The global precast concrete market was valued at USD 133.84 billion in 2023 and is expected to expand from USD 141.01 billion in 2024 to USD 232.93 billion by 2032, registering a compound annual growth rate (CAGR) of 6.5% over the forecast period. In 2023, the Asia Pacific region led the market, accounting for 41.26% of the global share. The U.S. precast concrete market is also set to experience significant growth, projected to reach USD 25.31 billion by 2032, driven by the adoption of advanced and sustainable construction practices, which will increase the demand for innovative products.
Some of the Key Players of the Market for Precast Concrete include:
· Oldcastle Precast (U.S.)
· Balfour Beatty(U.K.)
· Bouygues Construction(France)
· Elementbau Osthessen GmbH & Co., ELO KG (Germany)
· Spancrete (U.S.)
· Tindall Corporation (U.S.)
· Forterra (U.S.)
· CEMEX (Mexico)
· Larson & Turbo Limited (India)
· Olson Precast Company (U.S.)
· Gulf Precast (UAE)
· LafargeHolcim (Switzerland)
· Boral (Australia)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/precast-concrete-market-103301
The Report Answers the Following Queries:
· What is the nature of the market?
· Who are the key players of the market for precast concrete, and what is their strategy?
· How will urbanization contribute to the growth of the market?
· What are the recent industry developments in this market?
Drivers & Restraints-
Increasing Demand for Commercial and Residential Spaces to Propel Growth
Increasing population, growing industries and businesses, and the rising need for residential and commercial spaces are the key factors promoting the precast concrete market growth. In addition to this, rapid urbanization and industrialization have propelled the demand for construction activities. This has led to a rise in the expenditure for construction activities, thereby augmenting growth.
On the contrary, certain drawbacks may pull down this market in the future. These include the environmental and health concerns concerning cement manufacturing. It is believed that cement production releases many gases such as sulfur dioxide, carbon monoxide, and nitrogen oxide into the atmosphere. This may result in numerous environmental impacts such as global warming, depletion in the quality of water, and acid rain, among others. Besides this, there are several health issues such as visual impairment, asthma, and various cardiovascular diseases that may cause hindrance to the overall market in the coming years.
Segment:
Building Components Segment Earned Major Share Attributed to Utilization in Construction Projects
Based on segmentation by product type, the building components segment gained the largest precast concrete market share. Growth of this segment is attributable to the increasing demand for cost-efficient quality houses at affordable prices that propelled a rise in the number of construction projects.
Regional Analysis-
Asia Pacific to Emerge Dominant on Account of Rising Investments in Infrastructural Development
Geographically, Asia Pacific earned a revenue of USD 46.97 billion in the year 2019 and received the largest precast concrete market share. This is attributable to the increasing investments on infrastructural development by emerging nations such as India, China, and Japan in the forecast duration that will propel the demand for precast concrete in the regional market. Europe ranks second on account of the increasing use of precast concrete products for commercial and industrial construction projects.
Competitive Landscape-
Players Focusing on Geographical Expansion for Gaining Significant Position in Market
The global market for precast concrete is fragmented as the number of players is many. Some of them are investing heavily on material supply and other partnership strategies to gain a competitive edge in the market. Others are planning on expanding their brand presence geographically to draw significant revenues to the market.