Precast Concrete Global Market Report 2023: Industry to Reach $234.66 Billion by 2028 at a 7.5% CAGR

DUBLIN, Jan. 5, 2023 /PRNewswire/ -- The "Precast Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Structure System; and End use" report has been added to  ResearchAndMarkets.com's offering.The precast concrete market is expected to grow from US$ 151.84 billion in 2022 to US$ 234.66 billion by 2028; it is estimated to grow at a CAGR of 7.5% from 2022 to 2028.The high-density precast concrete is more durable against acid attack, corrosion, and impact, reduces surface voids, and resists the accumulation of dust. There are various benefits of using precast concrete products for various structural purposes.

Precast concrete can be used to create road barriers, building segments such as walls, and a wide range of shapes and sizes of blocks. Using precast concrete can help to save money by reducing the time spent on a project. As the parts being used come already created, no time is wasted in forming, framing, pouring, or curing.A rise in renovation and remodeling activities, driven by increasing investments by the government and private sectors in the modernization of existing infrastructure, is fueling the precast concrete market growth.

However, the volatility of raw material prices hampers the precast concrete market growth. Cement, aggregates, and sand are among the primary raw materials used in the production of precast concrete. The key cause of raw material price fluctuations is volatility in the prices of energy and crude oil, which are used in the production and transportation of these products.Based on structure system, the precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, facade system, and others.

The beam and column system segment held the largest market share in 2021. Beams are the structural components that are formed in one of three fundamental shapes - rectangular beams, inverted tee beams, and L-beams. Beams are primarily utilized to support deck components, such as solid slabs, double tees, and hollow-core, and sometimes other beams.

The precast beams and columns offer advantages, including design flexibility, faster installation structures, sustainable construction, durability, long life, low maintenance, and moisture resistance.In 2021, Asia Pacific held the largest share of the precast concrete market. Easier and faster construction, minimum fieldwork, and cost reduction are among the major advantages associated with the use of precast concrete that fuel its demand in different applications in Asia Pacific. The building and construction industry is a strong contributor to the precast concrete market growth in the region.

In India, construction is the second-largest industry, after agriculture, which accounts for ~11% of the country's GDP. The market growth in Japan is ascribed to the strong presence of construction, automotive, and other industries.Manufacturers in Japan are producing precast concrete products that deliver high precision and consistent quality. The frequency and intensity of earthquakes is often high in Taiwan.

This has driven the developers' focus toward making earthquake-resistant buildings. Hence, the demand for construction materials suitable for the development of high-rise earthquake-resistant buildings is increasing, which is propelling the precast concrete market growth in the country.A few players operating in the global precast concrete market include Betongindustri AB; Boral; Cemex S.A.B. DE C.V.; Consolis Group SAS; Elementbau Osthessen GmbH & Co., Elo Kg; Forterra; Gulf Precast; Lafargeholcim; Centrum Pile Ltd.; and Tindall Corporation.

Players operating in the precast concrete market are focusing on providing high-quality products to fulfill customer demands. Players operating in the precast concrete market are also investing significantly in research and development activities, and mergers and acquisitions.Market DynamicsMarket DriversNeed for Cost-Effective, Safe, and Eco-Friendly ProductsRise in Renovation and Remodeling Activities Across the GlobeMarket RestraintsVolatility in Raw Material PricesMarket OpportunitiesSupportive Government Initiatives in Emerging EconomiesFuture TrendsSignificant Investment in Innovation and Product DevelopmentKey Topics Covered: 1. Introduction2.

Key Takeaways3. Research Methodology4. Precast Concrete Market Landscape5.

Precast Concrete Market - Key Market Dynamics6. Precast Concrete - Global Market Analysis7. Global Precast Concrete Market Analysis - By Structure System8.

Global Precast Concrete Market Analysis - By End Use9. Global Precast Concrete Market- Geographic Analysis10. Impact of COVID-19 Pandemic on Global Precast Concrete Market11.

Industry Landscape12. COMPANY PROFILES13. AppendixCompanies MentionedBetongindustri ABBoralCemex S.A.B.

DE C.V.Consolis Group SASElementbau Osthessen Gmbh & Co., Elo KgForterraGulf PrecastLafargeholcimCentrum Pile Ltd.Tindall CorporationFor more information about this report visit URL ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.Media Contact:Research and MarketsLaura Wood, Senior EMAIL For E.S.T Office Hours Call +1-917-300-0470For U.S./CAN Toll Free Call +1-800-526-8630For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907Fax (outside U.S.): +353-1-481-1716Logo: URL.jpg View original content:URL.htmlSOURCE Research and Markets