Precast Concrete Market Size Worth $145.91 Billion By 2027 | CAGR: 6.3%: Grand View Research, Inc.

SAN FRANCISCO, March 24, 2020 /PRNewswire/ -- The global precast concrete market size is expected to reach USD 145.91 billion by 2027, according to a new report published by Grand View Research, Inc. It is expected to exhibit a revenue-based CAGR of 6.3% during the forecast period. Rising awareness regarding the superior quality and convenience offered by the product is expected to aid the growth.

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Key suggestions from the report:

    --  Structural building components has emerged as the largest product
        segment and accounted for 36.3% of the market revenue share in 2019, on
        account of its rising use in affordable housing projects
    --  Infrastructure is expected to witness the fastest CAGR of 6.9% over the
        forecast period, owing to increase in spending by various governments
        for development of public infrastructure
    --  Asia Pacific accounted for the largest market share in 2019 and is
        expected to reach USD 67.0 billion by 2027, owing to factors such as
        rapid urbanization, industrialization, and rising infrastructural
        development
    --  Highly developed economy, growing construction spending combined with
        highly skilled workforce and growing R&D initiatives to encourage
        innovative products are the factors expected to aid the product demand
        in U.S reaching USD 16.12 billion in 2019
    --  Precast concrete market key players are focusing on expanding their
        business in emerging economies in Asia Pacific to increase their
        footprint in high potential markets

Read 80 page research report with ToC on "Precast Concrete Market Size, Share & Trends Analysis Report By Product Type (Structural, Architectural, Transportation, Water & Waste Handling), By End Use, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/precast-concrete-market

Key industry participants are involved in technological innovations for developing new products in order to consolidate their market position. Rising consumer demand for high-quality products are projected to open up growth avenues for the new market entrants during the forecast period.

Asia Pacific is anticipated to remain the key regional market for precast concrete, due to the significant economic growth of the region. In addition, the presence of huge construction industry in China and India is anticipated to provide a large market for precast concrete products.

Manufacturers focusing on producing quality precast products to meet rising consumer demand for precast concrete. High competition in the residential and nonresidential construction sector has compelled market players to implement superior and low maintenance yet cost-effective solutions to gain a competitive edge.

Grand View Research has segmented the global precast concrete market based on product, end use, and region:

    --  Precast Concrete Product Outlook (Revenue, USD Billion, 2016 - 2027)
        --  Structural Building Components
        --  Architectural Building Components
        --  Transportation Products
        --  Water & Waste Handling Products
        --  Others
    --  Precast Concrete End-use Outlook (Revenue, USD Billion, 2016 - 2027)
        --  Residential
        --  Nonresidential
        --  Infrastructure
    --  Precast Concrete Regional Outlook (Revenue, USD Billion, 2016 - 2027)
        --  North America
            --  U.S.
        --  Europe
            --  Germany
            --  France
            --  U.K.
            --  Italy
        --  Asia Pacific
            --  China
            --  India
            --  Japan
            --  South Korea
            --  Singapore
        --  Central & South America
            --  Brazil
        --  Middle East & Africa
            --  Saudi Arabia

Find more research reports on Advanced Interior Materials Industry, by Grand View Research:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.