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Precast Concrete Market is projected to touch USD 196.9 billion in 2029, registering 5.8% CAGR during 2022-2029 | Size, Report & Growth
Precast Concrete Market
The Precast Concrete Market generated a revenue of USD 125.4 billion in 2021 and is expected to reach USD 196.9 billion in 2029, expanding at a CAGR of 5.8% over the forecast period.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/precast-concrete-market-analysis-industry-research/
The factors driving the growth of Precast Concrete Market includes increasing application of precast concrete in the construction of bridges, dams, and stadiums, growing focus on developing high-quality infrastructure and rise in the number of green buildings projects across the globe. According to the report published by Bloomberg, the Global Green Building Materials Market was calculated around USD 256.51 billion in 2020 and is expected to reach USD 653.41 billion by the end of 2028, growing at a CAGR of 10.5% over the forecast period, which will accelerate the Global Precast Concrete Market in the approaching years. Moreover, increase in road accidents at construction sites, growing preference for modern construction methods, rising adoption of advanced technologies by manufacturers and rapid urbanization, are some of the additional factors supplementing the Precast Concrete Market size. In addition, the increasing investments by leading players on research and development, strategic mergers, and acquisitions between key industry players and rising disposable incomes, are further contribution towards the market growth.
However, growth of the Precast Concrete Market is hindered due to insufficient knowledge about precast concrete method.
The prominent players operating in the market are Julius Berger Nigeria Plc., Boral, Gulf Precast Concrete Company L.L.C, Balfour Beatty, Holcim, Skanska, Olson Precast Company, CRH plc, CEMEX S.A.B. de C.V. and LAING O'ROURKE, among others.
Based on End-Use, the Non-residential segment is predicted to expand at a significant CAGR during the forecast period
Rise in the infrastructure projects across India, South Africa, and Middle Eastern Countries, is propelling growth of the segment.
As per Precast Concrete Market Report, the Residential segment is projected to expand at a remarkable CAGR during the forecast period attributed to easy availability of home loans, rapid growth in the real estate sector and Government schemes providing affordable houses.
Based on Region, the Asia-Pacific region is projected to grow at a robust CAGR over the forecast period
Rise in Government's expenditure on infrastructure projects, growing adoption of advanced technologies by manufacturers, rapid industrialization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
In 2021, Skanska started an international project "ReCreate" to examine different reusing parts of a condemned building in Tampere, Finland, this project focuses on detecting new ways to remove concrete elements without damage for cost-effective reuse in new buildings.
In 2021, Holcim completed the acquisition of Firestone Building Products from Bridgestone Americas for USD 3.4 billion.
In 2020, Holcim and its subsidiary Vetra Betonverbindteilwerke GmbH signed an agreement with The Swiss CPC AG, to produce better performing thin concrete slabs with high-strength concrete in the Dutch, German, and Scandinavian markets.
Market Segmentation
Segmentation by Element
Columns & Beams
Floors & Roofs
Walls & Barriers
Girders
Pipes
Paving Slabs
Utility Vaults
Others
Segmentation by Construction Type
Elemental Construction
Permanent Modular Buildings
Relocatable Buildings
Segmentation by End-Use
Residential
Non-residential
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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