Precast Concrete Market Scope and overview, Global Demand, Sales, Consumption and Forecasts to 2030

The global precast concrete market size was US$ 128.1 billion in 2021. The global precast concrete market is forecast to grow to US$ 219.2 billion by 2030, registering a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2022 to 2030. 

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Precast concrete is a type of concrete that is prepared in reusable molds off-site. This procedure is normally carried out in a controlled manufacturing setting. Precast concrete can be more cost-effective and sometimes more practical than traditional materials. It’s commonly utilized in the development of floors, stairwells, wall panels, beams, pipes, and tunnels.

Factors Influencing the Market

The precast concrete industry will benefit from the changing preference of contractors and consumers. Contractors are adopting cost-effective, environmentally friendly, and innovative building approaches. Thus, it will contribute to the growth of the global precast concrete market.

Increasing disposable income and a growing number of construction activities will drive the global precast concrete market. In addition, growing consumer reliance on modern construction techniques is likely to propel the growth of the global precast concrete market.

Growing urban population and initiatives leading to infrastructure development will benefit the global precast concrete market during the forecast period. In addition, rising industrialization and favorable policies like “Made in India” are forecast to boost the market growth.

On the contrary, the lack of awareness regarding the precast concrete method may hamper the market growth during the study period.

COVID-19 Impact Analysis

The COVID-19 outbreak has had a negative influence on the global precast concrete market. The demand for the material from the end-users declined drastically, which hampered revenue growth. In addition, governments imposed lockdown restrictions that limited international trade activities. Thus, the global precast concrete market witnessed several challenges due to the COVID-19 epidemic.

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Regional Analysis

Asia-Pacific is forecast to hold the highest share in the global precast concrete market, owing to the growing acceptance of the product and rapid infrastructure development in the region. China’s Belt & Road program, which aims to build and strengthen the connectivity and infrastructure of its main trading partners, is likely to benefit the regional market. In addition, India’s massive investments in the development of metro rail infrastructure will propel the precast concrete market forward.

Competitors in the Market

Atco Group

Balfour Beatty PLC

Bouygues Construction

Cemex S.A.B. De C.V.

CRH PLC

Julius Berger Nigeria PLC

Kiewit Corporation

Laing O’rourke

Larsen & Toubro Limited

Red Sea Housing Services

Skanska Ab

Taisei Corporation.

Other Prominent Players

Market Segmentation

The global precast concrete market segmentation focuses on Element, Construction, End-User, and Region.

Based on Element

Floors & Roofs

Walls & Barriers

Columns & Beams

Utility Vaults

Girders

Pipes

Paving Slabs

Based on Construction Type

Elemental construction

Permanent modular buildings

Relocatable buildings

Based on the end-user

Non-residential

Residential

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Based on region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

Key questions answered in the Precast Concrete market report are:-

How does a global company acquire markets?

What are its core strategies and policies?

What factors will influence the Precast Concrete market over the forecast period?

What are the factors driving and restraining the market for Precast Concrete market?

What are the leading competitors in the global market?

Which region is growing at a higher pace in the global market?

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