Dublin, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The "North America Precast Concrete Market Forecast to 2028 - COVID-19 Impact and Regional Analysis" report has been added to ResearchAndMarkets.com's offering.
The North America precast concrete market is expected to grow from US$ 36,234.73 million in 2022 to US$ 52,609.92 million by 2028. It is estimated to grow at a CAGR of 6.4% from 2022 to 2028.
Rise in Renovation and Remodeling Activities Across the Region is fueling the growth of North America Precast Concrete Market
Renovation involves reconstructing infrastructural facilities with modern and advanced construction materials with an aim to promote the structural properties of the building along with improving its life span and contributing to minimal environmental impact. Renovation and remodeling activities help to align infrastructural facilities which are compatible to present and future needs. With the rapid urbanization and industrialization, the demand for better residential and commercial facilities have risen. Further, government organizations in emerging markets are aggressively investing and concentrating on building commercial and industrial infrastructures by introducing numerous initiatives and assigning projects, thereby accelerating the precast concrete business growth.
Growing renovation and development activities, driven by increasingly growing investments in the modernization of existing infrastructure, will further complement the precast concrete industry. Furthermore, rising remodeling and construction operations in non-residential spaces would also drive the demand for precast concrete during the forecast period. In addition, hotel and resort renovations are also on the rise.
Further, the growing investments in the industrial construction by industry players are also expected to drive precast concrete adoption and generate business opportunities. The rising renovation and remodeling activities integrated with government support are further fueling the North America precast concrete market growth.
North America Precast Concrete Market Overview
North America comprises of developed and developing countries such as the US, Canada, and Mexico. North America will account for a remarkable share in the precast concrete market. In the North America region, the US is a major market for precast concrete in the North America region, followed by Canada and Mexico. The extensive use of precast concrete in the construction activities of residential and commercial buildings is anticipated to drive the precast concrete market growth in North America.
The construction industry in North America is expanding tremendously due to a strong economy, combined with an increase in federal and state funding for public works and institutional buildings. Precast concrete offers time and cost-benefit to the project and better-quality control than on-site concrete construction. Precast concrete provides absolute thermal protection, constant air/vapor barrier, efficient rain screens, excellent lifespan, lessened construction schedule, and on-site, high-quality labor control standards, faster and more efficient construction process.
Besides, the precast concrete market in this region is growing owing to its increasing demand from the automotive and oil & gas industries. The automotive & transportation industry is considered the fastest-growing consumer of this material. Rapid industrialization and urbanization are also fueling the growth of the North America precast concrete market.
As per the American Institute of Architects (AIA), spending on commercial buildings in North America is growing every year. Construction spending is estimated to witness robust growth over the forecast period. All these factors are further fueling the growth of the North America precast concrete market.
Market Dynamics
Market Drivers
- Need for Cost-Effective, Safe, and Eco-Friendly Products
- Rise in Renovation and Remodeling Activities Across the Region
Market Restraints
- Volatility in Raw Material Prices
Market Opportunities
- Supportive Government Initiatives
Future Trends
- Significant Investment in Innovation and Product Development
North America Precast Concrete Market Segmentation
The North America precast concrete market is segmented into structure system, end use, and country. Based on structure system, the North America precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, facade system, and others segment. The beam and column system segment registered the largest market share in 2022.
- Based on end use, the North America precast concrete market is segmented into residential, commercial, and others. The commercial segment registered the largest market share in 2022.
- Based on country, the North America precast concrete market is segmented into US, Canada, and Mexico. US dominated the market share in 2022.
| Report Attribute | Details |
| No. of Pages | 102 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $36234.73 Million |
| Forecasted Market Value (USD) by 2028 | $52609.92 Million |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | North America |
A selection of companies mentioned in this report includes
- Betongindustri AB
- Boral
- CEMEX S.A.B. de C.V.
- Centrum Pile Ltd.
- Consolis
- Forterra
- LafargeHolcim
- Tindall Corporation
For more information about this report visit https://www.researchandmarkets.com/r/53lqra-america?w=12
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