The precast concrete market size 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 global precast concrete market, based on structure system, is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. In 2021, the beam and column system segment dominated the market, and it is further expected to record the highest CAGR in the market during the forecast period.
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 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.
The global precast concrete market is segmented on the basis of structure system and end use. Based on structure system, the market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. Based on end use, the precast concrete market is segmented into residential, commercial, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico.
The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, Spain, Poland, the Netherlands, and the Rest of Europe. The market in Asia Pacific is further categorized into China, India, Japan, Australia, South Korea, Indonesia, Thailand, Taiwan, Bangladesh, Malaysia, Vietnam, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, Nigeria, Egypt, and the Rest of Middle East & Africa. The market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.
The unprecedented rise in the number of COVID-19 cases across the world and the subsequent lockdown of numerous manufacturing facilities hampered the global precast concrete market growth. North America, and many major regions, experienced shortage of laborers, suspension and cancellation of projects, and disruptions in supply and logistics in the US construction industries. These factors hampered the demand for precast concrete in the world. However, consistently increasing COVID-19 cases also triggered the demand for modular buildings, and healthcare and quarantine units, which led to the market growth amid the global crisis.
Based on structure system, the global precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. The precast concrete market share for the beam and column segment was largest in 2021. Beams are defined as a horizontal form of structural components, which helps bear load perpendicular to their direction and offers support to deck materials, such as hollow-core and slabs. On the other hand, columns are the structural elements in which load is distributed parallel to the longitudinal axis in the form of compression. Both beam and columns are significantly used in residential and commercial purpose infrastructures.
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