Report : Precast Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Structure System (Beam and Column System, Floor and Roof System, Bearing Wall System, Façade System, Others); End use (Residential, Commercial, Others) and Geography
Rise in Renovation and Remodeling Activities Globally to Escalate Precast Concrete Market Growth During 2021–2028
According to our latest market study on “Precast Concrete Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Structure System (Beam and Column System, Floor and Roof System, Bearing Wall System, Façade System, and Others) and End Use (Residential, Commercial, and Others),” the market was valued at US$ 134.68 billion in 2020 and is projected to reach US$ 223.97 billion by 2028; it is expected to grow at a CAGR of 6.7% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Precast concrete materials are precasted and prefabricated at the time of manufacturing. Then, they are assembled and molded at the construction site. Such structures enhance construction speed and improve productivity, as well as they help to significantly monitor cost and quality. With the growing need for cost-effective and safe material, the demand for precast concrete is rising. Further, such form of structures is considered as a sustainable building material as it can significantly be reused or remolded, which helps in reducing their impact on environment. The growing adoption of green and modular construction material is expected to proliferate the demand for precast concrete products in global construction market.
Renovation involves reconstructing infrastructural facilities with modern and advanced construction materials to promote the structural properties of the building along with improving its life span and contributing to minimal environmental impact. Renovation and remodeling activities help align infrastructural facilities, which are compatible to present and future needs. With the rapid urbanization and industrialization, the demand for better residential and commercial facilities have risen. According to the World Economic Forum, the world's urban population is growing by 200,000 people every day, many of them need affordable housing as well as social, transportation, and service infrastructure. In such obstacles, the industry is almost morally obligated to transform. Further, government organizations in emerging markets are aggressively investing in and concentrating on building commercial and industrial infrastructures by introducing numerous initiatives and assigning projects, thereby accelerating the precast concrete business growth. For instance, building renovation is critical to meeting the European Union's energy efficiency targets. A few of the voluntary and regulatory programs or schemes intended to stimulate the energy-efficient renovation of buildings in the EU are Energy Conservation Obligation Schemes (EEOS), Mandatory Building Codes, and Minimum Energy Performance Standards (MEPS).
Abetong AB, Boral, Cemex S.A.B. DE C.V., Consolis, ELO Beton, Forterra, Gulf Precast, Lafargeholcim, Tindall Corporation, and Spancrete are among the well-established players operating in the global precast concrete market.
Impact of COVID-19 Pandemic on Precast Concrete Market
COVID-19 outbreak disrupted the precast concrete market as there was a slowdown in the production of raw material, restrictions on supply chain and trade movements, decrease in construction demand, and decline in new projects. However, the need for healthcare and quarantine buildings/units is rising due to an increase in the number of COVID-19 cases. This scenario is propelling the demand for modular buildings, which is driving the growth of the precast concrete market. The outbreak has distorted operational efficiency and disrupted the value chains owing to the sudden shutdown of national and international boundaries, creating revenue loss and damage. The disturbed value chain hindered the supply of raw material. However, as the economies are planning to revive their operations, the demand for precast concrete is expected to rise globally in the coming months. Government initiatives such as Atmanirbhar Bharat, Saudi Vision 2030, and Asia-Pacific Vision 2050 are involved in boosting their economies by improving the infrastructure and construction sectors, along with providing housing facilities to every citizen. Significant investments by prominent companies in the development of advanced products are further expected to support the market growth.
The report includes the segmentation of the global precast concrete market as follows:Precast Concrete Market, by Structure System