Precast Concrete Market Size To Reach USD 189.25 Billion In 2028 | Rapid Urbanization And Industrialization In Developing Countries Are Driving Precast Concrete Market Revenue Growth, Says Reports and Data

NEW YORK, Feb. 7, 2022 /PRNewswire/ -- The global precast concrete market size is expected to reach USD 189.25 billion in 2028 and register a revenue CAGR of 5.7% over the forecast period, according to the latest report by Reports and Data. Rapid expansion of the construction and infrastructure industry will drive precast concrete market revenue growth.

Precast concrete is a high-performance material that can be easily integrated with other systems. It inherently provides efficiency, versatility, and resiliency needed to meet the multi-hazard requirements and long-term demands of building structures. Structures made of this type of concrete offer superior resistance to insects, mold, fires, and natural disasters. These also provide resistance to damages from wind, rain, earthquakes, termites, and decay. Maintenance and insurance costs can be reduced because of usage of precast concrete in buildings. Hence, commercial and residential buildings are nowadays made of this concrete. In addition, precast concrete is considered the most technology-friendly building material for commercial application as prefabricated structures do not interfere with local Wi-Fi, radio signals, or internet networks. Thus, installation of wired connections for information technology becomes easier.

Rising disposable incomes and surging global population will fuel market growth. Moreover, advancements and innovations, owing to increasing investments in R&D activities, especially in the construction sector is another factor expected to propel demand for precast concretes. Apart from that, increasing remodeling and renovation activities, as well as construction of various cafés, hotels, and resorts would also contribute to market revenue growth. However, temporary halt of construction activities amid the COVID-19 pandemic due to strict lockdown norms has hampered market revenue growth.

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Some Key Highlights From the Report

• In October 2021, Jogani Reinforcement launched new generation polyfiber 3S for revolutionizing the construction and infrastructure industry in India. It would also enable this company to strengthen India's infrastructure. Polyfiber 3S is capable of reducing cost burden during construction of housing and roadways.
• Walls and barriers segment is anticipated to witness significant revenue growth rate during the forecast period. Application of these in residential streets, highways, parks, retail and commercial locations, resorts or clubs, and outdoor sound barriers would drive growth of the segment. Concrete material is compressed and suited for all technical and aesthetic requirements.
• Structural building components segment is anticipated to witness high revenue growth rate during the forecast period, owing to durability, sound absorption, thermal strength, and moldability properties of these products. Hence, demand is increasing from residential and commercial sectors.

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• Residential segment accounted for the largest revenue share in 2020. Residential construction industry was supported by a range of government initiatives and hence has performed well over the past few years. In addition, rising investments in the real estate sector and growing population and migration are resulting in high demand for residential buildings. These factors are expected to propel revenue growth of this segment.
• Commercial segment is anticipated to witness significant revenue growth rate during the forecast period. Commercial construction industry is growing due to increasing population and high demand for workspace. Construction of offices and retail spaces is increasing at a fast pace, owing to full occupancy of schools, retail stores, municipal buildings, and offices.
• Precast concrete market in North America is expected to witness a significant revenue growth during the forecast period. Rising infrastructure and industrial investments and ongoing smart city projects are expected to drive growth of the construction industry in this region. These factors will fuel demand for precast concretes in the region.
• Some players in the market include LafargeHolcim Ltd., Cemex S.A.B de C.V., Larsen & Toubro Construction, Balfour Beatty PLC, Oldcastle Infrastructure Inc., Forterra, Tindall Corporation, Laing O'Rourke, Atco Concrete Products N.V., and Balfour Beatty.

To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/precast-concrete-market 

For the purpose of this report, Reports and Data has segmented precast concrete market based on product type, construction type, application, end-use, and region:

• Product Type Outlook (Volume, Million Square Feet; Revenue, USD Billion; 2018–2028)
• Floors & Roofs
• Walls & Barriers
• Columns & Beams
• Pipes
• Paving Slabs
• Others
• Construction Type Outlook (Volume, Million Square Feet; Revenue, USD Billion; 2018–2028)
• Elemental Construction
• Permanent Modular Buildings
• Re-locatable Buildings
• Application Outlook (Volume, Million Square Feet; Revenue, USD Billion; 2018–2028)
• Structural Building Components
• Water & Waste Handling Products
• Transportation Products
• Architectural Building Component
• Others
• End-use Outlook (Volume, Million Square Feet; Revenue, USD Billion; 2018–2028)
• Industrial
• Commercial
• Residential

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• Regional Outlook (Volume, Million Square Feet; Revenue, USD Billion; 2018–2028)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
•  Italy
• Spain
• Sweden
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Rest of MEA

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