Pune, India, Sept. 30, 2022 (GLOBE NEWSWIRE) -- The global precast concrete market size is expected to showcase significant growth by reaching USD 159.85 Billion by 2028. Fortune Business Insights, in its report titled “Precast Concrete Market, 2021-2028.”, mentions that the market stood at USD 114.78 Billion in 2020 and is likely to exhibit a CAGR of 4.4% between 2021 and 2028. The rapid-paced urbanization, coupled with the rising population rate, is anticipated to favor the adoption of the product globally. According to the National Bureau of Statistics (NBS), around 901.99 million people reside in mainland areas in China, which accounts for over 63.89% of the total population in the country.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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List of the Companies Operating in the Market:
- Boral (Australia)
- LafargeHolcim (Switzerland)
- Gulf Precast (UAE)
- Olson Precast Company (U.S.)
- Larsen & Toubro Limited (India)
- CEMEX (Mexico)
- Forterra (U.S.)
- Tindall Corporation (U.S.)
- Spancrete (U.S.)
- Elementbau Osthessen GmbH & Co., ELO KG (Germany)
- Bouygues Construction(France)
- Balfour Beatty(U.K.)
- Oldcastle Precast (U.S.)
- Other Key Players
Market Segmentation
Based on the product type, the precast concrete market is divided into building components, transportation, water & waste handling, and others. On the basis of end-use, the market is bifurcated into residential and non-residential.
Based on end-use, the residential segment held a global precast concrete market share of about 37.7% in 2020. The segment is expected to experience exponential growth backed by the increasing investment in the development of real estate that is likely to propel the demand for the product worldwide.
Finally, on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
What does the Report Include?
The precast concrete market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the precast concrete market Statistics between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
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Report Scope & Segmentation
| Report Attribute | Details |
| Market size value in 2020 | USD 114.78 billion |
| Revenue forecast in 2028 | USD 159.85 billion |
| Growth Rate | CAGR of almost 4.4% 2021-2028 |
| Base Year | 2020 |
| Historic Years | 2017 - 2019 |
| Forecast Years | 2021- 2028 |
| Segments Covered | By End-Use, By Application |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Boral (Australia) LafargeHolcim (Switzerland) Gulf Precast (UAE) Olson Precast Company (U.S.) Larsen & Toubro Limited (India) CEMEX (Mexico) Forterra (U.S.) Tindall Corporation (U.S.) Spancrete (U.S.) Elementbau Osthessen GmbH & Co., ELO KG (Germany) Bouygues Construction (France) Balfour Beatty (U.K.) Oldcastle Precast (U.S.) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
DRIVING FACTORS
Rapid-Paced Urbanization to Aid Growth
The evolving standard of living globally has led to the growing demand for quality-oriented and people-centered facilities. The rapid-paced urbanization has led to significant development of both residential and non-residential establishments. Besides, a large number of masses are migrating from rural areas to urban places for better job opportunities. The fast-paced growth of smart cities equipped with state-of-the-art infrastructures such as airports, malls, sports complexes, and commercial spaces is anticipated to boost the demand for the product. Besides, the rising population rate across the globe is expected to contribute to the global precast concrete market growth during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 46.43 billion in 2020. The precast concrete market forecast is anticipated to experience profound growth due to a large population in countries such as India and China. This is further leading to the massive development of residential sectors that is propelling the adoption of advanced precast concrete products in the region.
Europe – The market in the region is anticipated to showcase considerable growth during the foreseeable future. This is ascribable to factors such as the high demand for innovative precast concrete products for infrastructural and non-residential sector development activities between 2021 and 2028.
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COMPETITIVE LANDSCAPE
Partnerships between Key Players to Intensify Industry Competition
The global precast concrete market challenges is consolidated by the presence of major companies that are striving to maintain their position and gain a competitive edge over their rivals. They are doing so by focusing on partnering with other companies to expand their product portfolio. Additionally, other key players are adopting organic and inorganic strategies to intensify market competition and maintain strongholds during the forecast period.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights Impact of COVID 19 on Global Precast Concrete Market
- Supply Chain Analysis & Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Precast Concrete Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type
- Building Components
- Transportation
- Water & Waste Handling
- Others
- By End-Use
- Residential
- Non-Residential
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Product Type
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Reasons to Purchase this Report:
Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges. Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
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