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.
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.
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.
Asia-Pacific – The region stood at USD 46.43 billion in 2020. The market is anticipated to experience profound growth due to a large population in countries such as India and China. This is further leading to the massive development of residential sectors that is propelling the adoption of advanced precast concrete products in the region.
Europe – The market in the region is anticipated to showcase considerable growth during the foreseeable future. This is ascribable to factors such as the high demand for innovative precast concrete products for infrastructural and non-residential sector development activities between 2021 and 2028.