Precast Concrete Market to be driven by technological advancements and increase in construction activities in the Forecast Period of 2023-2028
The new report by Expert Market Research titled, ‘ Global Precast Concrete Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Precast Concrete Market, assessing the market based on its segments like product, end use and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 95 billion
- Forecast CAGR (2023-2028): 5%
- Forecast Market Size (2026): USD 130.9 billion
The Global Precast Concrete Market has steadily grown over the years, owing to the robust growth of the construction sector as a result of rapid urbanisation and exponential population growth, which assisted the precast concrete market in the forecast period.
Industry Definition and Major Segments
Precast concrete is concrete that is prepared, cast, and cured in a controlled factory environment, typically using reusable moulds. It is typically used for wall panels, columns, beams, staircases, and tunnels, among other things, and can be joined to other elements to form a complete structure. Precast concrete is fire resistant and provides high environmental protection which increases its utilization market. It can also withstand high pressure forces and increase tensile strength, providing maximum protection against high loads.
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Based on product, the market is divided into:
- Structural Building Components
- Architectural Building Components
- Transportation Products
- Water and Waste Handling Products
Based on end use, the market is segregated into:
The global market for Precast Concrete includes:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Increased government renovation activities in emerging economies such as India and Brazil are increasing demand for precast concrete, further assisting market growth. Furthermore, renovations in the hospitality industry are propelling market growth. Increased public and private investment as a result of rapid industrialisation is also driving market growth. Owning to its fire resistant and environmental properties, it is used in the construction of power plants with high safety hazards and highways, which is further propelling market growth.
Furthermore, as technology advances, microchips are embedded in precast concrete to gather information about loads and forces and send out a signal to warn the inhabitants during seismic risk, reducing the risk of a building collapse during an earthquake; such developments are further energising market growth. Precast concrete’s low thermal conductivity and mass reactance create a balance between extreme temperature changes, slowing the cooling or heating of the space. Furthermore, intelligent precast concrete materials can isolate, heat, or cool while producing additional energy. Precast concrete also reduces cooling costs, which is expected to aid market growth, in the forecast period.
Key Market Players
The major players in the market are Boral Ltd., Gulf Precast Concrete Co. LLC, Olson Precast Company, Teemage Builders Pvt Ltd., Forterra Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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