Middle East & Africa 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)
The MEA precast concrete market is expected to grow from US$ 5,841.86 million in 2022 to US$ 8,355.40 million by 2028. It is estimated to grow at a CAGR of 6.1% from 2022 to 2028.
Supportive Government Initiatives is fueling the growth of MEA Precast Concrete Market
Precast concrete is widely used in housing, factories, and leading national laboratories around the region to support government programs. In addition, precast construction is a cost-effective, fast, and environment-friendly building method for large housing projects that do not compromise quality. Housing crisis is one of the world's major issues today. Due to slum areas in several countries, the governments of various economies have taken certain initiatives by investing in infrastructure renewal. Furthermore, the construction sector is a core component of Vision 2030 program of Saudi Arabia's economy. The country is investing in a variety of ventures as a result of ongoing investment and technological advances. The aim of such large-scale projects is to provide lower-income groups with housing options, generate new job opportunities, and diversify the economy. According to the housing ministry, Saudi Arabia will need to build 3.3 million units by 2025, which will further push the construction sector, thereby increasing the demand for MEA precast concrete market . The supporting government initiatives will provide ample opportunities for the market players operating in the MEA precast concrete market.
MEA Precast Concrete Market Overview
The Middle East and Africa region include countries such as South Africa, Saudi Arabia, UAE, and the Rest of the Middle East and Africa. The Middle East and Africa market is experiencing rapid development with the growth of markets such as Dubai, Abu Dhabi, and Iran. New investment and better marketing strategies have led to the capture of market share in the Middle East and African region. The shift in consumer lifestyles, coupled with industrialization and urbanization, enhances construction activities, which is eventually expected to stimulate the MEA precast concrete market. Precast concrete is witnessing rapid development in the Middle East due to the increased adoption of the advanced precast concrete by the region's end-use industries. The precast concrete market is highly driven by economic development, along with the growing end-use industries. The Gulf countries are economically developed countries, whereas the African countries are yet to match up to the economic conditions of the Gulf countries and lag far behind. The harsh weather conditions of the desert, lack of unskilled laborers, and high labor wages in the region act as huge hindrances in the development of the region. However, urbanization in the Middle Eastern is transforming the outlook of countries. Middle Eastern countries look ahead for the adoption of advanced technologies and also stand amongst the most highly urbanized region. Responding towards a shift occurring in global economic power has positioned the Middle East firmly as a world’s fastest-growing market, including Dubai and Abu Dhabi, with an aim to turn into global hubs. Therefore, the rising urban population has improved the construction of private residential buildings from semi-urban and urban cities. Concrete is one of the most used construction materials worldwide, especially in the Middle East & Africa. It is considered a cheap composite due to the low cost of raw material. Besides, it is a strong material in durable, compression, resistant, and versatile. One of the most common applications in concrete construction is precast concrete which is primarily used for walls, floors, and structural elements. Once completed, these components are delivered to construction site, then assembled by cranes to form a building. There are numerous reasons why architectural precast has gained popularity in the region. Precast concrete offers long term durability and require minor maintenance. These factors further boost demand for MEA precast concrete market.
MEA Precast Concrete Market Revenue and Forecast to 2028 (US$ Million)
MEA Precast Concrete Market Segmentation
The MEA precast concrete market is segmented into structure system, end use, and country. Based on structure system, the MEA precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others segment. The beam and column system segment registered the largest market share in 2022.
Based on end use, the MEA structure system market is segmented into residential, commercial, and others. The commercial segment registered the largest market share in 2022.
Based on country, the market is segmented into South Africa, Saudi Arabia, the UAE, Nigeria, Egypt, and the Rest of MEA. The Rest of MEA dominated the market share in 2022.
Betongindustri AB, Boral, CEMEX S.A.B. de C.V., Centrum Pile Ltd., Consolis, Forterra, Gulf Precast, and LafargeHolcim are the leading companies operating in MEA precast concrete market.
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Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the precast concrete market, as well as those hindering it
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