Report : Middle East & Africa 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 6.1% CAGR, the Middle East & Africa Precast Concrete Market is speculated to be worth US$ 8,355.40 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa precast concrete market was valued at US$ 5,841.86 million in 2022 and is expected to reach US$ 8,355.40 million by 2028, registering a CAGR of 6.1% from 2022 to 2028. need for cost-effective, safe, and eco-friendly products and supportive government initiatives are the critical factors attributed to the Middle East & Africa precast concrete market expansion.
Precast technology is often correlated with performance, protection, and durability, all of which are good advantages over traditional building methods. However, one of the essential advantages of precast is its potential to reduce construction costs and provide substantial savings before, during, and after the project. Moreover, unlike other materials used in conventional building components, precast components are usually made of locally available natural raw materials such as cement, stones, sand, and gravel, and they can be reused or recycled completely, which helps to reduce the environmental impact of raw materials over their life cycle. In addition to this, focus have been made to promote safe and digitized construction which could lessen the number of fatalities at the site. For instance, several reported incidents suggest the fatalities caused while lifting hollow-core slabs with clamps. Hence, the use of precast components in the construction work can has ensure the safety and protection at construction sites. Precast concrete is also a popular building material for office buildings in the Middle East & Africa precast concrete market. The building's walls can be fabricated while the on-site foundations are being built, thereby saving time, and ensuring early occupancy. Due to the speed and ease with which precast structures can be constructed, precast has become a popular building material for parking structures. It allows for a faster and more reliable construction process. The rising focus toward cost-effective, safe, and environment-friendly products is expected to stimulate the growth of the Middle East & Africa precast concrete market.
On the contrary, volatility in raw material prices hurdles the growth of Middle East & Africa precast concrete market.
Based on structure system, the Middle East & Africa 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 30.7% market share in 2022, amassing US$ 1,792.41 million. It is projected to garner US$ 2,673.23 million by 2028 to expand at 6.9% CAGR during 2022–2028.
Based on end use, the Middle East & Africa precast concrete market is segmented into residential, commercial, and others. The commercial segment held 39.0% market share in 2022, amassing US$ 2,277.76 million. It is projected to garner US$ 3,326.55 million by 2028 to expand at 6.5% CAGR during 2022–2028.
Based on country, the Middle East & Africa precast concrete market is segmented into South Africa, Saudi Arabia, the UAE, Nigeria, Egypt, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 32.0% market share in 2022. It was assessed at US$ 1,867.45 million in 2022 and is likely to hit US$ 2,598.33 million by 2028, exhibiting a CAGR of 5.7% during the forecast period.
Key players dominating the Middle East & Africa precast concrete market are Betongindustri AB, Boral, CEMEX S.A.B. de C.V., Centrum Pile Ltd., Consolis, Forterra, Gulf Precast, 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.
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