The scope of our recent study on the “Precast Concrete Market Forecast t2028 – 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),” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The precast concrete market was valued at US$ 134.68 billion in 2020 and is projected treach US$ 223.97 billion by 2028; it is expected tgrow at a CAGR of 6.7% from 2021 t2028. 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 tsignificantly 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 tproliferate the demand for precast concrete products in global construction market.
Based on structure system, the precast concrete market is categorized intbeam and column system, floor and roof system, bearing wall system, façade system, and others. In 2020, the beam and column system segment dominated the market. The market for this segment is alsexpected tgrow at the fastest rate during the forecast period owing tthe rising demand for beams and columns for commercial purpose buildings. The precast beams and columns offer advantages such as design flexibility, faster installation structures, sustainable construction, durability, long life, low maintenance, and moisture resistance. They are widely used in residential and commercial sectors. Factors such as progressing public and private expenditure in infrastructure projects—particularly in the emerging regions such as South America, Asia Pacific, and the Middle East & Africa—coupled with the advantages of precast beams and columns are anticipated tpropel the demand for precast concrete beams and columns during the forecast period.
The global precast concrete market is segmented intfive main regions—North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America. In 2020, Asia Pacific contributed tthe largest share in the market. The manufacturing sector in these Asian countries has experienced a huge shift over the years. The Asia Pacific manufacturing sector is highly adopting innovation accelerators that include advanced technologies and processes. Likewise, government initiatives and policies, such as Make-in-India, encourage the setup of different manufacturing plants in India. Rising foreign direct investments alslead teconomic growth in the region. India, Japan, and China are among the major markets for precast concrete in Asia Pacific. The growing use of precast concrete in numerous end-use sectors such as automotive and building & construction is anticipated tincrease the demand for precast concrete in the region during the forecast period.
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 tan increase in the number of COVID-19 cases. This scenariis 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 tthe 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 trevive their operations, the demand for precast concrete is expected trise 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 tevery citizen. Significant investments by prominent companies in the development of advanced products are further expected tsupport the market growth.
Precast Concrete Market, by Structure System
- Beam and Column System
- Floor and Roof System
- Bearing Wall System
- Façade System
Precast Concrete Market, by End Use
Precast Concrete Market, by Geography
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- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East &Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East &Africa
- South America
- Rest of South America