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Global Precast Concrete Market to Grow at a CAGR of 5% During 2021-2026, Driven by Rising Renovation Activities

According to a new report by EMR titled, ‘Global Precast Concrete Market Report and Forecast 2021-2026’, the market attained a value of about USD 95 billion in 2020. The industry is further expected to grow at a CAGR of 5% in the forecast period of 2021-2026.

Rising population, rapid urbanisation, and industrialisation are propelling the growth of the precast concrete industry. The rise in construction and renovation activities around the world is augmenting the market growth. The increasing environmental consciousness and the rising demand to reduce noise and dust pollution are further strengthening the market growth. Moreover, the increasing demand for eco-friendly construction due to stringent government policies and the growing reliance on prefabrication of the construction sector is also fuelling the market growth. In addition, the increasing emphasis on energy-efficient and low maintenance products is expected to aid the market growth. The Asia Pacific region holds a significant share of the market owing to the rising population and the robustly growing construction industry. Various government initiatives towards infrastructural development to increase affordable housing are further facilitating the market growth in the region.

Boral Ltd. (ASX: BLD), one of the leading players, supplied construction materials for the manufacture of 56,000 precast concrete segments to the Melbourne Metro Tunnel project in 2018. The highly specified concrete is supplied to meet the project’s stringent fire resistant requirements. It launched Aspire, a precast concrete, in 2019. It has been specifically developed to maximise floorplans in commercial and high rise buildings and increase productivity. It is used in high rise and slender structures, columns, outrigger and shear walls, piles, and vertical elements with large quantities of concrete reinforcement. Additionally, it can reduce dimensions of columns and walls, maximise floor space and reduces the risk associated with the heat of hydration of thick walls. The development of such products is expected to aid the market growth.

Market Analysis by Products, End Uses, and Region:

  • The market, on the basis of product, can be divided into structural building components, architectural building components, transportation products, and water and waste handling products, among others.
  • Based on end use, the industry can be divided into residential, non-residential, and infrastructure.
  • The regional markets for precast concrete include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The robust growth of the construction and infrastructure industry due to the rising population and urbanisation in the emerging economies is aiding the industry growth. 
  • The market is being aided by the increased demand for cost-effective and faster construction processes.
  • As the use of precast concrete can reduce noise pollution and offers fire and wind-resistant properties; they are increasingly used in the infrastructure industry, which is catalysing the market growth.
  • Increasing renovation activities in the public sector and hospitality industry owing to the high disposable income is fuelling the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global precast concrete market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, end uses, and regions of precast concrete.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for precast concrete are Boral Ltd., Gulf Precast Concrete Co. LLC, Olson Precast Company, Teemage Builders Pvt Ltd., and Forterra Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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