SAN FRANCISCO, March 24, 2020 /PRNewswire/ -- The global precast concrete market size is expected to reach USD 145.91 billion by 2027, according to a new report published by Grand View Research, Inc. It is expected to exhibit a revenue-based CAGR of 6.3% during the forecast period. Rising awareness regarding the superior quality and convenience offered by the product is expected to aid the growth.
Key suggestions from the report:
Structural building components has emerged as the largest product segment and accounted for 36.3% of the market revenue share in 2019, on account of its rising use in affordable housing projects
Infrastructure is expected to witness the fastest CAGR of 6.9% over the forecast period, owing to increase in spending by various governments for development of public infrastructure
Asia Pacific accounted for the largest market share in 2019 and is expected to reach USD 67.0 billion by 2027, owing to factors such as rapid urbanization, industrialization, and rising infrastructural development
Highly developed economy, growing construction spending combined with highly skilled workforce and growing R&D initiatives to encourage innovative products are the factors expected to aid the product demand in U.S reaching USD 16.12 billion in 2019
Precast concrete market key players are focusing on expanding their business in emerging economies in Asia Pacific to increase their footprint in high potential markets
Key industry participants are involved in technological innovations for developing new products in order to consolidate their market position. Rising consumer demand for high-quality products are projected to open up growth avenues for the new market entrants during the forecast period.
Asia Pacific is anticipated to remain the key regional market for precast concrete, due to the significant economic growth of the region. In addition, the presence of huge construction industry in China and India is anticipated to provide a large market for precast concrete products.
Manufacturers focusing on producing quality precast products to meet rising consumer demand for precast concrete. High competition in the residential and nonresidential construction sector has compelled market players to implement superior and low maintenance yet cost-effective solutions to gain a competitive edge.
Grand View Research has segmented the global precast concrete market based on product, end use, and region:
Precast Concrete Product Outlook (Revenue, USD Billion, 2016 - 2027)
Structural Building Components
Architectural Building Components
Water & Waste Handling Products
Precast Concrete End-use Outlook (Revenue, USD Billion, 2016 - 2027)
Precast Concrete Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Commercial Flooring Market– The global commercial flooring market size for was valued at USD 27.06 billion in 2016. Product innovation and hassle-free installation technologies in the floor covering sector are expected to expand the industry size over the next eight years.
Construction Additives Market – The global construction additives market size was estimated at USD 17.96 billion in 2016. Construction additives are gaining greater significance owing to revival of the construction industry after the economic crisis in 2008.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.