Precast Concrete Market size was over USD 152.74 billion in 2023 and is projected to exceed USD 333.87 billion by 2036, growing at over 6.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of precast concrete is assessed at USD 160.32 billion.
The growth of the market can be attributed to the advantages of precast concrete, over conventional concrete, such as, reduced manpower, reduction in construction time, quality, and precision. The overall erection of buildings can be finished in much lesser time, using precast concrete, as it is treated in a controlled environment through reusable molds, instead of on-site treatment, which saves time. Increasing construction activities around the globe, especially renovation of old buildings, monuments, and heritage sites, is estimated to drive the market growth. Moreover, modern approach for construction, and growing demand for remodeling traditional structures, is further expected to boost the growth of the market. Furthermore, increasing urban population, has led to a raised demand for housing and work spaces. This is also projected to promote the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.2% |
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Base Year Market Size (2023) |
USD 152.74 billion |
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Forecast Year Market Size (2036) |
USD 333.87 billion |
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Regional Scope |
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The global precast concrete market is segmented by element into walls, columns, paving slabs, pipes, and others, out of which, the columns segment is anticipated to hold a notable share in the market during the forecast period on account of increasing application of columns in residential as well as commercial buildings. Precast columns are accurate, with very low chance of error, which makes them preferable to fasten the construction process. On the basis of end-user, the residential segment is anticipated to hold the major share throughout the forecast period, owing to the growing need for housing facilities for the growing population. Moreover, government initiatives and investments in construction activities, to provide residents for the increasing population, is expected to boost the segment growth.
Our in-depth analysis of the global market includes the following segments
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By Element |
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By Application |
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By End-User
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North America Market Statistics
Regionally, the global precast concrete market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is estimated to dominate majority revenue share by 2036, on the back of constantly increasing commercial construction activities in the region. The United States is foreseen to be the largest construction market in the world, with construction expenditure amounting to over USD 1 billion, per annum. As of 2020, the construction industry holds over 4% of the nation’s GDP. The growing urbanization, coupled with immigration from various countries, has raised the need for offices and other commercial areas, which is estimated to boost the regional market growth.
APAC Market Analysis
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the growing construction industry backed by the increasing population, in nations, including, Singapore, Japan, India, and China.
Author Credits: Shweta Patidar
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