Booming construction sector followed by rising demand of high strength concrete is the prime factor driving the market growth. Growing global population leading to rising demand of construction of residential buildings is anticipated to boost the market growth in the forecast period. In addition, rapid urbanization coupled with the rise in infrastructural expenditure in developing countries is presumed to fuel the market growth in the following timespan. Owing to benefits of precast concrete such as cost and time efficient construction is driving the market growth. Furthermore, excellent resistant properties, better durability, mechanical strength, rigidity with the minimum maintenance cost of precast concrete products have widened its application areas.
As per the Latest report added by Value Market Research, the global precast concrete market was valued at USD 49.89 BN (by revenue) in 2017 and is anticipated to reach USD 62.83 BN by 2024 with a CAGR of 3.5%. By volume, the market was estimated at XXX KT in 2017 and is expected to reach XXX KT by 2024 with a CAGR of X.X%.
PRESTRESSED CONCRETE EMERGED AS THE LARGEST MARKET
Prestressed concrete dominated the market owing to better durability, high tensile strength, shock and crack proof property is driving the market growth. Also, owing to its excellent properties it is used in modern and commercial infrastructure. As per the analysis, prestressed concrete is anticipated to reach USD XX.X BN by end of 2024.
NON-RESIDENTIAL DOMINATED THE CONSTRUCTION MARKET
In 2017, non-residential sector dominated the construction segment owing to robust demand of precast concrete in the construction of commercial complexes, hotels, malls, gyms, etc. is spurring the market growth. Further, the rapid urbanization and commercialization within developing countries will fuel the market growth. By 2024, it is estimated that non-residential sector will reach USD XX.X BN.
STRUCTURAL BUILDING COMPONENT LED THE PRODUCT SEGMENT
Structural building component led the product segment and is presumed to reach USD XX.X BN by end of 2024. Rising demand of structural building component from residential and non-residential projects owing to high tensile and durability is driving the market growth.
STRUCTURAL COMPONENT DOMINATED THE APPLICATION SEGMENT
Structural component led the application segment and is anticipated to reach USD XX.X BN by 2024. Use of structural component as supporting member in the construction of floor panels, roof trusses, engineering beam, etc. is driving the market growth.
EUROPE DOMINATED THE GLOBAL PRECAST CONCRETE MARKET
Europe led the regional market owing to the rising need of refurbishment of the old existing residential infrastructures in developed nations is fueling the market growth. By 2024, Europe is expected to reach USD XX.X BN.
KEY PLAYERS OF THE MARKET
Oldcastle Precast, Coreslab International, Metromont, CEMEX SAB de CV, CRH Plc., Coltman Precast Concrete and others are the key players of the precast concrete market.
As per this study, the global precast concrete market was valued at USD XX BN (by revenue) in 2020 and is anticipated to reach USD XX BN by 2027 with a CAGR of XX%. By volume, the market was estimated at XX KT in 2020 and is expected to reach XX KT by 2027 with a CAGR of XX%.
Precast concrete is a method of construction, where concrete is cast in a reusable mold or extruded which is then cured in a controlled environment, transported to the construction site, and lifted into place. Precast concrete is steadily replacing traditional methods. The main reason for the replacement trend is that precast concrete components are time and cost efficient and they provide a high-quality finish to the overall structure. The main attraction of precast products primarily stems from their ability to replace the standard cast in site method of construction. It also allows improving the construction program and offers the best efficiency in cases where the requirement is for standard grids.
Rising population across the globe, especially in the emerging economies like China and India, is necessitate increased construction activity. The major areas of expected growth in the construction market are transport, energy, social infrastructure, schools, hospitals, water resources and defense infrastructure. These factors are expected to drive the demand for precast concrete globally. Whereas, stringent environmental regulations may hamper the productivity of cement.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of precast concrete.
The broad precast concrete market has been sub-grouped into structures, construction market, products and applications. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Construction Market
- Prestressed Concrete
- Sandwich Wall (Insulated Double-Wall) Panels
- Nonresidential building
- Structural Building Components
- Architectural Building Components
- Transportation Products
- Water & Waste Handling Products
- Utility Products
- Cemetery Products
- Other Precast Concrete Products
- Structural Components
- Bridge Components
- Architectural Cladding
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for precast concrete in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Precast Concrete Market Share by Region ( Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the precast concrete market include Oldcastle Precast, Coreslab International, Metromont, CEMEX SAB de CV, CRH Plc. and Coltman Precast Concrete. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.