The detailed report published by Market Research Future (MRFR) projects that the global precast concrete market size is marked to exhibit moderate expansion at a CAGR of 5.36% during the forecast period of 2018-2023 and reach the market valuation of USD 103,666.1 Mn by the end of the review period from USD 76,200.7 Mn in the year 2017. Rapid infrastructural development in the developing and developed regions and increased building and construction activities that are utilizing precast concrete at the optimum level are majorly fueling the growth of the global precast concrete market during the assessment period. Increased manufacturing of precast concrete due to the availability of cheap raw materials in the countries of Asia Pacific region are also propelling the growth of the global precast concrete market during the forecast period.
Global Precast Concrete Market: Segmental Analysis
The global precast concrete market has been segmented on the basis of product, application, and end-user. Based on product, the global precast concrete market has been segmented into floors & roofs, columns and beams, stairs and landing, and walls. The walls segment has been sub-segmented into solid walls and sandwich walls (thermal walls). The columns and beams segment acquired the major share of 32.10% in the global market for precast concrete during the year 2017. Based on application, the global precast concrete market has been segmented into structural components, architectural components, bridge components, and others. The structural components segment commanded the major share of 39.11% in the global market for precast concrete. Based on end-use, the global precast concrete market has been segmented into residential, non-residential and agriculture. The non-residential segment commanded the major share of 69.27% of the global precast concrete market during the assessment period.
Global Precast Concrete Market: Regional Analysis
Geographically, the global precast concrete market has been segmented into four major regions such as Asia Pacific (APAC), Europe, North America and the rest of the world. The Asia Pacific region commands the major share of 43.45% of the global precast concrete market and is anticipated to expand at a CAGR of 5.52% during the assessment period. Rapid infrastructural development, increased building and construction activities and increased production of precast concrete due to the easy availability of cheap raw materials are majorly propelling the growth of the precast concrete market in this region. The North America region commanded for the second largest share of 25.09% the global precast concrete market in the year 2017. Increased construction activities and high utilization of precast concrete for rapid infrastructural development in the North America region are majorly fueling the growth of the precast concrete market in this region. The Europe region is projecting significant growth in the global precast concrete market owing to the high demand for precast concrete for infrastructural development in this region.
Global Precast Concrete Market: Key Players
The prime players profiled by Market Research Future (MRFR) that are operating in the global precast concrete market are SKANSKA AB (Sweden), Jensen Precast (the U.S.), Molin Concrete Products Company, Inc. (the U.S.), Tindall Corporation (the U.S.), Coreslab Structures (the U.S.), CRH (the U.S.), Coltman Precast Concrete Limited (the U.K.), HeidelbergCement AG (Germany), Metromont Corporation (the U.S.), SMEET (Qatar), Taiheiyo Cement (Tokyo), and Larsen & Toubro Limited (India), and others. The players in the global precast concrete market are aiming towards business expansion by increasing their product portfolio. Increased research and development expenditure along with initiatives such as strategic mergers and acquisitions are also contributing to the growth of these players in the global precast concrete market during the assessment period.
