New York, NY 12 Nov 21: The global precast concrete market size is anticipated to reach USD 149.1 billion by 2026 growing at a CAGR of 6.6% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Precast Concrete Market Share, Size, Trends, & Industry Analysis Report, By Element (Walls & Barriers, Columns & Beams, Floors & Roofs, Paving Slabs); By Application; By End-User; By Region]: Segment Forecast, 2019 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2018, the non-residential segment dominated the global precast concrete industry, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
A significant increase in disposable income, and construction & renovation of residential buildings drive the market growth. Increasing population, growing urbanization, and industrialization has increased the demand for precast concrete across the globe. The increasing need to reduce building time and costs, and growing demand for offsite construction supports the market growth. Other driving factors include safer construction sites, improved durability and load capacity offered by precast concrete, and development of public infrastructure. The increasing investments by governments for enhancing public infrastructure, and government premises further support market growth. Increasing demand in developing nations, and growth in global construction industry is expected provide numerous growth opportunities in the global market during the forecast period.
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Improvement in lifestyle due to rise in income level, especially in the developing countries of Asia-Pacific, such as India, China, and Japan, fuels the demand for precast concrete. Enhancement of public infrastructure such as parks, museums, and other structures by governments, along with growth in construction in urban areas would support the growth in the coming years.
Asia-Pacific generated the highest revenue in the market in 2018, and is expected to lead the global market throughout the forecast period. The growing construction sector and increasing disposable income drives the market growth. The increasing trend of design and aesthetics, along with increasing government investments in development of infrastructure supports the market growth in the region.
The well-known companies profiled in the report include Larsen & Toubro Limited, Kiewit Corporation, Bouygues Construction, Taisei Corporation, Julius Berger Nigeria PLC, Boral Limited, Forterra Pipe & Precast, LLC., Olson Precast Company, Gulf Precast Concrete Co. LLC, and Tindall Corporation. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
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