Precast Concrete Market Segmentation by Element (Walls, Columns, Paving Slabs, Pipes, and Others); by Application (Relocatable Buildings, Modular Buildings, Elemental Construction, and Others); by End-User (Commercial, Residential, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The global precast concrete market is estimated to garner a sizeable revenue by growing at a notable CAGR over the forecast period, i.e., 2021–2030. The growth of the market can be attributed to the advantages of precast concrete, over conventional concrete, such as, reduced manpower, reduction in construction time, quality, and precision. The overall erection of buildings can be finished in much lesser time, using precast concrete, as it is treated in a controlled environment through reusable molds, instead of on-site treatment, which saves time. Increasing construction activities around the globe, especially renovation of old buildings, monuments, and heritage sites, is estimated to drive the market growth. Moreover, modern approach for construction, and growing demand for remodeling traditional structures, is further expected to boost the growth of the market. Furthermore, increasing urban population, has led to a raised demand for housing and work spaces. This is also projected to promote the market growth. As per the statistics by the World Bank, the urban population is growing at a rate of 1.887% per annum, with over 55.715% of the world population is living in urban areas, as of 2019.
The global precast concrete market is segmented by element into walls, columns, paving slabs, pipes, and others, out of which, the columns segment is anticipated to hold a notable share in the market during the forecast period on account of increasing application of columns in residential as well as commercial buildings. Precast columns are accurate, with very low chance of error, which makes them preferrable to fasten the construction process. On the basis of end-user, the residential segment is anticipated to hold the major share throughout the forecast period, owing to the growing need for housing facilities for the growing population. Moreover, government initiatives and investments in construction activities, to provide residents for the increasing population, is expected to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global precast concrete market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of constantly increasing commercial construction activities in countries, such as, Canada and the U.S. The United States is foreseen to be the largest construction market in the world, with construction expenditure amounting to over USD 1 billion, per annum. As of 2020, the construction industry holds over 4% of the nation’s GDP. The growing urbanization, coupled with immigration from various countries, has raised the need for offices and other commercial areas, which is estimated to boost the regional market growth. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the growing construction industry backed by the increasing population, in nations, including, Singapore, Japan, India, and China.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
The global precast concrete market is further classified on the basis of region as follows:
Our in-depth analysis of the global precast concrete market includes the following segments:
Ans: Growing infrastructure development activities along with rising need for housing spaces are some of the major factors driving the market growth.
Ans: Growing infrastructure development activities along with rising need for housing spaces are some of the major factors driving the market growth.
Ans: Fluctuating price of raw material is one the major factor estimated to hamper the market growth.
Ans: Fluctuating price of raw material is one the major factor estimated to hamper the market growth.
Ans: The major players in the market are Laing O'Rourke, CEMEX, S.A.B. de C.V., CRH plc, Skanska USA Inc., Balfour Beatty Plc., Gulermak A.S, Holcim Ltd, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by element, application, end-user, and by region.
Ans: The residential segment is anticipated to hold largest market size owing to the growing demand for houses for the exponentially growing population over the forecast period.
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