Precast Concrete Market is expected to reach US$ 234.66 Billion by 2028

Published Date: 02 Dec 2022

The precast concrete market size is expected to reach US$ 234.66 billion by 2028; registering at a CAGR of 7.5% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Need for Cost-Effective, Safe, and Eco-Friendly Products to Escalate Precast Concrete Market Growth

The report highlights key factors driving the precast concrete market growth and prominent players along with their developments in the market.

The global precast concrete market, based on structure system, is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. In 2021, the beam and column system segment dominated the market, and it is further expected to record the highest CAGR in the market during the forecast period.

Global Precast Concrete Market Breakdown – By Region

Global Precast Concrete Market Breakdown – By Region

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, and Others); and End use (Residential, Commercial, and Others)

Precast concrete is a popular material used to construct office buildings. The building's walls can be fabricated while the foundation is built on-site, thereby saving time and ensuring early occupancy. Precast concrete allows for safe, cost-effective construction in all weather conditions. Precast concrete saves time and money, and offers greater control over quality than on-site concrete construction. Other notable benefits of precast concrete construction include eco-friendly, earthquake-resistant, and energy-efficient structures, among others, compared to concrete structures cast in situ, as well as steel, timber, and masonry structures.

A few players operating in the global precast concrete market include Betongindustri AB; Boral; Cemex S.A.B. DE C.V.; Consolis Group SAS; Elementbau Osthessen GmbH & Co., Elo Kg; Forterra; Gulf Precast; Lafargeholcim; Centrum Pile Ltd.; and Tindall Corporation. Players operating in the market are focusing on providing high-quality products to fulfill customer demands. Players operating in the precast concrete market are also investing significantly in research and development activities, and mergers and acquisitions.

Impact of COVID-19 Pandemic on Precast Concrete Market

The unprecedented rise in the number of COVID-19 cases across the world and the subsequent lockdown of numerous manufacturing facilities hampered the global precast concrete market growth. North America, and many major regions, experienced shortage of laborers, suspension and cancellation of projects, and disruptions in supply and logistics in the US construction industries. These factors hampered the demand for precast concrete in the world. However, consistently increasing COVID-19 cases also triggered the demand for modular buildings, and healthcare and quarantine units, which led to the market growth amid the global crisis.

The report includes the segmentation of the global precast concrete market as follows:

The global precast concrete market is segmented on the basis of structure system and end use. Based on structure system, the market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. Based on end use, the precast concrete market is segmented into residential, commercial, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, Spain, Poland, the Netherlands, and the Rest of Europe. The market in Asia Pacific is further categorized into China, India, Japan, Australia, South Korea, Indonesia, Thailand, Taiwan, Bangladesh, Malaysia, Vietnam, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, Nigeria, Egypt, and the Rest of Middle East & Africa. The market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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