Precast Concrete Market to Hit $159.85 Billion by 2028; Stoked by Increasing Demand for Development of Operational Healthcare Facilities

The global precast concrete market size is expected to experience exponential growth by reaching USD 159.85 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Precast Concrete Market Size, Share & COVID-19 Impact Analysis, By Product Type (Building Components, Transportation, Water & Waste Handling, and Others), By End-Use (Residential, and Non- Residential), and Regional Forecast, 2021-2028.” The report further observes that the market stood at USD 114.78 billion in 2020 and is projected to exhibit a CAGR of 4.4% between 2021 and 2028.

LafargeHolcim to Buy Firestone Building Products for a Record USD 3.4 Billion Sum

In January 2021, LafargeHolcim announced that it has agreed to acquire Firestone Building Products from Bridgestone Americas for a staggering USD 3.4 billion. This acquisition is likely to strengthen its position in the commercial roofing and building segment. With its innovative solutions and sustainable building materials, the company plans to widen its presence across Latin America and Europe to be the global leader in advanced flat roofing systems. Besides, the company aims to leverage the opportunities provided by the urbanization trends that are driving the demand for advanced flat roofs and precast concrete solutions worldwide.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/precast-concrete-market-103301

Increasing Demand from Healthcare Sector to Promote Growth

The rapid spread of the COVID-19 pandemic has led to immense pressure on healthcare facilities. The increasing demand for advanced treatment solutions and the easy access to the facilities propels the demand for advanced infrastructure. This is expected to bode well for the development of operational healthcare facilities that provide several benefits to the staff, patients, and the administration. These structures aid in providing the required services to the patients and improve the efficiency of treatment across healthcare institutions. Besides, the hospitals require a large number of resources and energy to ensure proper functioning. Therefore, the precast facilities are a perfect option to ensure the development of safe, flexible, and cost-effective structures. This is further expected to bode well for the global precast concrete market growth in the forthcoming years.

Prominent Companies Focus on Facility Expansion to Amplify Their Market Positions

The market is fragmented by the presence of major companies focusing on expanding their facility to cater to the growing demand for precast concrete across several industrial applications in the forthcoming years. Additionally, other key players are striving to maintain their presence by adopting strategies such as merger and acquisition, the introduction of new products, and collaboration that will favor market growth in the forthcoming years.

Industry Development:

• March 2020: CEMEX introduced Vertura, a low-carbon ready-mix concrete in the U.S. The company is further expected to introduce advanced product ranges such as Vertua Plus, Vertua Classic, and Vertua Ultra.

List of the Companies Operating in the Global Market:

• Boral (Australia)


• LafargeHolcim (Switzerland)


• Gulf Precast (UAE)


• Olson Precast Company (U.S.)


• Larsen & Toubro Limited (India)


• CEMEX (Mexico)


• Forterra (U.S.)


• Tindall Corporation (U.S.)


• Spancrete (U.S.)


• Elementbau Osthessen GmbH & Co., ELO KG (Germany)


• Bouygues Construction(France)


• Balfour Beatty(U.K.)


• Oldcastle Precast (U.S.)


• Other Key Players

Further Report Findings:

• Asia-Pacific is expected to remain dominant and hold the largest global precast concrete market share in terms of revenue in the forthcoming years. The dominance is attributable to the rising investment for developing the residential sector in countries such as India, China, and Japan. Asia-Pacific stood at USD 46.43 billion in 2020.


• The market in the Middle East and Africa is anticipated to experience exponential growth owing to the increasing focus on the development of commercial spaces such as malls, airports, and others that will boost the demand for advanced precast concrete products between 2021 and 2028.


• Based on end-use, the residential segment held a market share of about 37.7% in 2020 and is anticipated to showcase profound growth during the foreseeable future. This is owing to the supportive government initiatives that are aimed at the development of lower economic groups by providing them residential facilities globally.

Table of Segmentation