Precast Construction Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Precast Construction Market was worth US$ 1,48,970.0 Mn and is expected to grow at a CAGR of 5.2% over the forecast period. The market is expected to hit US$ 2,47,318.3 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 4.7%, the market underwent significant growth.
THE GROWTH IN THE CONSTRUCTION INDUSTRY DRIVES THE MARKET
The demand for precast construction is expected to grow due to the increase in government-sponsored public housing programs, which have recently boosted the industry’s growth. In addition, factors such as escalating disposable income and a surge in home buying are expected to increase the market further. The rapid growth and development of urban housing demand led to shorter construction times and reduced costs.
RISE IN FOREIGN INVESTMENT TO FUEL GROWTH IN PRECAST CONCRETE SALES
The region’s growth is largely attributable to developing non-residential buildings and strengthening infrastructure. India’s adoption of innovative production techniques for precast concrete construction work has proven beneficial for local builders. These initiatives include those undertaken by the Government of India for developing smart cities, which will propel the adoption of precast concrete over the coming years. For instance, several other countries, such as Sweden, Italy, Spain, and others, have invested in similar projects.
FLUCTUATION IN PRICE WILL IMPACT MARKET GROWTH
Precast construction has witnessed major changes in the past few years. The global economy has become more stable, which enables companies to invest more money in their business. However, the market for precast construction is prone to sudden price fluctuations. The increase or decrease in the price affects the profitability of the market. Cement, sand, and aggregates are essential to creating precast construction components. The volatility of these raw materials acts as a retesting factor for the market revenue and demand during the forecast period.
MORE INFRASTRUCTURE PROJECTS TO CREATE AMPLE OPPORTUNITIES
The government constantly looks for new methods to improve a nation’s infrastructure. A nation’s commercial and industrial infrastructure development is crucial. These government initiatives increase the demand for the concrete market. Expanding infrastructure rehabilitation and renovation projects will open up new growth prospects for the global precast construction market. The market will operate more frequently as a result of the modifications in both residential and non-residential sectors. In the upcoming years, the market will see an increase in construction projects. These encouraging Market Growth Opportunities will eventually boost the market’s profitability. Another element that would provide market growth opportunities is the increasing urbanization. Affordable housing is required as more people live in cities. The market in the forecast period will benefit from these requirements.
Market Segments Covered in Report
By Structure System:
By End Use:
By Region and Country:
Why are Columns & Beams type precast construction projected to have the highest Market?
Columns & Beam systems made of precast concrete are available in various types, shapes, and textures. These Columns & Beams can be used for all constructions—loadbearing, bearing only lateral loads, and non-loadbearing. These Precast Columns & Beams are used in residential and non-residential construction sites, road construction sites, security installations, highways, coastal barriers, outdoor concerts, or in any other event that uses a Column & Beams that can be set up and removed quickly.
Why is the Residential Construction segment expected to expand the fastest during the forecast period?
Precast concrete is used in residential buildings, renovations, and restructuring. The market for this construction method is projected to grow Fastly than the non-residential sector due to increasing awareness among consumers in the housing market. In some developing or underdeveloped countries in Asia Pacific, Africa, and South America, people are becoming aware of precast concrete as a construction method.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The Asia Pacific accounted for 65.9% of the overall precast construction market size in 2022. Rapidly growing populations in India, China, Japan, and Indonesia have driven the industry. In addition, improved lifestyles have led to increased investment in housing plans that will help attain promising gains over the next five years. Furthermore, shorter construction timelines in the region and cost-effective methods are likely to contribute significantly toward business share by 2032.
Some of the key developments that have taken place in the Precast Construction Market include:
A list of some of the key suppliers present in the market are:
Global Precast Construction Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Structure System, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.2%.
Due to numerous government-sponsored public housing programs, the building and construction industry has seen an increase in investment, which has spurred the present growth in demand for precast construction.
Major global Precast Construction Market players are CRH plc, Bouygues Construction, Larsen & Toubro Limited, Taisei Corporation, Balfour Beatty plc, Kiewit Corporation, Laing O’Rourke, Julius Berger Nigeria Plc, Red Sea Housing Services, ACS Group, Elematic, LafargeHolcim, Coltman Precast Concrete Limited, and Cemex S.A.B. de C.V.
The lack of awareness in earthquake-prone areas and the improved infrastructure assistance from different market actors would challenge the industry’s growth.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Precast Construction market.
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