Precast Concrete Market size to grow by USD 19.61 billion from 2022 to 2027, Increasing investments in the construction industry is the market trend - Technavio

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Nov 16, 2023, 04:15 ET

NEW YORK, Nov. 16, 2023 /PRNewswire/ -- The precast concrete market size is estimated to increase by USD 19.61 billion from 2022 to 2027. The market is expected to grow at a CAGR of 3.83%, according to a recent market study by Technavio. Increasing investments in the construction industry will influence the global precast concrete market growth. Construction activity is on the rise across the world owing to the growing interest to develop infrastructure that drives economic growth and improves people's living standards. Developed countries like the US look to improve their existing infrastructure. The construction industry in developing countries such as China and India is also growing because the populations of these countries move into the middle-income bracket. Hence, such trends fuel the growth of the precast concrete market during the forecast period. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report -Request a sample report

Technavio has announced its latest market research report titled Global Precast Concrete Market 2023-2027

Vendor Analysis

The addictions therapeutics market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below -Boral Ltd., CEMEX SAB de CV, Consolis Group SAS, EBAWE Anlagentechnik GmbH, Elematic Oyj, Elementbau Osthessen GmbH and Co. ELO KG, Gulf Precast Concrete Co. LLC, HeidelbergCement AG, Holcim Ltd., Julius Berger Nigeria Plc, Kiewit Corp., Larsen and Toubro Ltd., Olson Precast Co., Prilhofer Consulting GmbH and Co. KG, QUIKRETE Holdings Inc., Spiroll Precast Services Ltd., The Wells Companies, Weckenmann Anlagentechnik GmbH and Co. KG, CRH Plc, and Tindall Corp.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.

Find Technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria

One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
Furthermore, market adoption rates for all regions have been covered.

To provide a deeper understanding of the competitive landscape, Technavio has profiled key players along with the study that categorizes the global market segmentation. Download a Sample Report

Precast Concrete Market - Segmentation Analysis

This report extensively covers market segmentation by end-user (non-residential and residential), product (building components, transportation, water and water handling, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

The market share growth by the non-residential segment will be significant during the forecast period. This is because it saves time and reduces costs. The segment includes commercial buildings, offices, hospitals, schools, warehouses, and industrial facilities. It represents a large and diverse precast concrete market, offering manufacturers and suppliers an opportunity to serve a wide range of customers with diverse needs and preferences. To ensure consistent quality and minimize on-site construction time, precast concrete elements are manufactured externally under controlled conditions, which speeds up the construction process and reduces labor costs and project schedules. Hence, such factors influence the segment growth during the forecast period.

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Precast Concrete Market - Market Dynamics

Key Drivers

Growing urbanization and industrialization is the major factor that drives the global precast concrete market growth.
Global economic growth, rising disposable incomes, and changing lifestyles drive rapid urbanization.
Rapid industrialization and urbanization are some of the factors increasing the demand for roads, housing, water storage structures, tunnels, and bridges.
The development of new roads and increased investment in transportation and highway infrastructure projects, as well as smart cities, all drive the growth of the market.
Hence, regular investments in technological advancements in infrastructure projects in developed countries are also boosting the growth of the market during the forecast period.

Significant Challenges

A lack of awareness regarding precast concrete is a major challenge that may impede the growth of the market.
End users often exhibit a lack of awareness of precast concrete, which can lead to misunderstandings and missed opportunities to use this versatile building material.
Precast concrete is a type of building material poured into reusable forms, allowed to harden, and transported to a construction site for installation one of the main reasons is the persistent belief that only traditional building materials such as brick, stone, and wood are suitable for building construction.
This misconception often stems from resistance to change and a lack of understanding of the many benefits of precast concrete, including durability, economy, safety, and design flexibility.
Hence, such challenges may hinder the market growth during the forecast period.

Precast Concrete Market - Geographic Analysis
The market is segmented by region APAC, Europe, North America, South America, and Middle East and Africa. An analysis of key leading countries has been included.
• APAC is estimated to account for 32% of the global market growth during the forecast period. The region's construction industry experiences significant growth because of the increased demand for industrial buildings, warehouses, and other infrastructure. Favorable government policies and initiatives attract investment in the construction industry from both public and private organizations. For instance, in India, government initiatives such as the smart city mission and housing for all are driving growth in the construction and infrastructure sector. Hence, such factors influence the growth of the precast concrete market during the forecast period.

For Insights on the market dynamics & segmentations VIEW PDF SAMPLE !

What are the key data covered in this Precast Concrete Market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the precast concrete market between 2023 and 2027
Precise estimation of the size of the precast concrete market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the precast concrete market across APAC, Europe, North America, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of precast concrete market vendors

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Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio