Precast Concrete Market to hit $165 billion by 2027, Says Global Market Insights Inc.

SELBYVILLE, Del., Oct. 20, 2021 /PRNewswire/ -- The precast concrete market is expected to surpass USD 165 billion by 2027, as reported in a research study by Global Market Insights Inc. Increasing spending in the water and wastewater treatment sector will provide impetus to the industry demand.

Rising demand from the new housing sector in Asia Pacific is likely to further boost the precast concrete business. Moreover, the growing need for water filtration to protect natural water bodies across the globe will significantly contribute to the market revenue. Owing to high strength and durability, precast concrete is readily adopted in commercial wastewater treatment systems in developing countries. The products are widely used in multi-cell tanks, wall panels, chambers, etc. Precast concrete water treatment systems provide longevity and safety measures, which further drive product demand in the coming years. Fluctuating costs of raw materials and transportation issues of finished products may restrict business growth.

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The precast concrete market from transportation products segment is expected to be valued at around USD 25 billion by 2027. Growing applications of box culverts, multi-sided structures, traffic barriers, bridge elements, pavements, etc., in the transportation industry will augment product demand. The rapid expansion of rail and road transport systems, specifically in Asia Pacific and Latin America, is poised to compel the industry statistics through 2027.

The non-residential sector is projected to witness sustainable growth of above 5.6% CAGR till 2027. The rapid adoption of lightweight, heatproof, and anti-corrosive materials in non-residential buildings, such as commercial complexes, airports, offices, malls, and parking spaces, will positively influence product consumption.

North American is anticipated to capture around 17% of the market share by 2027. Rapid growth in the commercial construction industry and increasing trends of restructuring old establishments will largely augment the regional product consumption. Moreover, favorable government policies to use advanced and eco-friendly materials in transportation & infrastructure projects will further stimulate the industry expansion.

Some of the major findings in the precast concrete market report include:

• Increasing demand for precast concrete for sustainable buildings will create new market opportunities.
• The rapidly growing infrastructure industry across developing regions to augment the industry size.
• The rising adoption of utility and industrial products will dominate the overall demand for precast concrete owing to its widespread applications.
• Key industry participants are engaging in capacity expansion, research & innovation, and Merger & Acquisition (M&A) to acquire competitive advantages in the market.

Browse key industry insights spread across 420 pages with 510 market data tables and 53 figures & charts from the report, "Precast Concrete Market Size By Element (Building & Structural [Beams & Columns, Floor & Roofs, Wall], Transportation Products, Water & Wastewater Management Products, Utility & Industrial Products), By Sector (Residential, Non-residential, Infrastructural), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 - 2027" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/precast-concrete-market

Key industry participants in the precast concrete market are HOLCIM, CEMEX S.A.B. de C.V., Boral, CRH plc, Laing O'Rourke, Balfour Beatty, Julius Berger Nigeria Plc., Gulf Precast Concrete Co., LLC, Tindall Corporation, Olson Precast Company, Forterra, ELO Beton, Spancrete, Larsen & Toubro, and HEIDELBERGCEMENT AG.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.