PRECAST CONCRETE MARKET TO REACH USD 101.6 BILLION BY 2024 | CAGR 5.4% – FORENCIS RESEARCH

Global Precast Concrete Market: Key Highlights

• According to the new market research report “Precast Concrete Market by Structure (Parking Lots, Foundations, Bridges, Walls, Culverts, Staircase, Floors and Paving Slabs, Others), by End User (Residential Buildings, Commercial Buildings, Institutional Buildings, Public Infrastructure, Industrial Buildings), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2024)”, the global precast concrete market is estimated to reach USD 101.6 Billion by 2024 at a CAGR of around 5.4% during the review period.
• Precast concrete is construction product manufactured using casting concrete using a reusable mold a them these panels are installed at a construction sites
• precast concrete is relatively inexpensive, durable with low maintenance and ease of installation, owing to which it is been widely used in commercial and residential construction
• Volatility of raw materials price and variable transportation cost may create unpredictable environment for the product growth

Global Precast Concrete Market: Key Market Dynamics

• Urbanization coupled with increasing investments in construction has expected to surge the growth of precast concrete market
• Advantages Such as fireproof, waterproof, easy installation, and offers resistance in case of natural disasters has anticipated to the boost the growth of market
• Ongoing construction and pipeline projects for the residential as well as commercial infrastructure pose opportunities for growth of precast concrete market

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Global Precast Concrete Market: Regional Overview

• North America  

In North America has expected to propel the demand for precast concrete market during the forecast period. This has attributed by the growing construction activities coupled with rising demand for sustainable and advanced construction practices are anticipated to drive the product demand. According to the US Census Bureau, the total spending on construction activities was USD 1,356,409 million in 2019.

• Asia-Pacific

Increased investments in transport systems, ports, mega factories and roads coupled with rising industrialization and urbanization has expected to account rise in demand for precast concrete in the region. Governments are making efforts to develop the infrastructure in various emerging nations. For instance, China has approved 26 infrastructure projects with a total expected investment of USD 142 billion in 2019.

Global Precast Concrete Market: Key Players Overview

• LafargeHolcim:

LafargeHolcim is one of the global leader in building materials and solutions and operates through four business segments namely cements, aggregates, ready to mix concrete, and solutions & products. In January 2019, the company acquired the precast and ready to mix concrete business of Alfons Greten Betonwerk in Northern Germany. This will help to strengthen the existing solutions & products in the region.  

• CEMEX S.A.B. de C.V.:

CEMEX S.A.B. de C.V. was incorporated in 1906, and is offers products and services to construction industry across the globe. The company has its global presence the North America, Europe, the Middle East, and Africa. The company generated revenue of USD 13.1 billion in 2019, and has the produced 93 Metric Tons of cement.

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