The Global Precast Concrete Market is witnessing substantial market growth. The market growth attributes to the rising consumption of building materials due to the demand for pre-engineered buildings. Besides, rising uses of precast concrete to ensure improved quality and productivity while minimizing the required construction period and cost drive the market growth. Moreover, the burgeoning construction industry worldwide escalates market demand.
According to Market Research Future (MRFR), the global precast concrete market is projected to create a valuation of USD 103,666.1 MN by 2023, registering 5.36% CAGR during the forecast period (2017–2023). Versatile Precast Concrete is completely recyclable and demonstrates high strength and durability, which increases its uptake in modern construction and pre-factored buildings. Increasing demand for green buildings allows the market to grow vigorously.
Additionally, rising smart city projects coupled with the government initiatives of infrastructure development, provide impetus to market growth. Ever-increasing population and rapid industrialization & urbanization worldwide boost the growth of the market. The hotel industry is surging rapidly, owing to the growing travel sector. Usages of precast concrete in the hotel sector to ensure faster quality construction define market landscape expansion in the recent future.
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Major Players active in the global precast concrete market include Jensen Precast (US), SKANSKA AB (Sweden), Molin Concrete Products Company, Inc. (US), Coreslab Structures (US), Tindall Corporation (US), CRH (US), Heidelberg Cement AG (Germany), Coltman Precast Concrete Limited (UK), Metromont Corporation (US), SMEET (Qatar), Larsen & Toubro Limited (India), and Taiheiyo Cement (Tokyo), among others.
On the other hand, price volatility and the demand-supply gap in raw materials are major factors predicted to impede market growth. Nevertheless, favorable properties of precast concrete would support market growth throughout the assessment period. Precast concrete offers efficiency and durability, assuring structural safety, making it the most excellent solution for large-scale construction projects.
Also, precast concrete can withstand substantially greater load bearings, therefore ruling out the requirement of numerous other support features & expensive column construction inside the building. Furthermore, precast concrete is lightweight, which minimizes the need for extra material needed for a deeper foundation for a building. All these factors commutatively contribute to market growth, allowing magnificently appealing interiors with higher fluidity and functionality.
Global Precast Concrete Market – Segments
The report is segmented into three dynamics;
By Structures: Sandwich Wall (Insulated Double-Wall) Panels, Pre-Stressed Concrete among others.
By End Use: Non-residential Building, Non-Building, Residential & Agricultural.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
Global Precast Concrete Market – Regional Analysis
Europe dominates the global precast concrete market. The largest market share attributes to the augmented demand due to the increasing R&D expenditures to drive product innovations and the growing purchasing power of consumers. Besides, the rising consumption of structural components and increasing pre-engineered building projects drive the regional market growth.
Germany, Italy, Spain, the UK, and France are leading markets for precast concrete in the region. The European precast concrete market is projected to retain its dominance throughout the estimated period.
North America stands second in the global precast concrete market. Market growth is driven by the booming construction sector witnessing constant renovation activities in the already well-defined infrastructure. Additionally, the high consumption potential, increasing production capacities, and the well-developed economy boost the regional market’s growth.
The US and Canada account for major shares in the regional market. Furthermore, increasing green building structures create substantial demand for concrete components. The North American precast concrete market is expected to perceive significantly augmenting demand during the review period.
The Asia Pacific precast concrete market is growing rapidly. Factors such as the growing construction industry, rising population, and economic growth in the region influence market growth. Moreover, lowering interest rates on construction loans and increasing consumer purchasing power propel market growth. The APAC precast concrete market is expected to create a substantial revenue pocket during the anticipated period.
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Global Precast Concrete Market – Competitive Analysis
Fiercely competitive, the precast concrete market appears fragmented due to the presence of several well-established industry players having a global presence. Mergers & acquisitions, brand reinforcement, and innovation remain popular trends for the key players operating in the market to gain an edge over their rivals and maintain their market positions.
They make substantial investments locally and in emerging countries to drive their expansion plans and expand production capacity, distribution network, and supply chain. Obtaining strong financial support is paramount for suppliers to sustain in the market. Also, manufacturers strive to minimize the cost of their products by adopting cost-effective manufacturing techniques.
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