Global Precast Concrete Market Highlights over 2020-2030
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
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Precast Concrete Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global precast concrete market includes the following segments:
By Element
- Walls
- Columns
- Paving Slabs
- Pipes
- Others
By Application
- Relocatable Buildings
- Modular Buildings
- Elemental Construction
- Others
By End-User
- Residential
- Commercial
- Others
Growth Drivers
- Increasing Construction Activities Globally
- Rising Demand for Fast Track Construction
Challenges
- Fluctuating Prices of Raw Materials
Top Featured Companies Dominating the Market
- Boral Limited
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Julius Berger Nigeria Plc.
- Laing O'Rourke
- CEMEX, S.A.B. de C.V.
- CRH plc
- Skanska USA Inc.
- Balfour Beatty Plc
- Gulermak A.S
- Holcim Ltd
- Gulf Precast Concrete Co. LLC.
