The global precast concrete market size is expected to reach USD 145.91 billion by 2027, according to a new report published by Grand View Research, Inc. It is expected to exhibit a revenue-based CAGR of 6.3% during the forecast period. Rising awareness regarding the superior quality and convenience offered by the product is expected to aid the growth.
Key industry participants are involved in technological innovations for developing new products in order to consolidate their market position. Rising consumer demand for high-quality products are projected to open up growth avenues for the new market entrants during the forecast period.
Asia Pacific is anticipated to remain the key regional market for precast concrete, due to the significant economic growth of the region. In addition, the presence of huge construction industry in China and India is anticipated to provide a large market for precast concrete products.
Manufacturers focusing on producing quality precast products to meet rising consumer demand for precast concrete. High competition in the residential and nonresidential construction sector has compelled market players to implement superior and low maintenance yet cost-effective solutions to gain a competitive edge.
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Further key findings from the report suggest:
- Structural building components has emerged as the largest product segment and accounted for 36.3% of the market revenue share in 2019, on account of its rising use in affordable housing projects
- Infrastructure is expected to witness the fastest CAGR of 6.9% over the forecast period, owing to increase in spending by various governments for development of public infrastructure
- Asia Pacific accounted for the largest market share in 2019 and is expected to reach USD 67.0 billion by 2027, owing to factors such as rapid urbanization, industrialization, and rising infrastructural development
- Highly developed economy, growing construction spending combined with highly skilled workforce and growing R&D initiatives to encourage innovative products are the factors expected to aid the product demand in U.S reaching USD 16.12 billion in 2019
- Precast concrete market key players are focusing on expanding their business in emerging economies in Asia Pacific to increase their footprint in high potential markets