Global precast concrete market is estimated to reach around US $149.1 billion by the year 2026, expanding at a 6.6 percent CAGR, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
The worldwide market for precast concrete has been witnessing high growth in the recent times due to a significant rise in disposable income, as well as, construction and renovation of residential buildings. Augmented urbanization & industrialization, increasing population, growing requirement for minimizing building time & costs, along with surging demand for offsite construction are some of the most crucial factors stimulating the expansion of the global precast concrete market. In addition, the need for safer construction sites, rising public infrastructure development, and enhanced load capacity & durability of precast concrete further promotes market growth.
The precast concrete market growth is highly influenced by surging investments from different governments for the advancement of public infrastructure as well as government premises. Escalating demand for precast concrete products in developing nations, coupled with the expansion of the worldwide construction industry are estimated to drive market growth over the projected period.
Speaking of the precast concrete elements, the global market is classified into walls & barriers, columns & beams, floors & roofs, paving slabs, and others. In terms of product application, the precast concrete market is fragmented into structural buildings, architectural buildings, water & waste handling, transportation, and others. The market is broadly divided into two major end-user segments, residential and non-residential. Reportedly, the non-residential segment led the global precast concrete market in the year 2018, in terms of revenue.
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The report encompasses a comprehensive geographical segmentation of the global precast concrete market, classifying it into five major regions, North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. The North American market is sub-divided into the United States and Canada, while the Asia Pacific region is fragmented into India, Korea, China, Japan, Malaysia, Thailand, Singapore, Indonesia, the Philippines, and the rest of APAC. The European market is further bifurcated into the United Kingdom, Italy, France, Germany, Spain, Russia, Belgium, the Netherlands, and the rest of Europe. The LATAM region comprises Argentina, Mexico, Brazil and the rest of LATAM, and the MEA market is split into the UAE, South Africa, Saudi Arabia, and the rest of MEA.
Expounding the regional scenario, the report cites that the Asia Pacific region bagged the highest revenue in the precast concrete market worldwide in the year 2018 and is estimated to dominate the global market throughout the predicted timeframe. The augmenting construction sector in the region, coupled with rising disposable income, is driving regional growth. Growth of the APAC market is further boosted by the popularizing trend of design & aesthetics as well as rising government investments in infrastructure development. The report also cites that lifestyle improvements backed by rising income levels, specifically in the developing APAC nations including China, Japan, and India, amplify the demand for precast concrete. Development of public infrastructure including museums, parks, and other structures by different governments, and growing construction in urban areas, would amplify market size over the projected timeline.
The precast concrete market is highly competitive, including distinguished players like Larsen & Toubro Limited, Bouygues Construction, Boral Limited, Kiewit Corporation, Julius Berger Nigeria PLC, Taisei Corporation, Gulf Precast Concrete Co. LLC, Forterra Pipe & Precast LLC, Tindall Corporation, and Olson Precast Company. These companies have been innovating and launching new personalized products in a bid to serve the increasing needs of customers. These organizations are also focused on strategizing geographic & customer base expansion through collaborations and M&As.