Precast Concrete Market worth around $165 Bn by 2027

Precast Concrete Market size is anticipated to cross USD 165 billion by 2027, according to a new research report by Global Market Insights Inc.
 

A rise in restructuring and remodeling activities across the globe will propel the precast concrete industry demand. Increasing spending in rail and road transport projects specifically in the Asia Pacific and Latin American countries will augment the product demand.
 

Remodeling and restructuring of existing buildings have gained popularity in developed countries led by improved energy efficiency and multiple functionalities. Precast concrete enables wide opportunities for designers and architects to integrate structural additions to old establishments by reshaping connecting points and load paths. Additionally, owing to increasing disposable incomes, people are shifting toward the renovation of their existing residential building structures instead of new construction. Moreover, countries including China, India, Brazil, and Indonesia are continuously investing in infrastructure development projects, which further supports the market demand.
 

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The recent COVID-19 pandemic has impacted the precast concrete market growth propelled by shortage of workforce, lack of raw materials supplies, and disruptions in logistics globally. Countrywide lockdowns and trading restrictions to fight against the spread of coronavirus have flattened revenue generation. However, due to low consumption rates, key companies restricted their production capacities to protect their financial position. Nevertheless, lifting of restrictions, rapid vaccination programs, and steady economic recovery are positively influencing the overall market revenue.
 

Browse key industry insights spread across 140 pages with 176 market data tables & 21 figures & charts from the report, “Precast Concrete Market Size By Element (Building & Structural [Beams & Columns, Floor & Roofs, Wall], Transportation Products, Water & Wastewater Management Products, Utility & Industrial Products), By Sector (Residential, Non-residential, Infrastructural), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 - 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/precast-concrete-market
 

Building & structural products are gaining popularity

Building and structural products have collectively generated more than USD 30 billion in 2020 and are projected to grow at a significant rate through 2027. Widespread applications of structural wall panels, prefabricated building components & structural elements, basement roofs & floors, etc., in mid and high-rise buildings are constantly getting a foothold in the marketplace.
 

The residential sector to witness sustainable growth

The residential sector is poised to be valued as the fastest-growing segment with around 5.8% growth rate till 2027. Rising population in urban areas coupled with an increasing demand for independent houses are boosting the segment demand. Moreover, rapid adoption of energy-efficient, cost-effective, and easy maintenance buildings across developed cities will spur the overall industry outlook.
 

Europe will likely contribute to the overall business

The Europe precast concrete market revenue will exceed USD 48 billion by 2027 impelled by robust growth in the building and construction sector across the region. According to the European Union, buildings accounted for a considerable share in energy consumption and CO₂ emissions. Precast concrete has the potential to mitigate these adverse impacts. The negligible level of VOCs in precast concrete improves indoor air quality, which will fuel the industry expansion.
 

Cost-effective and sustainable products will gain consumer attention

Key players in the industry are HOLCIM, CEMEX S.A.B. de C.V., Boral, CRH plc, Laing O’Rourke, Balfour Beatty, Julius Berger Nigeria Plc., Gulf Precast Concrete Co., LLC, Tindall Corporation, Olson Precast Company, Forterra, ELO Beton, Spancrete, Larsen & Toubro, and HEIDELBERGCEMENT AG. The global precast concrete market is highly fragmented and key companies are adopting several business strategies to obtain competitive advantages.