Precast Concrete Market worth $174.1 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 4, 2021 /PRNewswire/ -- According to the new market research report "Precast Concrete Market by Element (Columns & Beams, Floors & Roofs, Girders, Walls & Barriers, Utility Vaults, Pipes, Paving Slabs), Construction Type, End-use Sector (Residential, Non-residential) - Global Forecast to 2025", published by MarketsandMarkets™, the global Precast Concrete Market size is projected to grow from USD 130.6 billion in 2020 to USD 174.1 billion by 2025, at a CAGR of 5.9% from 2020 to 2025.
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The market is projected to grow in accordance with the increase in the demand for residential and commercial construction across the globe. Furthermore, the precast concrete market has witnessed a significant increase in demand, owing to the growing interest of consumers in modular buildings, the booming housing construction sector, rise in renovation & remodeling activities, and rapid urbanization & globalization.
In terms of value & volume, columns & beams is estimated to lead the precast concrete market in 2019.
Columns & Beams, by element, accounted for the largest market share in the precast concrete market. Precast columns & beams are used extensively in the residential and non-residential sectors and find applications in both building and non-building structures. Factors such as increasing public and private expenditure in infrastructure projects, especially in the emerging economies of APAC, South America, the Middle East, and the growing demand for residential constructions due to rapid urbanization have contributed to the growth in the demand for precast columns & beams.
Elemental construction is estimated to be the largest segment in the precast concrete market in 2019.
Elemental construction, by construction type, accounted for the greatest demand for precast concrete in 2019, in terms of value and volume. Precast concrete elements such as columns & beams and floors & roofs are used in various residential, non-residential, and infrastructural applications. This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast elements to build an entire structure across residential and non-residential construction sectors and increase in public & private investment in the global infrastructural development, especially in the emerging economies of the Asia Pacific and South American regions.
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Non-residential dominated the precast concrete market in 2019, in terms of value and volume.
Non-residential, by end-use sector, accounted for the greatest demand for precast concrete in 2019, in terms of value and volume. The demand from this sector is supported by increased investment in new commercial construction projects. Factors such as durability, low maintenance, cost-effective, and less construction time will fuel the demand for precast concrete for new projects.
The APAC region is projected to account for the largest share in the precast concrete market during the forecast period.
The APAC region is projected to lead the precast concrete market in terms of both value and volume from 2020 to 2025. Growing population, rapid urbanization, and the construction sector are among the key factors propelling industry expansion in the region. New building constructions with improved energy-efficient solutions for residential and commercial sectors in several APAC countries are fueling the demand for precast concrete in the region.
LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), Skanska AB (Sweden), CRH Plc (UK), Cemex S.A.B de C.V. (Mexico), Laing O'Rourke (UK), Julius Berger Nigeria Plc (Nigeria), and Boral Limited (Australia), amongst others, are the key players operating in the precast concrete market. Acquisitions, expansions, contracts, agreements & partnerships, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the precast concrete market.
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