According to the report by Expert Market Research (EMR), the global precast concrete market is projected to grow at a CAGR of 5% between 2024 and 2032. Aided by the material’s increasing relevance in modern construction practices, the market is expected to grow significantly by 2032.
Precast concrete, characterised by its production in a controlled factory environment before transportation to construction sites, is lauded for its durability, sustainability, and versatility. This construction approach is increasingly favoured for its efficiency, quality control, and reduced on-site labour requirements. The surge in urbanisation and industrialisation, especially in emerging economies, has accelerated the demand for precast concrete, thereby driving precast concrete market growth.
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The report highlights several factors propelling this market’s expansion. Firstly, the growing emphasis on sustainable construction practices has positioned precast concrete as a preferred material, given its recyclability and energy-efficient production process. Secondly, the increasing complexity of architectural designs has escalated the demand for customisable and precise construction materials, a niche comfortably filled by precast concrete components.
Based on product type, the market is divided into structural building components, architectural building components, transportation products, and water & waste handling products, among others. Among these, structural building components hold a significant portion of the precast concrete market share due to their extensive use in residential and commercial constructions.
In terms of application, the market is categorised into residential, commercial, and infrastructure. The infrastructure segment is expected to grow rapidly, driven by the global push for improved public transportation systems, bridges, and utility structures.
Geographically, the market is analysed across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is anticipated to dominate the market, fuelled by rapid urbanisation, increasing construction activities, and government initiatives in countries like China and India.
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According to the precast concrete market analysis, the technological advancements in production processes, such as automation and the integration of Building Information Modelling (BIM), are expected to enhance efficiency and reduce costs. The industry is also likely to benefit from increasing environmental consciousness, which will drive demand for sustainable and green construction materials.
Precast Concrete Market Segmentation
The market can be divided based on product, end use, and region.
Market Breakup by Product
- Structural Building Components
- Architectural Building Components
- Transportation Products
- Water and Waste Handling Products
- Others
Market Breakup by End Use
- Residential
- Non-Residential
- Infrastructure
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global precast concrete market. Some of the major players explored in the report by Expert Market Research are as follows:
- Boral Ltd.
- Gulf Precast Concrete Co. LLC
- Olson Precast Company
- Teemage Builders Pvt Ltd.
- Forterra Inc.
- Others
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