Precast Concrete Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2023 - 2033
The precast concrete market is projected to have a moderate-paced CAGR of 5.7% during the forecast period. The current anticipated valuation of the precast concrete market is US$ 134 billion in 2023. The value of the precast concrete market is forecasted to reach a high of US$ 234 billion, by the year 2033.
Market participants boosting their capacity and bolstering their distribution network to expand their client base, are significant factors driving the demand for precast concrete. Other factors influencing the market are the rapid industrialization and urbanization of emerging nations, the growing emphasis on creating high-quality infrastructure globally, and the emphasis on green construction initiatives.
The market has expanded as a result of the construction industry's transition to using cost-effective, environmentally friendly, and contemporary building methods. Therefore, the market is projected to be further boosted by the desire of emerging nations to modernize their current infrastructure.
In a variety of weather situations, precast concrete materials enable effective and affordable construction. These goods are meticulously produced off-site, which raises the level of quality in general. These products have the potential to have a very high span-to-depth ratio, which improves the structure's ability to carry load and lessens the need for extra columns.
Competitive Landscape:
Due to the existence of both foreign and domestic competition, the global precast concrete market is fragmented. In their respective niche markets, several firms hold sizable market shares. Large companies usually place significance on organic developments like product approvals and the acceptance of cutting-edge, environmentally friendly solutions. These factors are expected to prompt the global precast concrete market size rapidly.
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Key Players:
Boral Limited
Lafarge
Gulf Precast Concrete Co. LLC
Olson Precast Company
CEMEX S.A.B. de C.V.
Forterra
Tindall Corporation
Spancrete
ELO Beton
GÜlermak A.S.
STECS
LAING O’Rourke
L****n & Toubro Ltd.
Key Segments
By Product Type:
Structural Building Components
Architectural Building Components
Transportation Products
Water & Waste Handling Products
Others
By End Use:
Residential
Non-Residential
Infrastructure
Over the course of the projection period, it is also anticipated that an increase in consumer demand and a shift in consumer preference toward high-quality items would provide numerous growth opportunities for new entrants in the market.
With 20% of all global building investments, China is the leading construction market in the world. By 2030, it is anticipated that China would spend almost US$ 13 trillion on buildings, which is expected to increase demand for precast concrete in China.
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