Precast Concrete Market Size Will Surpass USD 207.40 Billion by 2029, at 5.3% CAGR, Report by Exactitude Consultancy

Luton, Bedfordshire, United Kingdom, Feb. 25, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Precast Concrete Market.

The global Precast Concrete Market will witness a CAGR of 5.3% for the forecast period of 2022-2029. It is expected to reach above USD 207.40 Billion by 2029 from USD 130.30 Billion in 2021.

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.

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Government initiatives such as Atmanirbhar Bharat, Saudi Vision 2029, 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.

Mergers and Acquisitions

• On January 2021, LafargeHolcim entered into an agreement to acquire Firestone Building Products from Bridgestone Americas for USD 3.4 billion.
• On July 2021, Fortera Inc., a leading manufacturer of water and drainage infrastructure pipe and precast products announced the acquisition of Barbour Concrete Company and Barbour Building Systems to expand their product portfolio.

Product Launches and Product Expansions

• On Decemeber 2020, CEMEX launched Vertua, its brand of low carbon ready-mix concrete, in the US after the successful introduction in Mexico and Europe. The range consists of Vertua Classic, Vertua Plus, and Vertua Ultra.
• On March 2020, Abumet Nigeria Limited is a subsidiary company of Julius Berger Nigeria Plc has started state-of-the art IGU production line in Abuja, Nigeria. With this new facility, the company has increased its presence in the Middle East & Africa.

The Asia Pacific precast concrete market accounted for the biggest revenue share, and it is expected to rise at a significant rate over the forecast period.

Asia-Pacific is the largest market for the precast concrete market due to the growing economies and increasing construction projects. Due to the high demand for the precast concrete market in the forecast period, Asia-Pacific is leading the precast concrete market. Japan, South Korea, China, and India are expected to continue to contribute to market growth. In terms of precast concrete market demand, Europe is expected to be the next dominant market, followed by North America, which is expected to maintain its position in the industry.

The rise in renovation and remodeling activities globally will create significant growth opportunities in the market.

Emerging-market governments are actively spending and focusing on the development of commercial and industrial infrastructures by executing different programs and assigning projects, accelerating the precast concrete market expansion. During the projected year, demand for precast concrete would be boosted by increased remodelling and refurbishment activities in non-residential sectors. Renovations to hotels and resorts are also on the rise. Increased investments in industrial development from industry participants are projected to accelerate the adoption of precast concrete and open up new market prospects.

Demand for infrastructure development is high, which will help the precast concrete market grow.

Increased investments in infrastructure development projects in growing regions of the world, such as Asia-Pacific, are expected to benefit the global precast concrete market shortly. Infrastructure organizations have been able to significantly cut total project durations and save money on raw materials and labour thanks to the product. The infrastructure sector creates significant demand for the product, which is expected to drive the worldwide precast concrete market forward in the coming years. At the moment of manufacture, precast concrete materials are precast, Pre-Stressed Concrete and prefabricated. Then they're put together and molded on the job site. Such structures increase building speed and productivity while also allowing for better cost and quality control.

Volatility in raw materials prices may hinder the growth of the precast concrete market.

Manufacturers' profit margins are also affected by sudden price hikes or drops. Cement, aggregates, and sand are among the primary raw materials utilized in the production of precast concrete products. The main reason for changes in the pricing of these raw materials is volatility in the prices of energy and crude oil, which are required for manufacturing and delivering them. As a result of these fluctuations, the prices of finished goods fluctuate. The price of raw materials may rise as a result of the volatility of petroleum and crude oil prices, raising the cost of raw materials used in precast concrete.

Precast Concrete Market Report Scope

Competitive Landscape

Partnerships between Key Players to Intensify Industry Competition

The global precast concrete market challenges are consolidated by the presence of major companies that are striving to maintain their position and gain a competitive edge over their rivals. They are doing so by focusing on partnering with other companies to expand their product portfolio. Additionally, other key players are adopting organic and inorganic strategies to intensify market competition and maintain strongholds during the forecast period.

The precast concrete market key players include Cemex S.A.B de C.V., LafargeHolcim Ltd, Skanska AB, CRH PLC, Balfour Beatty PLC, Laing O'Rourke, Oldcastle Infrastructure Inc., Atco Concrete Products N.V., Forterra, Tindall Corporation, ELO Beton, Boral Limited, Gulf Precast Concrete Co. LLC.

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Key Market Segments:  Precast Concrete Market

Precast Concrete Market by Structure System Component, 2022-2029, (USD Million)

• Beam & Column System
• Bearing Wall System
• Façade System
• Floor & Roof System

Precast Concrete Market by Deployment Element, 2022-2029, (USD Million)

• Columns & Beams
• Floors & Roofs
• Walls & Barriers
• Girders
• Pipes
• Paving Slabs
• Utility Vaults
• Others (Include Staircases, Lintels, Manholes, Door & Window Components, And Water & Sewer System Products)

Precast Concrete Market by Construction Type, 2022-2029, (USD Million)

• Elemental Construction
• Permanent Modular Buildings
• Relocatable Buildings

Precast Concrete Market by End-Use Industry, 2022-2029, (USD Million)

• Residential
• Non- Residential

Market Dynamics

Drivers

It has been marked that precast concrete is versatile and is very much recyclable. The concrete is of high strength and is highly durable which enhances the setting up of modern construction units and pre-factored buildings. The rise in demand for green buildings rises the precast concrete market growth. Growth in smart city projects along with the initiative activities taken for the development of infrastructural activities enhances the market size. With rising in population and growth in the setup of industries along with an increase in urbanization bolsters up the market growth. The hotel industry is rising enormously thus owing to the growth in the travel sector. Using more precast concrete in some areas of the hotel ensures the expansion in quality of construction and thus defines the market landscape in the upcoming days.

Opportunities

The growth in markets all over the globe augments up the opportunities for using more precast concrete basically in end-users' industries. The expansion in the construction industry in some of the emerging countries and the growth in commercial and construction of residential activities steer up the market size and growth. The advantages from the construction industry led to the rising of indisposable income of demographics and substantial funds so invested by the government on the infrastructural and developmental projects. The growth in the number of precast concrete manufacturing plants in the upcoming countries gives golden opportunities for construction firms in the upcoming years.

Challenges

Shortage of labor and the government initiatives so taken is one of the most challenging factors of the market.

Cumulative growth

The rise in CAGR value and the growth factor contributes to the increase in precast concrete market value thus adding a cumulative growth to the market.

Restraints

It has been marked that the precast market faces several challenges like the fluctuating prices and unavailability of raw materials which are very much required for a production facility. Improvement of strict rules and laws in the upcoming countries acts as a restraining factor for the expansion of market size. The slow growth in sales of precast concrete and adopting them in recent years acts as a major restraining factor in the present years.

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