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Precast Concrete Market Size to Touch USD 162.72 Billion by 2027: Rising Need for Non-residential Establishments to Aid in Expansion

July 22, 2020 | Chemicals & Materials

The global precast concrete market size is poised to touch USD 162.72 billion by 2027 attributable to the cost-efficient, eco-friendly, and advanced construction techniques. Precast concrete is obtained by casting the concrete into a reusable mold, cured off-site in a controlled area, and then transported to the site for use in constructional development. As per a report by Fortune Business Insights, titled, “Precast Concrete Market Size, Share & Industry Analysis, By Product Type (Building Components, Transportation, Water & Waste Handling, and Others), By End-Use (Residential, and Non-Residential), and Regional Forecast, 2020-2027,” the value of this market was USD 115.98 billion in the year 2019 and is expected to rise at a CAGR of 4.4% between 2020 and 2027.


Increasing Number of Construction Activities to Augment Growth


Rapid urbanization and the increasing number of industries worldwide are the major factors promoting the infrastructural development activities, thereby augmenting the precast concrete market growth. In addition to this, a rise in the demand for residential and non-residential infrastructure such as airports, commercial spaces, malls, sports complexes, and other commercial spaces are also adding impetus to this market.


However, the growing environmental concerns and health hazards caused by cement manufacturing processes such as visual impairment, cardiovascular diseases, asthma, and others may pose a significant challenge to the market in the coming years. Nevertheless, the overall reduction in the cost of construction activities is expected to help the market for precast concrete grow substantially in the coming years.


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


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


Companies Engaging in Organic and Inorganic Strategies to Hold Significant Position


The global market is fragmented on account of the presence of multiple players. They are adopting various organic and inorganic strategies to stay put in the market competition. Other strategies adopted by the players include joint ventures, partnerships and collaborations, contracts and agreements, and more.


Key Industry Developments of Precast Concrete Market include:



  • April 2016 – Abu Dhabi Investment Authority (ADIA) and Bouygues Batiment Ile-de-France engaged in a joint venture for the construction of a new skyscraper in the district of La Defense, a part of the Bouygues Construction.


List of Notable Players in the Market Include:



  • Gulf Precast (UAE)

  • Boral (Australia)

  • Olson Precast Company (U.S.)

  • LafargeHolcim (Switzerland)

  • Olson Precast Company (U.S.)

  • Larson & Turbo Limited (India)

  • Forterra (U.S.)

  • CEMEX (Mexico)

  • Tindall Corporation (U.S.)

  • Spancrete (U.S.)

  • Other players


Further Report Findings



  • Asia Pacific earned USD 46.97 billion in 2019 and gained the largest precast concrete market share. The growing number of construction activities, especially for the residential sector in countries such as Japan, China and India. However, North America also gained significant share as a result of the implementation of sustainable and advanced construction activities.

  • Based on segmentation by end-use, the non-residential segment will emerge dominant in this market during the forecast period on account of a rise in investments on the building of commercial spaces such as educational institutions, roads, flyovers, airports, and others.


The Global Market is classified into:








































 ATTRIBUTE



  DETAILS



Study Period



   2016-2027



Base Year



   2019



Forecast Period



  2020-2027



Historical Period



   2016-2018



Unit



  Value (USD Billion)



Segmentation



By Product Type



  • Building Components

  • Transportation

  • Water & Waste Handling

  • Others



By End-Use



  • Residential

  • Non- Residential



By Geography



  • North America (the U.S., and Canada)

  • Europe (Germany, France, UK, Italy, Spain, Russia, and the Rest of Europe)

  • Asia Pacific (China, Japan, India, Southeast Asia, and the Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and the Rest of South America)

  • Middle East & Africa (GCC, and the Rest of Middle East & Africa)



 

Global Precast Concrete Market
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  • 2019
  • 2016-2018
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