The global precast concrete market size is expected to reach USD 130.11 billion by 2025, according to a report by Grand View Research, Inc., registering a CAGR of 6.1% during the forecast period. Rapid urbanization and population explosion have triggered real estate development in emerging countries such as China, India, Brazil, Malaysia, and South Africa, which, in turn, is anticipated to drive the market over the forecast period.
Precast concrete is an advanced building material and practical solution for fast construction. Precast construction in comparison to conventional construction requires less time and resources. Additionally, precast construction is eco-friendly as it emits very less CO2 in the environment compared to normal concrete construction.
Structural building components are anticipated to form the fastest-growing segment owing to their extensive use in various constructions. Short construction span offered by the product is the main growth driver for this segment.
Governments around the globe are planning to provide affordable housing to those falling under middle and lower class, which is anticipated to further boost residential construction. Increasing urbanization has resulted in creating global demand for better transportation systems. As countries develop plans to meet this soaring demand, the transportation segment is expected to register significant growth in the coming years, with majority demand stemming from countries such as India and China.
Some of the major players are investing heavily in research and development of new and improved products with high strength. Key players are also investing in logistics as precast products require shipping to construction sites.
Browse full research report on Precast Concrete Market: www.grandviewresearch.com/industry-analysis/precast-concrete-market
Further key findings from the study suggest:
- The structural building components segment is anticipated to register the fastest growth in terms of revenue, exhibiting a CAGR of 6.5% over the forecast period. Cost and time savings offered by the type make it attractive for use in most construction activities
- Residential is the largest end-use segment in the global market. Push for affordable housing by governments across the globe is likely to spur demand for precast concrete in this segment
- Asia Pacific is expected to be the largest as well as the fastest-growing regional market, registering a CAGR of 8.1% over the coming years. Rapidly growing population and mega infrastructure projects by governments in the region are expected to boost market demand over the forecast period
- Many major players have invested in research and development activities to develop efficient and affordable products. Companies are also focusing on expanding their businesses in developing countries.
Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the global precast concrete market on the basis of product type, end use, and region:
Precast Concrete Product Type Outlook (Revenue, USD Billion, 2014 – 2025)
- Structural Building Components
- Architectural Building Components
- Transportation Products
- Water & Waste Handling Products
Precast Concrete End-use Outlook (Revenue, USD Billion, 2014 – 2025)
Precast Concrete Regional Outlook (Revenue, USD Billion, 2014 – 2025)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-precast-concrete-market
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com