Precasting Market is anticipated to hit $187 billion by 2023 at a CAGR of 4.71%
APAC held the largest market share and growth rate in the Precasting Market
Asia Pacific region holds the largest market share and growth in the Precasting Market and is anticipated to reach $93.683 billion by 2023 at a CAGR of 5.22%.The growth in the APAC region can be attributed to the mushrooming industrialization in major nations like India and China. The key End-users in this region are Residential and Non- Residential.
Selected Value Chain Analysis done in the full report
- The value chain of precast mentioned above, talks about the major steps involved in procuring raw materials to generate precast through molding and curing. The precast materials meet exacting standards of excellence from the initial procurement of raw materials to the final quality control check.
- Highly skilled and trained staff members ensure the quality of a product that is unrivalled in the industry today. The manufacturing process begins with a rigorous inspection of all incoming raw materials. These are blended at a ratio of up to 93% natural stone aggregates with pigments. Precast concrete products are manufactured through a highly automated, yet strictly monitored process.
- The production of the final product is achieved by using continuous or batch mixing processes, with the addition of pigments. The unique Breton manufacturing technology allows the combination of outstanding physical and mechanical characteristics with excellent aesthetic appeal.
- Raw Material Manufacturers: Value chain of precast initially starts from procuring raw material which includes natural stone, concrete products, calcium carbonate among others as mentioned earlier. Many suppliers incorporate their presence in the value chain at this point. Some of the major end user industries utilizing precast composites are residential, infrastructure and non-residential buildings. Remodeling has also achieved a considerable share in the market.
Excerpts on Market Growth Factors
- Increase in residential urbanization in developing economies is the key driver of the precasting market.
- Other drivers include construction of new houses across the globe and increase in industrialization and manufacturing industries.
- Demand for less expensive and superior quality products in remodeling industry also has caused the demand “creep” for the market.
- The precast partition and internal walls market is projected to grow with CAGR of 4.89% during the forecast period to reach $57, 49568 million by 2021.
- The global precast market was estimated to be US$181.2 billion by 2021 with CAGR of 4.71% during the forecast period.
- The increase in demand for restaurants will directly boost the precast market in order to reduce cost as well as enhance quality of the building.
- The precast market in infrastructure is projected to grow with CAGR of 3.39% during the forecast period to reach $26,795.99m by 2021. The robust growth in the construction industry in residential and commercial sectors is driving the market.
- For the precast concrete products and construction industry, Middle East is anticipated to reach $10.09 billion by 2021 at a CAGR of 3.79%.
Key players of Precasting Market:
- The precasting market is dominated by many players ranging from raw material suppliers to fabricators who come up with their own product line. Of these, Oldcastle Precast Inc. and China National Building Materials Co. can be considered key suppliers in their respective regions.
- Lafarge SA and Cemex Inc. through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold in their respective regions.
- However, companies manufacturing in this industry have their own polymerization units which in fact is an added advantage.
- Recently, a Chinese material company CNBM landed a deal with the U.K based company- Your Housing Group (YHG) to build six precast house factories in the region, thus taking a major step in solving the housing crisis in the APAC.
- Many international companies, both large and small, are already reaping the benefits of choosing Indonesia as a market to focus on.
- There are about 20 companies operating in the UAE Precast industry.
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