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The global precast concrete market size is projected to grow from USD 130.6 billion in 2020 to USD 174.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.9%. The global precast concrete industry has witnessed high growth primarily because of the booming construction sector, rise in renovation & remodeling activities, and rapid urbanization & globalization. Demand for cost-effective, time-efficient, environmental friendly, and durable construction products is another key factor contributing towards the increasing demand of the precast concrete market over the next few years.
“In terms of both value and volume, girders segment to be the fastest-growing segment by 2025.”
The girders segment is projected to grow at the highest CAGR from 2020 to 2025. Girders made of precast concrete are mainly used in the construction of bridges and large building structures. For the rapid construction of bridges, girders are precast in the factory, transported to the site, and erected at their specified section of the main construction. This type of girder requires no falsework, making it the preferred choice for accelerated bridge constructions (ABC), where the speed of construction, minimal traffic disruption, and environmental impact are of paramount interest.
“In terms of both value and volume, permanent modular buildings is projected to be the fastest-growing segment from 2020 to 2025, for precast concrete.”
Permanent modular buildings is projected to be the fastest-growing segment in the precast concrete market. Permanent modular buildings are made of multiple sections or modules that are prefabricated in factories. These modules are brought to the actual site where the building or structure is to be erected. Using equipment such as cranes and other lifting and rigging tools, these modules are set on to the foundation of the building and joined together to make a single structure. This saves time and labor that are required for construction, thus reducing the cost significantly. These factors propel the demand for this construction technique.
“In terms of both value and volume, non-residential is projected to be the fastest-growing segment from 2020 to 2025, for precast concrete.”
Non-residential is projected to be the fastest-growing segment in the precast concrete market. Precast concrete is widely preferred for commercial, infrastructural, and industrial spaces. The growth in the non-residential segment is due to the rising public and private investment in the infrastructural sector in the emerging economies of Asia Pacific, the Middle East, and South America. Other factors supporting the demand for precast concrete in the non-residential sector are greater penetration level and acceptance of precast concrete components in nonbuilding applications.
“In terms of both value and volume, the APAC precast concrete market is projected to grow at the highest CAGR during the forecast period.”
In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2020 to 2025. Emerging economies in APAC are expected to experience significant demand for precast concrete as a result of the expansion of the construction industries due to rapid economic development and government initiatives toward infrastructural development. The growing population in these countries represents a strong customer base. The increase in demand for precast concrete can be largely attributed to the growing infrastructure and building & construction industries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the precast concrete market.
- By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
- By Designation: C-level: 40%, D-level: 35%, and Others: 25%
- By Region: North America: 20%, Europe: 35%, APAC: 25%, Middle East & Africa: 15%, and South America: 5%
The global precast concrete market comprises major manufacturers, such as Cemex S.A.B de C.V. (Mexico), LafargeHolcim Ltd (Switzerland), Skanska AB (Sweden), CRH PLC (Ireland), Balfour Beatty PLC (UK), Laing O’Rourke (UK), Oldcastle Infrastructure Inc. (US), and Atco Concrete Products N.V. (Netherlands), amongst others.
The market study covers the precast concrete market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on element, construction type, end-use sector, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the precast concrete market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall precast concrete market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.