Report : Asia-Pacific Precast Concrete Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Structure System (Beam and Column System, Floor and Roof System, Bearing Wall System, Façade System, and Others) and End use (Residential, Commercial, and Others)
At 8.4% CAGR, the Asia-Pacific Precast Concrete Market is speculated to be worth US$ 1,23,589.51 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific precast concrete market was valued at US$ 76,270.20 million in 2022 and is expected to reach US$ 1,23,589.51 million by 2028, registering a CAGR of 8.4% from 2022 to 2028. Significant investment in innovation and product development and supportive government initiatives are the critical factors attributed to the Asia-Pacific precast concrete market expansion.
The Asia-Pacific precast concrete market is constantly innovating, driven by changes in market, rise in consumer demands, and labor cost pressures. Producers are continually seeking ways to increase efficiency, boost quality, and increase their bottom line. Furthermore, increased environmental awareness and emphasis on project life cycles have increased the demand for sustainable construction practices—especially those designed to reduce waste, greenhouse gas emissions, and energy consumption—which will further propel the Asia-Pacific precast concrete market. Moreover, modern precast concrete production technologies enable material optimization. Further, 3D printed precast concrete forms are also providing new creative solutions and a completely new way of thinking about design to the architectural precast industry. Molds that are 3D-printed have many benefits over traditional molds, such as they take less time to construct, produces highly replicable and long-lasting components, less material waste, and the molds can be used up to 200 times, which is an order of magnitude more than conventional molds, which can normally only be used for 15 to 20 concrete pours. This advantage reduces the marginal cost per piece for large, repetitive projects by spreading the mold's total cost over a larger number of concrete sheets. In addition, the use of 3D-printed molds would increase the appeal of precast construction to architects and designers by enabling them to develop innovative and more complex building designs. The increasing innovations by the manufacturers in the development of cost-effective, eco-friendly, and performance-efficient precast concrete will create significant opportunities for the growth of Asia-Pacific precast concrete market.
On the contrary, volatility in raw material prices hurdles the growth of Asia-Pacific precast concrete market.
Based on structure system, the Asia-Pacific precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. The beam and column system segment held 29.2% market share in 2022, amassing US$ 22,293.14 million. It is projected to garner US$ 38,052.37 million by 2028 to expand at 9.3% CAGR during 2022–2028.
Based on end use, the Asia-Pacific precast concrete market is segmented into residential, commercial, and others. The commercial segment held 34.5% market share in 2022, amassing US$ 26,292.55 million. It is projected to garner US$ 42,392.79 million by 2028 to expand at 8.3% CAGR during 2022–2028.
Based on country, the Asia-Pacific precast concrete market is segmented into Australia, Japan, South Korea, Indonesia, Taiwan, Thailand, Malaysia, Vietnam, Bangladesh, and the Rest of Asia-Pacific . Our regional analysis states that the Rest of Asia-Pacific captured 74.5% market share in 2022. It was assessed at US$ 56,851.76 million in 2022 and is likely to hit US$ 93,370.13 million by 2028, exhibiting a CAGR of 8.6% during the forecast period.
Key players dominating the Asia-Pacific precast concrete market are Betongindustri AB; Boral; CEMEX S.A.B. de C.V.; Centrum Pile Ltd.; Consolis; Forterra; and LafargeHolcim among others.
- In 2022, Forterra, Inc. announced the acquisition of Barbour Concrete Company & Barbour Building Systems. The Barbour Concrete Company & Barbour Building Systems is the manufacturer of precast concrete products used in drainage, stormwater, utility and other infrastructure applications. This acquisition is expected to boost the production cAsia-Pacific ity of Forterra Inc.
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