Globally, the precast concrete market is expected to grow USD 98,471.20 million value of CAGR 4.46% during the market forecast period.
The expansion of market size depends on the increase in usage of building materials due to the rise in demand for the adoption of pre-engineered buildings. Besides the rise in the usage of precast concrete for ensuring high quality and increased productivity while reducing the construction period and high expenses increases the precast concrete market size. Besides it, the burgeoning construction industry present throughout the world enhances and steers up the market demand. The precast concrete market occupies a vital precast concrete market value of USD 103,666.1 million by the end of 2023. It has been marked that in 2017, the precast market industry projects at a market value of USD 76,200.7 million.
The outbreak of COVID has affected the industry widely, thus leading to the shutdown up of numerous manufacturing units throughout the world. COVID has led to the rising of new and extensive challenges which has led to the grappling up of sector participants along with the improvement of lockdown. COVID 19 led at first added to the uncertainty about the pipeline building and investment much on project issues. Key players have led to trouble in giving out the well-established strategies for accompanying the skilled workers. COVID has heightened the immigration of obstruction and it's hard impact on the sustainability and availability of labor. The pandemic has shaken up the precast concrete industry having some of the contractual positions which have been adopted by the competitors. The market players invest much more in the project pipelines. COVID 19 has made restrictions and has also created new opportunities which have helped in precast concrete market size. This pandemic has not only led to the transformation but has also increased the chances for revitalization in the precast concrete construction units.
It has been marked that precast concrete is versatile and is very much recyclable. The concrete is of high strength and is highly durable which enhances the setting up of modern construction units and pre-factored buildings. The rise in demand for green buildings rises the precast concrete market growth. Growth in smart city projects along with the initiative activities taken for the development of infrastructural activities enhances the market size. With rising in population and growth in the setup of industries along with an increase in urbanization bolsters up the market growth. The hotel industry is rising enormously thus owing to the growth in the travel sector. Using more precast concrete in some areas of the hotel ensures the expansion in quality of construction and thus defines the market landscape in the upcoming days.
The growth in markets all over the globe augments up the opportunities for using more precast concrete basically in end-users industries. The expansion in the construction industry in some of the emerging countries and the growth in commercial and construction of residential activities steer up the market size and growth. The advantages from the construction industry led to the rising of indisposable income of demographics and substantial funds so invested by the government on the infrastructural and developmental projects. The growth in the number of precast concrete manufacturing plants in the upcoming countries gives golden opportunities for construction firms in the upcoming years.
Shortage of labor and the government initiatives so taken is one of the most challenging factors of the market.
The rise in CAGR value and the growth factor contributes to the increase in precast concrete market value thus adding a cumulative growth to the market.
It has been marked that the precast market faces several challenges like the fluctuating prices and unavailability of raw materials which are very much required for a production facility. Improvement of strict rules and laws in the upcoming countries acts as a restraining factor for the expansion of market size. The slow growth in sales of precast concrete and adopting them in recent years acts as a major restraining factor in the present years.
The precast concrete market has been divided into product type, application, end-user segment, and region. The product type is again divided into floors, roofs, columns and beams, corridors and landings, walls, and many more. Based on application, the industry is bifurcated into structural components, infrastructural and architectural components, bridge components, and many more. As per the end-user segment, the market has been divided into residential and commercial sectors along with infrastructural units. Regionally, the market has expanded to the Americas which includes some of the United States region, Canadian region, Mexico, and many others. It also includes European regions like Germany and the United Kingdom, the Asia Pacific region like China, Japan India, and South Korean region, and the rest of the world.
Due to technology, the precast materials are prefabricated and precast in the construction sectors. These features improve the speed of the construction and its productivity. These are cost-effective and safe. These structures are so constructed to reduce their impact on the environment. Such materials can be used again and can be remolded. Technology led to the adoption of green and modular precast materials. Technology led to the discovery of such factors that helped in the improvement of urbanization and the growth of residential and construction units.
The region of Asia Pacific has been the only dominating region that has maintained its position of gaining success throughout the review period. The increase in demand from the burgeoning units of construction and the rise in growth opportunities which has been presented by the end-users segments has said that the Asia Pacific region is one of the strongest contenders throughout the precast concrete market. The rise in the expansion of end-use units and industries which includes the residential construction units, non-residential construction sectors along with architectural development drives up the precast concrete market growth. Decreasing the interest rates on the user’s loan along with the rise in users’ purchasing power steers up the market size during the market forecast period. The regions of Japan, India, and China are expected to be the most dominant market for the use of precast concrete, especially in this region. Growth in population and increase in funding facility in the region bolsters up the growth facility in the Asia Pacific region.
