Latest News- Precast Concrete Market: Non-residential is expected to lead the End-user segment during 2025-2029

The Precast Concrete Market is being driven by Growing urbanization and industrialization

The Precast Concrete Market is expected to grow at a CAGR of 4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 21.8 billion. In response to the growing emphasis on infrastructure development, which is fueling economic expansion and enhancing living conditions worldwide, the construction sector is witnessing a surge in activities. Developed economies, including the US, are prioritizing infrastructure improvements to maintain competitiveness and ensure safety. Meanwhile, developing countries like China and India are experiencing significant growth in their construction industries due to population shifts into middle-income zones. The global construction industry's expansion is further evidenced by the increasing number of building projects worldwide. Additionally, investments in road and highway infrastructure continue to rise due to heightened safety standards and a global increase in road accidents. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Non-residential
  • Residential
• Product
  • Building components
  • Transportation
  • Water and water handling
  • Others
• Element
  • Girders
  • Columns & Beams
  • Walls & Barriers
  • Floors & Roofs
  • Utility Vaults
  • Pipes
  • Paving Slabs
  • Others
• Geography
  • APAC
    • China
  • Europe
    • Germany
    • France
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing urbanization and industrialization
• Need for reduced construction time and cost-effective products
• Cities evolving into megacities

However, the market also witnesses some limitations, which are as follows:

• Lack of awareness regarding precast concrete
• Volatility in transportation charges leading to unpredictable business environment
• Fluctuations in raw material prices

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Market Scope in Precast Concrete Market Research Report

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Research Analysis Overview

The precast concrete market encompasses the production and application of reinforced precast concrete modules for various construction projects. These modules, which can include columns and beams, are manufactured off-site for improved work-zone safety and efficient material handling. Precast concrete is utilized in both residential and non-residential spaces, such as renovation activities, commercial spaces, and infrastructure development. Architectural design and green building principles are also incorporated into precast concrete construction. Transportation charges are a consideration in the precast concrete market, as are structural building components like columns and beams. Precast concrete is also used in the production of modular healthcare buildings and affordable housing. Cement manufacturing is a key industry in the production of precast concrete, and the market includes the use of prefabricated steel and other structural components in construction activities.

Market Research Overview

The precast concrete market is a significant segment within the broader building products industry, encompassing companies that manufacture reinforced concrete precast modules for construction and renovation projects. These modules, which include components such as beams, slabs, and columns, offer advantages in work-zone safety and material handling during the construction process. The global building products market, which includes precast concrete manufacturers, is projected to experience robust growth, driven by the expansion of the construction sector in both developed and developing economies. The urgent demand for infrastructure development in areas like urbanization and public healthcare is fueling this growth, resulting in increased demand for precast concrete solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/