The global precast concrete market size is expected to showcase significant growth by reaching USD 159.85 billion by 2028. Fortune Business Insights, in its report titled “Precast Concrete Market, 2021-2028.”, mentions that the market stood at USD 114.78 billion in 2020 and is likely to exhibit a CAGR of 4.4% between 2021 and 2028. The rapid-paced urbanization, coupled with the rising population rate, is anticipated to favor the adoption of the product globally. According to the National Bureau of Statistics (NBS), around 901.99 million people reside in the mainland areas in China, which accounts for over 63.89% of the total population in the country.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Market Segmentation
Based on the product type, the market is divided into building components, transportation, water & waste handling, and others. On the basis of end-use, the market is bifurcated into residential and non-residential.
Based on end-use, the residential segment held a global precast concrete market share of about 37.7% in 2020. The segment is expected to experience exponential growth backed by the increasing investment in the development of real estate that is likely to propel the demand for the product worldwide.
Finally, on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
DRIVING FACTORS
Rapid-Paced Urbanization to Aid Growth
The evolving standard of living globally has led to the growing demand for quality-oriented and people-centered facilities. The rapid-paced urbanization has led to significant development of both residential and non-residential establishments.
Besides, a large number of masses are migrating from rural areas to urban places for better job opportunities. The fast-paced growth of smart cities equipped with state-of-the-art infrastructures such as airports, malls, sports complexes, and commercial spaces is anticipated to boost the demand for the product. Besides, the rising population rate across the globe is expected to contribute to the global precast concrete market growth during the forecast period.
COMPETITIVE LANDSCAPE
Partnerships between Key Players to Intensify Industry Competition
The global market is consolidated by the presence of major companies that are striving to maintain their position and gain a competitive edge over their rivals. They are doing so by focusing on partnering with other companies to expand their product portfolio. Additionally, other key players are adopting organic and inorganic strategies to intensify market competition and maintain strongholds during the forecast period.
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