovation and remodeling activities across the globe.
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Global Precast Concrete Market: Competitive Landscape and Key Developments
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 are among the key players operating in the global precast concrete market. These players focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as investments in research and development activities and new product launches.
Precast Concrete Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 151.84 Billion in 2022 |
| Market Size Value by | USD 234.66 Billion by 2028 |
| Growth rate | CAGR of 7.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 184 |
| No. of Tables | 111 |
| No. of Charts & Figures | 120 |
| Historical data available | Yes |
| Segments covered | By Type, Application and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | 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 |
In 2022, Asia Pacific held the largest global precast concrete market share. The major factors driving the growth of the precast concrete market in Asia Pacific are the increasing adoption of innovation accelerators which include advanced technologies and processes. Over the past decades, the manufacturing company's spending in the region has grown significantly and is further anticipated to grow. The growing number of precast concrete uses in numerous end-user sectors, including automotive and building & construction, is anticipated to increase the precast concrete demand in the Asia Pacific region. Hence precast concrete market growth is anticipated to boost drastically during the forecast period.
Need for Cost-Effective, Safe, and Eco-Friendly Products
Precast technology is often correlated with performance, protection, and durability, all of which are good advantages over traditional building methods. However, one of the essential advantages of precast is its potential to reduce construction costs and provide substantial savings before, during, and after the project. Moreover, unlike other materials used in conventional building components, precast components are usually made of locally available natural raw materials such as cement, stones, sand, and gravel, and they can be reused or recycled completely, which helps to reduce the environmental impact of raw materials over their life cycle. In addition to this, focus has been made to promote safe and digitized construction, which could lessen the number of fatalities at the site. For instance, several reported incidents suggest the fatalities were caused while lifting hollow-core slabs with clamps. Hence, using precast components in construction work can ensure safety and protection at construction sites.
Precast Concrete Market: Segmental Overview
Based on structure system, the precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. The beam and column system segment held the largest share in 2022. Precast structure systems are primarily made up of various shapes and components including beams and columns. Beams are structural components that are formed in one of three fundamental shapes, including rectangular, inverted tee beams, and L-beams. Beams are primarily utilized to support deck members such as solid slabs, double tees, hollow-core, and sometimes other beams. Columns consist of multilevel components that support beams and spandrels in applications such as parking structures and precast concrete structure systems. The rapidly increasing construction activities are expected to further boost the precast concrete market growth.
Based on end-use, the precast concrete market is segmented into residential, commercial, and others. The precast concrete market share for the commercial segment was the largest in 2022. The commercial sector includes sports facilities, schools, colleges, government institutions, hospitals, offices, and other commercial spaces. Precast concrete is used for the construction of sports facilities worldwide. Precast sport specialized components allow general contractors and architects the flexibility to achieve innovative and complex designs with maximized seating. The acoustic performance of the precast structures in schools and colleges enhances noise insulation. The increased commercial construction across the globe is expected to boost the precast concrete market growth further.
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Impact of COVID-19 Pandemic on Precast Concrete Market
COVID-19 is disrupting the market because of the slowdown in raw material production, supply chain instability, hampered trade movements, decreased construction demand, and reduced demand for new projects. However, the demand for modular buildings has risen due to increased COVID-19 cases and the need for healthcare and quarantine buildings/units, which will positively impact the precast concrete market. In addition, the ongoing COVID-19 pandemic has drastically altered the growth status of the precast concrete industry. The outbreak has distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage. The disturbed value chain has had a negative impact on raw material supply. However, as the economies plan to revive their operations, the demand for precast concrete will rise globally in the coming months.
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