Pune, India, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to our new research study, “Precast Concrete Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Structure System, End Use, and Geography,” the precast concrete market was valued at US$ 150.93 billion in 2022 and is projected to reach US$ 263.71 billion by 2030; it is expected to record a CAGR of 7.2% from 2022 to 2030. The projected growth of the market is attributed to the demand from construction industry.
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Precast Concrete Market: Competition Landscape
Cemex SAB de CV manufacturer; Holcim Ltd; Consolis Group SAS; Elementbau Osthessen GmbH & Co., ELO KG; Forterra; Centrum Pile Ltd.; Balfour Beatty Plc; and Boral are among the major players operating in the global precast concrete market. These players are focusing on strategies such as investments in research & development activities to expand their footprint in the global market.
Precast Concrete Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 150.93 billion in 2022 |
| Market Size Value by | US$ 263.71 billion by 2030 |
| Growth rate | CAGR of 7.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| No. of Pages | 184 |
| No. of Tables | 111 |
| No. of Charts & Figures | 120 |
| Historical data available | Yes |
| Segments covered | Structure System, and End Use |
| 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 |
In 2022, Asia Pacific held the largest share of the global precast concrete market and is expected to record the highest CAGR in the global precast concrete market during the forecast period. The demand for precast concrete is directly proportional to the region's expansion of construction industry.
Rise in Renovation and Remodeling Activities Across the Globe
Renovation involves reconstructing infrastructural facilities with modern and advanced construction materials to promote structural properties of the building, along with improving its life span and contributing to minimal environmental impact. Renovation and remodeling activities help align infrastructural facilities that fulfill the present and future needs. With rapid urbanization, the demand for better residential and commercial facilities has risen. According to the World Economic Forum, the world's urban population grows by 200,000 people every day, many of whom need affordable housing as well as social, transportation, and service infrastructure. Due to the growing need for affordable housing, the industry is almost morally obligated to transform. Further, the International Energy Agency (IEA) has called for a significant energy-efficient building renovation as part of a US$ 3 trillion revival plan to rebuild the global economy, which will propel the demand for precast concrete in the construction sector. Further, government organizations in emerging markets are aggressively investing and concentrating on building commercial and industrial infrastructures by introducing numerous initiatives and assigning projects, thereby accelerating the precast concrete business growth. For instance, building renovation is critical to meeting the European Union's energy efficiency targets. Some of the voluntary and regulatory programs or schemes intended to stimulate the energy-efficient renovation of buildings in the EU are energy conservation obligation schemes (EEOS), mandatory building codes, and minimum energy performance standards (MEPS), among others.
Growing renovation and development activities, driven by increasingly growing investments in the modernization of existing infrastructure, will further complement the precast concrete industry. Furthermore, rising remodeling and construction operations in non-residential spaces would also drive the demand for precast concrete during the forecast period. In addition, hotel and resort renovations are also on the rise. Further, the growing investments in the industrial construction by industry players are also expected to drive precast concrete adoption and generate business opportunities. The rising renovation and remodeling activities integrated with government support are further fueling the precast concrete market growth.
Precast Concrete Market: Segmental Overview
Based on structure system, the precast concrete market is categorized into beam and column system, floor and roof system, bearing wall system, façade system, and others. The beam and column system segment registered the largest market share in the global precast concrete market in 2022. Columns consist of multilevel components which support beams and spandrels in applications such as parking structures and precast concrete structure systems of all types. The main advantages of precast concrete structures such as beams and columns are increased construction speed and improved productivity, quality control, and cost-efficiency.
Based on end use, the precast concrete market is segmented into residential, commercial, and others. The commercial segment held the largest market share in the global precast concrete market in 2022. The high demand for precast concrete by the commercial sector owing to the rising investment in commercial construction projects is anticipated to drive the commercial segment during the forecast period.
Key Developments
- In September 2023, Apex Mills acquired the HanesBrands Inc. facility in Stuart, the US. The acquisition has helped in the expansion of elastomeric knitting, dyeing, and finishing capabilities.
- In March 2022, Lear Corp completed the acquisition of Thagora Technology SRL, a Roman company. The acquisition helped Lear Corp to add scalable smart manufacturing technology to its competencies.
- In May 2021, JBS Couros SA launched antiviral leather with V-Block technology. The company is a supplier to furniture, automotive, footwear, and leather goods markets.
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Impact of COVID-19 Pandemic on Precast Concrete Market
The construction sector across the globe was expanding rapidly before the COVID-19 pandemic. The government initiated ambitious infrastructure project includes the construction of new cities, transportation networks, and entertainment complexes. This growth boosted the demand for precast concrete components across the globe.
During the COVID-19 pandemic in 2020, the precast concrete industry was not majorly impacted. The manufacturers and contractors adopted different manufacturing methods, such as off-site construction, leading to the continuation of precast concrete production. Thus, the global precast concrete market is expected to grow from 2022 to 2030.
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