Buoyant with expansion of housing projects, particularly across developing economies, and the establishment of green building as a preferred industry trend, precast concrete continues to be in demand. The precast concrete market is projected to expand 1.5X at a 5.3% CAGR during the forecast period (2020-2030). Prior to the pandemic, the strong growth of housing and commercial construction projects has been an essential factor influencing the growth of the precast concrete industry. The COVID-19 outbreak however has adversely impacted supply chains, logistics, and workforce. The challenge to market growth has been further compounded by decelerating demand. The demand for precast concrete will steadily recover once the pandemic subsides, reveal FMI's projections.
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"The pandemic has had an effect greater than the 2008 global recession on the precast concrete market. Delays in construction projects across the globe has decimated the demand for precast concrete. Notable shortages of labor, cash flow, and raw material, has also forced governments to postpone infrastructure projects. However, demand will recover post the end of the pandemic," says the FMI analyst.
Precast Concrete Market - Key Takeaways
Structural building components made from precast concrete are anticipated to witness strong growth accounting for more than 44% of the overall market value.
Transportation product sales will rise substantially on account of investments in developing countries for rail and road infrastructure.
Infrastructure applications of precast concrete will remain essential to revenue generation, driven by government investments around the globe.
North America and Europe will collectively remain the leading regional markets, with South Asia gaining substantial value share in housing and commercial building sectors.
Precast Concrete Market - Key Driving Factors
Modernization drives of infrastructure in emerging economies, drive adoption of precast concrete contributing to market growth.
Expansion of the housing market in developing countries and sustainable construction practices will generate remunerative opportunities.
Strong investments in developing modern commercial complexes are providing major impetus to market growth.
Rising investments in research & development to leverage advanced materials also contribute to market growth.
Precast Concrete Market - Key Constraints
Environmental concerns against mining activities for production of precast concrete is expected to hinder market growth.
Strict government regulations and standards imposed on cement products, is expected to impact the market.
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The Anticipated Impact of Coronavirus Pandemic
The global pandemic has disrupted supply chains, pushing headwinds towards precast concrete producers. The outbreak has resulted in shortage of logistics, raw materials, and workforce. Key players have been forced to dip into their cash reserves. As the global construction sector comes to a stop, the demand for precast concrete has slid sharply. In addition, the trade restrictions imposed by governments have also had an adverse effect on the market.
The precast concrete industry will be able to mitigate some of the losses in the form of government aid and tax exemptions. The recovery of the industry is largely reliant on the development of COVID-19 vaccines and success of countries. Manufacturers are tracking development in high potential and growth regions to leverage their services post the end of the pandemic and associated restrictions.
The precast concrete market is largely fragmented. Key players in the precast concrete market are ELO Beton, Boral Ltd., Spancrete, Lafarge, Tindall Corporation, Gulf Precast Concrete, Forterra, Olson Precast Co., and CEMEX S.A.B. de C.V. Majority of these players are seeking to develop high-performance and cost-efficient products. Producers are also leveraging industrial automation and advanced materials to bolster structural integrity, cost-efficiency, and eco-friendliness of their products.
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More About the Report
The FMI's market research report of 300 pages offers comprehensive insights on precast concrete market. The market is analyzed on the basis of product (structural building components, architectural building components, transportation products, water & waste handling products), and end use (residential, non-residential, and infrastructure), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 88998550