Market Size of Precast Concrete Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.36 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Precast Concrete Market Analysis
The Precast Concrete Market size is expected to grow from USD 12,577.02 million in 2023 to USD 15,568.54 million by 2028, at a CAGR of 4.36% during the forecast period (2023-2028).
Due to the COVID-19 outbreak, nationwide lockdowns around the globe, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, with the resumption of operations in major end-user industries, the market recovered significantly in 2021.
- Over the short term, growing demand for sustainable construction methods, greater dependency on modern construction techniques, urbanization, industrialization in developing countries, and increasing demand for fast building materials are expected to boost the market growth of precast concrete.
- On the flip side, the risk of structural damage during transportation and substitutes like self-healing concrete is hindering the studied market's growth.
- New technology advancements like 3D printing and Building Information Modeling (BIM) will likely act as an opportunity for the studied market.
- North America is expected to dominate the market and will likely witness the highest CAGR during the forecast period.
