ACCESS Newswire
28 May 2020, 19:49 GMT+10
Major precast concrete producers are seeking to edge out the competition by tracking developments in high growth regions, and being the first to send out precast concrete stocks after restrictions on trade are lifted.
DUBLIN, IRELAND / ACCESSWIRE / May 28, 2020 / Buoyant with expansion of housing projects, particularly across developing economies, and the establishment of green building as a preferred industry trend, precast concrete continues to be in demand. The precast concrete market is projected to expand 1.5X at a 5.3% CAGR during the forecast period (2020-2030). Prior to the pandemic, the strong growth of housing and commercial construction projects has been an essential factor influencing the growth of the precast concrete industry. The COVID-19 outbreak however has adversely impacted supply chains, logistics, and workforce. The challenge to market growth has been further compounded by decelerating demand. The demand for precast concrete will steadily recover once the pandemic subsides, reveal FMI's projections.
'The pandemic has had an effect greater than the 2008 global recession on the precast concrete market. Delays in construction projects across the globe has decimated the demand for precast concrete. Notable shortages of labor, cash flow, and raw material, has also forced governments to postpone infrastructure projects. However, demand will recover post the end of the pandemic,' says the FMI analyst.
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Precast Concrete Market - Key Takeaways
Precast Concrete Market - Key Driving Factors
Precast Concrete Market - Key Constraints
The Anticipated Impact of Coronavirus Pandemic
The global pandemic has disrupted supply chains, pushing headwinds towards precast concrete producers. The outbreak has resulted in shortage of logistics, raw materials, and workforce. Key players have been forced to dip into their cash reserves. As the global construction sector comes to a stop, the demand for precast concrete has slid sharply. In addition, the trade restrictions imposed by governments have also had an adverse effect on the market.
The precast concrete industry will be able to mitigate some of the losses in the form of government aid and tax exemptions. The recovery of the industry is largely reliant on the development of COVID-19 vaccines and success of countries. Manufacturers are tracking development in high potential and growth regions to leverage their services post the end of the pandemic and associated restrictions.
Explore the global precast concrete market report with 129 illustrative figures, 54 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11579
Competition Landscape
The precast concrete market is largely fragmented. Key players in the precast concrete market are ELO Beton, Boral Ltd., Spancrete, Lafarge, Tindall Corporation, Gulf Precast Concrete, Forterra, Olson Precast Co., and CEMEX S.A.B. de C.V. Majority of these players are seeking to develop high-performance and cost-efficient products. Producers are also leveraging industrial automation and advanced materials to bolster structural integrity, cost-efficiency, and eco-friendliness of their products.
More About the Report
The FMI's market research report of 300 pages offers comprehensive insights on precast concrete market. The market is analyzed on the basis of product (structural building components, architectural building components, transportation products, water & waste handling products), and end use (residential, non-residential, and infrastructure), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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About FMI
Expert analysis, actionable insights, and strategic recommendations of the veteran research team at FMI helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the chemicals & materials sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Report: https://www.futuremarketinsights.com/reports/precast-concrete-market
Press Release Source: https://www.futuremarketinsights.com/press-release/precast-concrete-market
SOURCE: Future Market Insights
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