The potential of the product was duly noticed by Market Research Future (MRFR), and it was reported through their study that the global precast concrete market will garner a CAGR of 5.36% over the forecast period between 2018 and 2023.
Furthermore, it was mentioned that the market valuation is projected to reach USD 103,666.1 million by the end of the forecast period jumping from its previous valuation of USD 76,200.7 million in 2017.
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Precast Concrete Market
Precast concrete is a concrete type referred to as a construction product and boasts massive potential in the forthcoming years due to being used in molded forms of the builder’s choice. This type is cured in a separate facility and then brought to the construction site saving operational costs for developers.
The global precast concrete market includes a host of players, including Coltman Precast Concrete Limited (U.K.), SKANSKA AB (Sweden), Tindall Corporation (U.S.), Jensen Precast (U.S.), Taiheiyo Cement (Tokyo), Molin Concrete Products Company, Inc. (U.S.), Heidelberg Cement AG (Germany), Coreslab Structures (U.S.), Larsen & Toubro Limited (India), CRH (U.S.), Metromont Corporation (U.S.), SMEET (Qatar), and others.
June 4th, 2019, the Department of Civil and Environmental Engineering of the Idaho State University announced that it has received a grant worth USD 150,000 from the Idaho Transportation Department for testing the seismic resiliency of precast concrete bridges.
Change – A Major Driver of Growth
The fast-paced urbanization, industrialization, and infrastructural-based developments have been one of the key growth drivers of the market. The coming years is also expected to bring-forward striking changes in the form of development.
The changing preference of consumers and the shifting focus of building contractors towards eco-friendly, cost-effective, and modern building construction methods offers a pool of growth opportunities for the market. Additionally, the surging income level of consumers in developing nations across the globe is another key driver of growth. To sum up, the global Precast Concrete Market is expected to be driven by a number of positive changes during the forecast period.
Players Playing a Massive Role
Key players in the global market are expected to garner high revenue from their surging sales number. This is due to the increasing amount of investment put forward in research and development activities, one that gives way for new innovations.
A majority of the market players are laying their focus on product diversification and improvement to gain an edge in the competitive market landscape. This, in turn, is expected to drive more growth and demand for the market in the coming years.
Columns and Beams Segment to Lead the Charts
The global precast concrete market segmentation in terms of product type is broken down into columns and beams, floors & roofs, walls, and stairs and landing. The wall segment is narrowed down into sandwich walls and solid walls. Among the mentioned product types, the columns and beams segment holds the largest share of the market with 32.10% of the share to its name. The market segment is expected to lead the market standings in the coming years as well.
The global market segmentation based in terms of application includes architectural components, structural components, bridge components, and others. Herein, the market category is spearheaded by the structural components segment with the largest share percentage.
The segmentation of the market in terms of end-users include agriculture, non-residential, and residential. The non-residential segment held more than 69.27% of the entire share of the market back in 2017 and is projected to lead the end-user category in the coming years.
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Asia Pacific to Continue its Market Dominance
The global precast concrete market report covers the following regions: Europe, Asia Pacific, North America, and the Rest-of-the-World (RoW). Among these, the Asia Pacific region holds the dominant hand and spearheads the global landscape with a market share of 43.45%. The market valuation stood at 448.89 million tons as per back in 2017 and is expected to grow during the forecast period at a CAGR of 5.52%.
The North American region is the second-largest precast concrete market and enjoyed 25.09% of the share percentage back in 2017. The region is further slated to grow during the forecast period at a decent pace. The European region is another key region in the precast concrete market and is expected to hold a key role in the coming years.
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