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Thursday, 18 April 2024
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Saudi Arabia Precast Concrete Market is expected to reach US$ 1,870.13 million by 2030

Saudi Arabia Precast Concrete Market is growing at a CAGR of 7.9% to reach US$ 1,870.13 million by 2030 from US$ 1,021.56 million in 2022 by Structure System, and End Use.

By The Insight Partners

Increasing Demand from Residential Industry Drives Saudi Arabia Precast Concrete Market

The Saudi Arabia precast concrete market is expected to grow from US$ 1,021.56 million in 2022 to US$ 1,870.13 million by 2030; it is expected to register a CAGR of 7.9% from 2022 to 2030.

Precast concrete is considered a versatile construction material that is manufactured in controlled environments, typically factories or plants, before being transported to construction sites for assembly. This process involves pouring concrete into molds or forms, allowing it to cure and harden, and then removing the forms to create standardized building components. These components can include walls, columns, beams, slabs, and more. Engineers and architects can design precast elements to meet specific project requirements, ensuring they are precisely tailored to the intended use. This level of customization can lead to efficient and cost-effective construction solutions. In addition, the Saudi Arabia precast concrete market is influenced by sustainability trends. Many construction projects are focused on reducing their environmental impact, and precast concrete can contribute to these goals. The use of recycled materials and the efficient manufacturing process can make precast concrete a more environmentally friendly choice compared to traditional construction methods.

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00030061

Renovation involves reconstructing infrastructural facilities with modern and advanced construction materials to promote the structural properties and improve their lifespan, with minimal environmental impact. Renovation and remodeling activities help to align infrastructural facilities that are compatible with present and future needs. Rapid urbanization has increased the demand for better residential and commercial facilities. According to the United Nations' Report on Urbanization and Migration, the urban population has been increasing at a high rate (i.e., from approximately 27% in 1950 to 40% in 2015); it is expected to reach 60% by 2050. Further, government organizations in emerging markets are investing in the construction sector by introducing several initiatives and launching several projects. Thus, the rise in renovation and remodeling activities fuels the Saudi Arabia precast concrete market growth.

CEMEX, S.A.B. de C.V., Holcim Ltd., Kifah Precast; Prainsa, Zamil Industrial, RNZ (Rabiah-Nassar & Zamil Concrete Industries), Bina Precast, Red Sea International Company, Spacemaker KSA, and Gulf Precast are among the key players operating in the Saudi Arabia precast concrete market.

Impact of COVID-19 Pandemic on Saudi Arabia Precast Concrete Market Growth

The Saudi Arabia precast concrete market witnessed growth before the onset of the COVID-19 pandemic due to the increased use of precast concrete in the construction of residential and commercial buildings. The COVID-19 pandemic adversely impacted the Saudi Arabia economy and slowed down the growth of various industries in 2020. The pandemic adversely affected the building & construction industry, resulting in the shutdown of construction activities and manufacturing facilities, challenges in procuring raw materials, and restrictions on logistic operations. The unprecedented rise in the number of COVID-19 cases across the country and the subsequent lockdown of numerous manufacturing facilities negatively influenced the growth of the Saudi Arabia precast concrete market. Further, the overall disruptions in manufacturing processes, research, and development activities restrained the Saudi Arabia precast concrete market growth. The severely decreased construction activities reduced the demand for precast concrete in Saudi Arabia.

However, the market is reviving due to the government's significant measures, such as vaccination drives. The growing demand for precast concrete from the residential & nonresidential construction sectors is propelling the Saudi Arabia precast concrete market growth. Moreover, various players in the country are seeking more investment opportunities as businesses gain confidence in stabilizing economies and increasing demand, thereby providing the impetus for the Saudi Arabia precast concrete market share.

The "Saudi Arabia Precast Concrete Market Analysis to 2030" is a specialized and in-depth study of the chemicals & materials industry, focusing on the Saudi Arabia precast concrete market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The Saudi Arabia precast concrete market is divided on the basis of structure system and end use. Based on structure system, the market is segmented into beam & column system, floor & roof system, bearing wall system, façade system, structure system, and others. Based on end use, the market is segmented into residential, commercial, and others. In 2022, the beam & column system segment dominated the Saudi Arabia precast concrete market and is expected to be the fastest-growing segment from 2022 to 2030. Precast structure systems are primarily made up of various shapes and components, such as beams & columns. Beams are considered the structural components that are formed in one of three fundamental shapes, including rectangular, inverted tee beams, and L-beams. Beams are primarily utilized to support deck members such as solid slabs, double tees, hollow-core, and sometimes other beams. Columns consist of multilevel components that support beams & spandrels in applications such as parking structures and precast concrete structure systems of all types. The main advantages of precast concrete structures such as beams & columns are increased construction speed and improved productivity, quality control, and cost-efficiency. The precast beams & columns offer other advantages, including design flexibility, faster installation structures, sustainable construction, durability, long life, low maintenance, and moisture resistance. Precast beams & columns are widely used in residential and commercial sectors. Factors such as progressing public and private expenditure in infrastructure projects—particularly in the emerging regions coupled with the advantages of precast beams & columns, are anticipated to surge the demand for precast beams & columns from 2022 to 2030. All these factors are boosting the growth of the Saudi Arabia precast concrete market for the beam & column segment.

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