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. Based on element, the market is segmented into wall, columns, pavement slabs, pipes, and others, out of which, the columns segment is estimated to gain a notable share throughout the forecast period owing to the lower chance of error with precast columns, along with the ease of using them to speed up the construction process. On the basis of end-user, the market is segmented into residential, commercial, and others, out of which, the residential segment is projected to gain a major share over the forecast period, on the back of the growing demand for houses for the mounting global population, along with the increasing government investments in construction activities.
Research Nester published a report titled “Precast Concrete Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global precast concrete market in terms of market segmentation by element, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global precast concrete market is estimated to grow on the back of increasing construction activities, along with the various advantages provided by precast concrete, as compared to conventional methods. In precast concrete, a reusable mold is used to make required elements in controlled environment, unlike on-site construction. This gives better precision, reduces labor, and saves time, which speed up the construction process manifold. This is estimated to drive the growth of the market. Furthermore, the increasing migration towards urban areas, and growing urban population, is estimated to raise the demand for residential and non-residential spaces, which is expected to boost the market growth. According to the data by the World Bank, more than 55.715 % of the global population lived in urban areas, in 2019.
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 anticipated to garner leading share during the forecast period owing to the high expenditure in the construction industry, in countries, such as, Canada and the U.S. The total expenditure of the U.S. on construction sector crossed USD 1 billion in 2020. The construction industry amounted to over 4% of the GDP of the country. The market in the Asia Pacific region is forecasted to witness the highest CAGR throughout the forecast period owing to the growing construction activities backed by the increasing population, and economic development in the region.
Rising Construction Activities around the World to Drive the Market Growth
As per the data by the World Bank, the global population exceeded 7.6 billion in 2019.
The increasing construction of residential and commercial buildings, backed by the growing population, is estimated to boost the market growth. Moreover, adoption of advanced technology in construction, remodelling older buildings, and eco-friendly construction initiatives, is expected to boost the market growth.
However, the fluctuating costs of raw materials is expected to operate as key restraint to the growth of global precast concrete market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global precast concrete market which includes company profiling of Boral Limited, 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, and Gulf Precast Concrete Co. LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global precast concrete market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Henry Lucas is an experienced Industry researcher with more than 10 years of experience and he has a great interest and knowledge about the Business industry in research Strategy, Strategic Planning, new innovations and technology.