July 22, 2022 10:25 ET | Source: The Insight Partners The Insight Partners
New York, July 22, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has published a new research report titled Global Precast Concrete Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Structure System (Beam and Column System, Floor and Roof System, Bearing Wall System, Façade System, and Others) and End Use (Residential, Commercial, and Others),” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
Precast concrete materials are precasted and prefabricated at the time of manufacturing. Then, they are assembled and molded at the construction site. Such structures enhance construction speed and improve productivity, as well as they help to significantly monitor cost and quality. With the growing need for cost-effective and safe material, the demand for precast concrete is rising. Further, such form of structures is considered as a sustainable building material as it can significantly be reused or remolded, which helps in reducing their impact on environment. The growing adoption of green and modular construction material is expected to proliferate the demand for precast concrete products in global construction market.
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Precast Concrete Market - Strategic Insights
Precast Concrete Market: Competition Landscape and Key Developments
Abetong AB, Boral, Cemex S.A.B. DE C.V., Consolis, ELO Beton, Forterra, Gulf Precast, Lafargeholcim, Tindall Corporation, and Spancrete are among the major players operating in the global precast concrete market.
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Based on structure system, the precast concrete market is categorized into beam and column system, floor and roof system, bearing wall system, façade system, and others. In 2020, the beam and column system segment dominated the market. The market for this segment is also expected to grow at the fastest rate during the forecast period owing to the rising demand for beams and columns for commercial purpose buildings. The precast beams and columns offer advantages such as design flexibility, faster installation structures, sustainable construction, durability, long life, low maintenance, and moisture resistance.
They are widely used in residential and commercial sectors. Factors such as progressing public and private expenditure in infrastructure projects—particularly in the emerging regions such as South America, Asia Pacific, and the Middle East & Africa—coupled with the advantages of precast beams and columns are anticipated to propel the demand for precast concrete beams and columns during the forecast period.
The global precast concrete market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America. In 2020, Asia Pacific contributed to the largest share in the market. The manufacturing sector in these Asian countries has experienced a huge shift over the years. The Asia Pacific manufacturing sector is highly adopting innovation accelerators that include advanced technologies and processes.
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Likewise, government initiatives and policies, such as Make-in-India, encourage the setup of different manufacturing plants in India. Rising foreign direct investments also lead to economic growth in the region. India, Japan, and China are among the major markets for precast concrete in Asia Pacific. The growing use of precast concrete in numerous end-use sectors such as automotive and building & construction is anticipated to increase the demand for precast concrete in the region during the forecast period.
The overall global precast concrete market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global precast concrete market.
In 2020, Asia Pacific contributed to the largest share in the global precast concrete market. The dominance of the precast concrete market in this region is primarily attributable to the presence of strong industrial base with prominent manufactures significantly contributing to market growth. Rising focus towards sustainable and modular construction along with significant investment in renovation activities across countries such as China, Japan, Indonesia and India provide lucrative opportunities for the growth of the precast concrete market in Asia Pacific. Further, rapid urbanization along with growth of residential and commercial infrastructural sectors is also favor the market growth in the region. The easy accessibility and availability of raw materials coupled with cheap labor and low production cost are yet another factor that bode well the market demand in the region.
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Beams and columns segment held the largest share in the global precast concrete market in 2020 and is expected to register growth during forecasted period. Beams are defined as horizontal form of structural components which helps to bear load perpendicular to their direction and helps to offer support to deck materials such as hollow-core, slabs and others. On the other hand, columns are such structural elements in which load is distributed parallel to the longitudinal axis in the form of compression. Both beam and columns are significantly used in residential and commercial purpose infrastructures. Hence, with the rapid rise in residential and commercial construction backed by rapid urbanization, the market for beams and columns is expected to rise.
Precast concrete is defined as construction material, which is manufactured by casting concrete in a reusable or moldable framework, following which it is then cured in controlled environment. Such materials are precasted and prefabricated at the time of manufacturing and are then assembled and molded at the construction site. Such structures are responsible to enhance construction speed, improve productivity and helps to significantly monitor cost and quality. Hence, with the growing demand for cost-effective and safe material, the demand for precast concrete is expected to rise. Further, such form of structures is categorized as sustainable building materials as they can significantly be reused or remolded, thereby, reducing their impact on environment. The growing adoption of green and modular construction material is expected to proliferate the demand for precast concrete products in global market.
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Impact of COVID-19 Pandemic on Precast Concrete Market
COVID-19 outbreak disrupted the precast concrete market as there was a slowdown in the production of raw material, restrictions on supply chain and trade movements, decrease in construction demand, and decline in new projects. However, the need for healthcare and quarantine buildings/units is rising due to an increase in the number of COVID-19 cases. This scenario is propelling the demand for modular buildings, which is driving the growth of the precast concrete market. The outbreak has distorted operational efficiency and disrupted the value chains owing to the sudden shutdown of national and international boundaries, creating revenue loss and damage.
The disturbed value chain hindered the supply of raw material. However, as the economies are planning to revive their operations, the demand for precast concrete is expected to rise globally in the coming months. Government initiatives such as Atmanirbhar Bharat, Saudi Vision 2030, and Asia-Pacific Vision 2050 are involved in boosting their economies by improving the infrastructure and construction sectors, along with providing housing facilities to every citizen. Significant investments by prominent companies in the development of advanced products are further expected to support the market growth.
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