Global Precast Concrete Market Size to reach US$ 159.8 Bn by 2028
The Global Precast Concrete Market Size was valued at US$ 118.4 Bn in 2021 and is projected to reach US$ 159.8 Bn by 2028, at a CAGR of 4.4%.
Emerging-market governments are actively spending and focusing on the development of commercial and industrial infrastructures by executing different programs and assigning projects, accelerating the precast concrete market expansion. During the forecast year, demand for precast concrete would be boosted by increased remodelling and renovation activities in non-residential buildings. Renovations to hotels and resorts are also on the rise. Increased investments in industrial development from industry participants are projected to accelerate the adoption of precast concrete and open up new market prospects. Work-zone safety has improved as a result of the usage of precast components in the construction of buildings, bridges, and stadiums. For example, while building a bridge on-site, employees are exposed to high-speed traffic for an extended period of time, as well as other on-site construction risks, increasing the risk of accidents. These hazards are reduced by using precast concrete construction. Because precast components are formed of locally available natural raw materials like stones, cement, gravel, and sand, they can be recycled or reused totally, regardless of how severely reinforced they are, as long as they are built in a controlled setting. When compared to other materials used in traditional construction components, this helps to reduce the environmental impact of raw materials across their entire life cycle.
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The global precast concrete market is significantly impacted with the outbreak of COVID-19. The outbreak's consequences and impact are expected to intensify in the coming months as the virus spreads. The impact of the COVID-19 pandemic on the building and construction industry is expected to be significant. Building and construction, as well as infrastructure development, came to a halt as a result of the pandemic. Slowed raw material production, supply chain disruptions, restrictions on man and material mobility, and trade movement disruptions all affected the market. As a result of the pandemic, demand for precast products has decreased, leading in overcapacity. Due to COVID-19, the market grew nominally in 2020, but demand fell somewhat in the following year. Slowing raw material output, supply chain disruption, impeded trade movements, decreased construction demand, and lower demand for new projects are all hampered by COVID-19. However, due to an increase in the number of COVID-19 cases and the need for healthcare and quarantine facilities/units, demand for modular buildings has skyrocketed.
The building components segment accounted largest market share in 2020 due to widely used in a variety of construction and building projects. Columns, beams, and joints utilized in construction, including manufacturing plants and industries, are included in this segment. Furthermore, in the next years, growth will be aided by a growing population and a high demand for low-cost and accessible housing. The non-residential segment accounted largest market share in 2020 due to the growing demand for commercial end-uses among the population. Increasing investments in commercial areas, flyovers, roadways, educational institutions, and hospitals have expanded. Furthermore, during the forecast period, the increasing demand for sports complexes, stadiums, and airports will assist the non-residential segment's expansion.
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Asia Pacific is expected to dominate the market share of global precast concrete market owing to the region's industry flourishing is being fueled by a growing population, expanding urbanization, and the construction sector. In various APAC countries, new building developments with better energy-efficient solutions for residential and commercial sectors are boosting demand for precast concrete. Demand for the goods will rise as countries like China, India, and Japan invest more in infrastructure development. Furthermore, due to its cost effectiveness, the increasing residential sector in these countries will enhance demand for precast concrete, giving the industry a boost. However, North America is anticipated to emerge as the fastest-growing region over the forecast period. Due to the presence of major key players and advanced technologies is propelling the growth of the global precast concretes market.
KEY INDUSTRY DEVELOPMENTS:
July 2021- Forterra acquired Barbour Concrete Company & Barbour Building Systems to expand its product portfolio and have large customer base.
January 2021- LafargeHolcim acquired Firestone Building Products, a commercial roofing and building envelope solutions company, for US$ 3.4 billion. The acquisition is estimated to expand the company’s roofing portfolio and increase presence in the U.S.
April 2020- Tindall Corporation, planning to expand operations in Spartanburg County, South Carolina, U.S. The expansion will require investment of around US$ 27.9 million. The new facility will increase production capacity and expand product offerings.
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