Report : Middle East & Africa Precast Concrete Market Forecast to 2030 - 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 7.6% CAGR, Middle East & Africa Precast Concrete Market is Speculated to be Worth US$ 10,536.59 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Middle East & Africa precast concrete market was valued at US$ 5,883.55 million in 2022 and is expected to reach US$ 10,536.59 million by 2030, registering a CAGR of 7.6% from 2022 to 2030. Significant investment in innovation and product development and supportive government initiatives in emerging economies are among the critical factors attributed to the Middle East & Africa precast concrete market expansion.
The precast concrete industry is constantly innovating, driven by changes in global markets, 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 Middle East & Africa precast concrete market. Moreover, modern precast concrete production technologies enable material optimization. For instance, in 2019, the new Extruder E9 was introduced. It is the pinnacle of best-in-class extruders. The unit, which represents Elematic's 5th generation of extruders, establishes a new standard for high-speed casting in hollow-core slab production while maintaining low production costs.
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 the market.
On the contrary, volatility in raw material prices hampers 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 30.5% share of the Middle East & Africa precast concrete market in 2022, amassing US$ 1,797.37 million. It is projected to garner US$ 3,431.02 million by 2030 to expand at 8.4% CAGR during 2022-2030.
In terms of end use, the Middle East & Africa precast concrete market is segmented into residential, commercial, and others. The residential segment held 44.3% share of the Middle East & Africa precast concrete market in 2022, amassing US$ 2,603.56 million. It is estimated to garner US$ 4,665.59 million by 2030 to expand at 7.6% CAGR during 2022-2030.
Based on country, the Middle East & Africa precast concrete market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The Rest of Middle East & Africa held 64.2% share of Middle East & Africa precast concrete market in 2022, amassing US$ 3,778.19 million. It is projected to garner US$ 6,789.19 million by 2030 to expand at 7.6% CAGR during 2022-2030.
Key players operating in the Middle East & Africa precast concrete market are Heidelberg Materials AG, Cemex SAB de CV manufacturer, Holcim Ltd, Consolis Group SAS, and Laing O'Rourke Plc, among others.
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