Precast Concrete Market will exhibit a CAGR of 4.4%. and reach USD 162.72 billion by 2027, and the market value as per 2019 was USD 115.98 billion.
Fortune Business Insights, titled, “Precast Concrete Market Size, Share & Industry Analysis, By Product Type (Building Components, Transportation, Water & Waste Handling, and Others), By End-Use (Residential, and Non-Residential), and Regional Forecast, 2020-2027,”.
Precast Concrete Market Drivers and Restraint :
Increasing population, growing industries and businesses, and the rising need for residential and commercial spaces are the key factors promoting the precast concrete market growth. In addition to this, rapid urbanization and industrialization have propelled the demand for construction activities. This has led to a rise in the expenditure for construction activities, thereby augmenting growth.
On the contrary, certain drawbacks may pull down this market in the future. These include the environmental and health concerns concerning cement manufacturing. It is believed that cement production releases many gases such as sulfur dioxide, carbon monoxide, and nitrogen oxide into the atmosphere. This may result in numerous environmental impacts such as global warming, depletion in the quality of water, and acid rain, among others. Besides this, there are several health issues such as visual impairment, asthma, and various cardiovascular diseases that may cause hindrance to the overall market in the coming years.
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List of Significant Manufacturers Precast Concrete Market are:
- Oldcastle Precast (U.S.)
- Balfour Beatty(U.K.)
- Bouygues Construction(France)
- Elementbau Osthessen GmbH & Co., ELO KG (Germany)
- Spancrete (U.S.)
- Tindall Corporation (U.S.)
- Forterra (U.S.)
- CEMEX (Mexico)
- Larson & Turbo Limited (India)
- Olson Precast Company (U.S.)
- Gulf Precast (UAE)
- LafargeHolcim (Switzerland)
- Boral (Australia)
- Other players
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Asia Pacific to Emerge Dominant on Account of Rising Investments in Infrastructural Development
Geographically, Asia Pacific earned a revenue of USD 46.97 billion in the year 2019 and received the largest precast concrete market share. This is attributable to the increasing investments on infrastructural development by emerging nations such as India, China, and Japan in the forecast duration that will propel the demand for precast concrete in the regional market.
Players Focusing on Geographical Expansion for Gaining Significant Position in Market
The global market for precast concrete is fragmented as the number of players is many. Some of them are investing heavily on material supply and other partnership strategies to gain a competitive edge in the market. Others are planning on expanding their brand presence geographically to draw significant revenues to the market.
Some of the key industry developments in the Precast concrete market Include:
January 2020 – Alfons Greten Betonwerk was acquired by Lafarge Holcim for operating collaboratively on one ready-mix and one precast concrete plant located in Germany. This effort is expected to help increase its brand presence in the nation.
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