The precast concrete market is projected to have a moderate-paced CAGR of 5.7% during the forecast period. The current anticipated valuation of the precast concrete market is US$ 134 billion in 2023. The value of the precast concrete market is forecasted to reach a high of US$ 234 billion, by the year 2033.
Market participants boosting their capacity and bolstering their distribution network to expand their client base, are significant factors driving the demand for precast concrete. Other factors influencing the market are the rapid industrialization and urbanization of emerging nations, the growing emphasis on creating high-quality infrastructure globally, and the emphasis on green construction initiatives.
The market has expanded as a result of the construction industry’s transition to using cost-effective, environmentally friendly, and contemporary building methods. Therefore, the market is projected to be further boosted by the desire of emerging nations to modernize their current infrastructure.
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In a variety of weather situations, precast concrete materials enable effective and affordable construction. These goods are meticulously produced off-site, which raises the level of quality in general. These products have the potential to have a very high span-to-depth ratio, which improves the structure’s ability to carry the load and lessens the need for extra columns.
As a result, these items are frequently employed in large-scale projects like concert halls and arenas to ensure that no pillars obstruct the audience’s view or experience. Leading business players use technological advancements to create new goods and increase their market share.
Over the course of the projection period, it is also anticipated that an increase in consumer demand and a shift in consumer preference toward high-quality items would provide numerous growth opportunities for new entrants in the market. With 20% of all global building investments, China is the leading construction market in the world.
By 2030, it is anticipated that China would spend almost US$ 13 trillion on buildings, which is expected to increase demand for precast concrete in China. In recent years, the market has been pushed by the need for low-cost residential structures, improved efficiency obtained through precast technologies, and accelerated construction speed using precast technology.
Additionally, converting and renovating older structures boosts investment in the construction sector, increasing demand for prefabricated components and favorably influencing the expansion of the precast construction market. Precast concrete is therefore frequently employed to construct similarly designed, cost-effective constructions.
It also offers the benefit of planning for upcoming construction projects because the components are simple to rearrange. Building experts are enthusiastically embracing modern construction approaches that offer enhanced performance with an item of minimal capital expenditure.
3D printing and Building Information Modeling (BIM) are recent technological developments that might present opportunities for the sector under study.
Significant amounts of hazardous gases including nitrogen oxide, sulphur dioxide, and carbon monoxide are produced at cement-producing facilities. These gases have been related to several health issues, including cardiovascular diseases, visual impairment, and asthma. Furthermore, it is anticipated that government rules enacted to limit emissions from cement manufacturing facilities would restrain the market growth.
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Key Takeaways:
- Throughout the projection period, it is expected that the United States is likely to hold a sizeable portion of the global precast concrete market. Key stakeholders work to create very durable precast concrete products in an effort to strengthen the infrastructure of the country.
- The precast concrete market in China is expected to accelerate significantly throughout the estimated time frame. Key participants, who are concrete plant experts, also provide contemporary plant technology with a focus on China trends.
- The structural building components product type is anticipated to lead during the projected period owing to its strong demand from the construction sector.
- The infrastructure segment in end use, accounts for a sizeable share, is the most inventive market category for important corporations as there has been an increase in the usage of energy-efficient products and materials.
Key Players:
- Boral Limited
- Lafarge
- Gulf Precast Concrete Co. LLC
- Olson Precast Company
- CEMEX S.A.B. de C.V.
- Forterra
- Tindall Corporation
- Spancrete
- ELO Beton
- GÜlermak A.S.
- STECS
- LAING O’Rourke
- Larsen & Toubro Ltd.
Competitive Landscape:
Due to the existence of both foreign and domestic competition, the global precast concrete market is fragmented. In their respective niche markets, several firms hold sizable market shares. Large companies usually place significance on organic developments like product approvals and the acceptance of cutting-edge, environmentally friendly solutions. These factors are expected to prompt the global precast concrete market size rapidly.
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Key Segments
By Product Type:
- Structural Building Components
- Architectural Building Components
- Transportation Products
- Water & Waste Handling Products
- Others
By End Use:
- Residential
- Non-Residential
- Infrastructure
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
About Future Market Insights (FMI)
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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