Report : North America 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 6.4% CAGR, the North America Precast Concrete Market is speculated to be worth US$ 52,609.92 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America precast concrete market was valued at US$ 36,234.73 million in 2022 and is expected to reach US$ 52,609.92 million by 2028, registering a CAGR of 6.4% from 2022 to 2028. Need for cost-effective, safe, and eco-friendly products and rise in renovation and remodeling activities across the region are the critical factors attributed to the North America 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. In addition, precast concrete saves time and money, and it has greater quality control than on-site concrete construction. Precast concrete construction has many benefits such as ecofriendly, earthquake resistance, energy- efficient, and others than cast-in-situ concrete structures, as well as steel, timber, and masonry structures. It allows for a faster and more reliable construction process in the North America precast concrete. The rising focus toward cost-effective, safe, and environment-friendly products is expected to stimulate the growth of the North America precast concrete market.
On the contrary, volatility in raw material prices hurdles the growth of North America precast concrete market.
Based on structure system, the North America 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 25.6% market share in 2022, amassing US$ 9,277.13 million. It is projected to garner US$ 13,948.94 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on end use, the North America precast concrete market is segmented into residential, commercial, and others. The commercial segment held 56.5% market share in 2022, amassing US$ 20,468.89 million. It is projected to garner US$ 30,137.45 million by 2028 to expand at 6.7% CAGR during 2022–2028.
Based on country, the North America precast concrete market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 91.2% market share in 2022. It was assessed at US$ 33,043.77 million in 2022 and is likely to hit US$ 48,096.07 million by 2028, exhibiting a CAGR of 6.5% during the forecast period.
Key players dominating the North America precast concrete market are Betongindustri AB, Boral, CEMEX S.A.B. de C.V., Centrum Pile Ltd., Consolis, Forterra, LafargeHolcim, and Tindall Corporation 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 capacity of Forterra Inc.
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