The Global Precast Concrete Market is likely to grow at a CAGR of around 5.6% during the forecast period, i.e., 2023-28, states MarkNtel Advisors in their recently published research report. The growth of the market is mainly attributed to the swiftly escalating building & construction industry, enormous investments regarding infrastructural development projects, and the upgradation of disposable income in developing countries along with the initiatives by the government to improve their economies.
Furthermore, the report states that the other major factors contributing to the growth of the Global Precast Concrete Market include rapid industrialization and urbanization in developing countries along with the mounting number of residential and non-residential spaces. The major characteristics of precast concrete, such as cost-efficiency, durability, sturdiness, and less production time make it a suitable product across several industries & applications and industries, thus boosting the Global Precast Concrete Market.
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Analyzing the Global Precast Concrete Market Segmentation
- By Product Type (Columns & Beans, Floors & Roofs, Staircases, Girders, Paving Slabs, and Others)
- By Construction Type (Elemental Constructions, Permanent Modular Buildings, and Relocatable Buildings)
- By Application (Structural Building Components, Architectural Building Components, Transportation Products, Waste & Waste Handling Products, and Others)
- By End User (Residential, Non-Residential (Tunnel, Bridges, Wind Towers, and Others)
- By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)
Key Players Holding a Substantial Share of the Global Precast Concrete Market
Companies such as LafargeHolcim, Olson Precast Company, Forterra Pipe and Precast LLC, Boral Limited, Gulf Precast Concrete Co. LLC, Tindall Corporation, Spancrete, ELO Beton, Devinci Precast, Beaver Gulf Precast Concrete, CEMEX S.A.B. de.C.V., Larsen & Toubro Limited, Elementbau Osthessen GmbH & Co., ELO KG, STECS, ACS Group, and others, are some of the major stakeholders in the Global Precast Concrete Market.
Non-residential Sector stands dominant with the largest share and is anticipated to continue its dominance in the forecast period (2023-28). The growing number of retail stores, the swiftly escalating industrial sector, and considerable funding & investment in developing flyovers, roads, educational institutes, malls, hotels, corporate spaces, hospitals, etc., along with the mounting demand for stadiums & airports contribute immensely to the dominance of the non-residential sector. Moreover, the cost-efficiency, better durability, and effortless production as compared to traditional concrete have led to its mounting utilization in places requiring high-quality & sustainable solutions leading to the overall growth of the Global Precast Concrete Market.
Asia-Pacific is expected to record swift growth in the Precast Concrete Market during the forecast period (2023-28) owingto the active initiatives and enthusiastic participation of the governments of several regional countries to endorse construction activities regarding infrastructural development. The widespread ongoing construction activities across the Asia-Pacific region are heightening the demand for materials like precast concrete across wide-ranging applications due to its low cost, thus enabling the major companies in the region to improve their production and distribution abilities. The demand for precast concretes is further augmented in the region due to the development of smart city projects by the governments of countries like India, Spain, Sweden, and Italy, further boosting the overall market growth across the region.
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