Globally and regionally the market appears to be segmented due to the presence of numerous key players. Vendors and traders worldwide are experiencing and facing disturbances against each other and from the local precast firms so present. The advanced key players faced various chances and opportunities to deeply unite across the value chain analysis. They give priority to the enhancement of production facilities, R and D funding and investment, M and A research activities to achieve success in this competitive field.
The report gives a good analysis of the unique and relevant factors which have a significant impact on the precast concrete market. Their detailed evaluation and information have helped the key players for understanding the marketing strategies better. The report features the historical and the new marketing trends that have a historical significance and which boosts up the market size. The report signifies the supply scenario, the expenditure structure, and the supply chain analysis which has a good impact on the market size. It gives details about the company profiling, emerging products on the market, and the innovation possibilities taking place.
|Market Size||USD 98,471.20 million|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Application, End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Jensen Precast (US), Skanska AB (Sweden), Molin Concrete Products Company Inc. (US), Coreslab Structures (US), Tindall Corporation (US), CRH (US), HeidelbergCement AG (Germany), Coltman Precast Concrete Limited (UK), Metromont Corporation (US), Taiheiyo Cement (Tokyo), SMEET (Qatar), Larsen & Toubro Limited (India)|
|Key Market Opportunities||
|Key Market Drivers||
The global precast concrete market is on its way to be worth the value of USD 98.471.20 million Million by 2030.
The precast concrete market has witnessed strong growth backed by the advancing degree of industrialization, urbanization, as well as infrastructural developments. Furthermore, there has been a rapid shift of consumers along with building contractors toward cost-efficient, eco-friendly, and modern building techniques that offers a variety of growth opportunities for the precast concrete market. Other beneficiary factors instrumental in the market growth are the rising disposable income in the developing nations paired with the changing preferences of construction methods which augments the reliance on modern construction techniques.
The global precast concrete market is segmented on the basis of product, application and end-user.
Asia Pacific is leading the market and is projected to grow at the highest rate of 4.76% during the forecast period.
A massive amount of investment in research and developmental activities by the key players has led to new innovations within the market. With many of the market players associated with product diversification and improvement to gain a competitive edge over competitors, the overall market is exhibited to observe a phenomenal growth status in the coming years.
North America is said to cover the second largest market share. The rise in market growth is due to the blooming up of the construction sector where continuous transformation activities have been carried out. Along with it the increase in consumption potential, along with the rise in production facilities, boosts up the economical conditions in the regional market areas. The region of the United States and Canada covers the largest precast concrete market value. The rise of green buildings gives a substantial increase and raises the demand for concrete.
Global Precast Concrete Market- Competitive Landscape
Market Research Future includes following key players for global sandwich panels market research study: Jensen Precast (US), SKANSKA AB (Sweden), Tindall Corporation (US), Molin Concrete Products Company, Inc. (US), Metromont Corporation (US), Coreslab Structures (US), CRH(US), Coltman Precast Concrete Limited (UK), HeidelbergCement AG (Germany), Taiheiyo Cement (Tokyo), SMEET (Qatar), and Larsen & Toubro Limited (India)
The market share analysis is derived by considering various factors such as financial position, segmental R&D investment, product innovations, corporate strength, product portfolio, strategy analysis, and, key innovations in the market among other factors. The major players holding prominent position in the Market are CRH(US), HeidelbergCement AG (Germany), and Taiheiyo Cement (Tokyo), are among others.
According to MRFR analysis, CRH is currently leading the global industrial automation market with 8.75% market share. CRH is one of the global manufacturers of precast concrete and majorly operates in the US. The group carries out manufacturing and distribution in more than 32 countries with over 3,600 location across the operating regions. Its building materials products are offered in all five continents through a distribution network. It focuses on the expansion of its balanced portfolio of varied products with mergers and collaboration with renowned suppliers and distributors.
HeidelbergCement AG is the second largest company offering sandwich panels with 2.64% of the total market share HeidelbergCement is one of the leading manufacturers of building materials in the world. It has presence in about 60 countries of five continents. Its products are used for the construction of residential, commercial and industrial structures. It differentiates its products through high level of customer focus and service quality, and continuous improvement of its products and services.
Taiheiyo Cement (Tokyo) holds the third largest market share of the market with 0.33%. Taiheiyo Cement Corporation is in the business of cement, mineral resources, environmental, and construction materials businesses in Japan and across the world. Its construction materials segment offers precast concrete products, concrete housing products, and, acoustic panels, used in the reduction of construction noise and fireproof covering materials mostly used in tunnels. The company mainly focuses on acquisition of other players for its market growth.