The precast concrete market is anticipated to experience a slight growth rate of 5.7% CAGR throughout the forecast period. The forecasted value of precast concrete is estimated to touch $134 billion by 2023 and will reach a peak value of $234 billion in the next ten years.
Precast concrete materials happen to be highly beneficial for construction projects across numerous weather conditions because of their effectiveness and, at the same time, affordability. They are produced with extreme caution at an off-site location, thereby resulting in a higher overall level of quality. These products happen to possess significant potential when it comes to the high span-to-depth ratio, thereby enhancing the structure’s load-carrying capability and also reducing the requirement for additional columns. Hence, these items are mostly used in large-scale projects like concert venues and arenas to make sure that the audience’s view or experience does not get obstructed by pillars. Important business leaders leverage technological advancements to come up with innovative products and also expand their market presence.
During the forecasted period, it is said that new entrants within the market will have many growth opportunities due to a projected rise in consumer demand as well as a shift in consumer preference inclined towards high-quality items.
Apparently, China holds the position of the world’s leading construction market, with a prominent 20% share of all international building investments. It is anticipated that the country is going to spend almost $13 trillion on buildings by 2030, leading to a surge in the need for precast concrete.
Recently, the market has been pushed by the demand for affordable residential structures, upgraded efficiency achieved by precast technologies, and also increased construction speed using precast technology. Moreover, the conversion and renovation of older structures not only helps in the growth of the construction sector but also, at the same time, stimulates funding. This, in turn, leads to an increased demand for prefabricated components, hence boosting the growth of the precast construction market. Precast concrete is often made use of to construct similar-designed, cost-effective constructions. Furthermore, it provides the benefit of facilitating the planning process for future construction projects because of the ease of rearranging its components. Building experts happen to be eagerly adopting modern construction methods that go on to provide improved performance while at the same time requiring minimal capital expenditure. The sector may also have opportunities with the recent technological developments of 3D printing as well as Building Information Modeling- BIM.
It is well to be noted that cement-producing facilities generate significant quantities of hazardous gases, like nitrogen oxide, sulphur dioxide, and also carbon monoxide. These gases have been linked to numerous illnesses, such as heart disease, problems with vision, as well as asthma. Moreover, market growth is anticipated to be restrained by government regulations that look at limiting emissions from cement manufacturing facilities.
It is expected that the US will go on to maintain a significant share of the worldwide precast concrete market across the projected period. Key stakeholders’ partners produce highly durable precast concrete products, thereby aiming to enhance the country’s infrastructure.
The precast concrete market across China is projected to go through significant growth during the estimated time period. The key participants in this field happen to be experts in concrete plants who happen to specialize in providing up-to-date plant technology, with a specific focus on developments in China.
It is well to be noted that the structural building component product type is anticipated to be the leading category throughout the projected period because of its high demand in the construction sector.
The infrastructure gamut within the end-use category holds a major share and is considered the most innovative market for prominent corporations. This is primarily because of the growing adoption of energy-efficient products as well as materials.
The competitive landscape
The global precast concrete market happens to be fragmented because of the presence of both foreign as well as domestic competition. Many firms hold significant market shares in their niche markets. Large companies often go on to prioritize organic development, focusing on product nods and also the adoption of innovative, environmentally friendly solutions. These elements are expected to significantly drive the progress of the global precast concrete market.
The key market players
- Boral Limited
- Gulf Precast Concrete Co., LLC
- Olson Precast Company
- CEMEX S.A.B. de C.V.
- Tindall Corporation
- ELO Beton
- GÜlermak A.S.
- LAING O’Rourke
- Larsen & Toubro Ltd.