Key trends driving market expansion include increasing investments by industry players, rise in construction activities across the globe, and high adoption of precast concrete over on-site cast concrete, the Global Precast Concrete Market is Forecasted to Cross US$ 155 Bn by 2028 says Ken Research Study.
Precast concrete is reinforced concrete that is mixed and cast off-site before being assembled on the building site. Precast concrete is sometimes (but not always) available in standard sizes and forms, such as floor and roof planks, tees, and double-tees. As long as it complies with the rules of statics, the strength and stiffness of the materials, and the limitations imposed by formwork, handling, shipping, and installation, precast concrete can be manufactured in any shape and size.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Government Initiatives for the Growth of Individual Economies Anticipate Improvement in the Construction Sector
According to Research estimates, the Global Precast Concrete Market – which was valued from around US$ 80 Bn in 2017 to nearly US$ 110 Bn by 2022 – is expected to grow further to more than US$ 150 Bn opportunity by 2028.
The market is expected to be driven by the growing construction industry across major regions as a result of rising investments in infrastructure development. The residential building industry is anticipated to grow as disposable income levels rise in both developed and emerging nations. Additionally, rising government measures for the growth of their individual economies are anticipated to improve the building sector and increase product demand in the years to come.
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2. Expanding Construction Industry Due to the Rise in Population to Drive the Market Growth
The growth in population and the industrial boom after the pandemic have given rise to new construction opportunities in both commercial and residential factors. Construction activities in developing countries such as China and India are supporting market growth due to rapid industrialization, urbanization, and a growing population. The government of China is heavily investing in infrastructural developments lately. Growing construction activities in emerging countries significantly contribute to the growth of the non-residential construction industry in these countries.
3. Skilled Manpower Shortage to Challenge the Market Growth
The success of precast concrete technology lies in well-skilled technicians and the shortage of skilled personnel in the construction industry creates problems for the industry in India. Hence, there is a need to promote this technology at the curriculum level of engineering graduates in operational technical skills training institutes.
According to research by Ernst & Young and the FICCI, the construction industry was estimated to have a 65% labor deficit in 2021. The precast building can meet the demand for housing with the right design and execution. Only 2% of the $500 million Indian building market is made up of precast construction. Precast systems are mostly used in India for infrastructure projects including flyovers and bridges.
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Key Topics Covered in the Report
- Snapshot of the Global Precast Concrete Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Precast Concrete Market
- Historic Growth of the Overall Global Precast Concrete Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Precast Concrete Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Precast Concrete Market
- Future Market Forecast and Growth Rates of the Total Global Precast Concrete Market and by Segments
- Market Size of Product / Application Segments with Historical CAGR and Future Forecasts
- Analysis of the Precast Concrete Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
- LafargeHolcim
- ARTO
- Sauereisen
- Kijlstra precast Ltd
- Carlow Precast Concrete Engineering
- Qingdao Qingde Precast Accessories Co., Ltd.
- Great Magtech (Xiamen) Electric Co., Ltd
- Tindall
- Oldcastle Infrastructure
- Boral Limited
- Forterra
Notable Emerging Companies Mentioned in the Report
- Atlas Group
- Bex technology
- Cuby technology
- Minolite
- PLINX
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Precast Concrete Producers
- Precast Concrete Structures Providers
- Construction Equipment Companies
- Chemical Manufacturers
- Organic Building Materials Manufacturers
- Construction Sector Policy Makers
- Construction Regulation Authorities
- Architecture Firms
- Construction Tech Investors
- Chemicals Products Suppliers
- Precast Solution Providers
- Potential Investors in Construction Industry
- PE and VC Firms focused on Construction Industry
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
For more information on the research report, refer to below link:
Global Precast Concrete Market
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