Saudi Arabia Precast Concrete Market to Grow at a CAGR of 7.9% to reach US$ 1,870.13 million from 2022 to 2030
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.
MARKET ANALYSIS
Precast concrete is a construction material that is manufactured by casting concrete in a moldable or reusable manner, followed by curing in a controlled environment. These materials are precast and prefabricated at the time of production and are then assembled and molded at the construction site. Such structures are responsible for enhancing the construction speed, improving productivity, and helping in significantly monitoring cost and quality. Consequently, with the increasing demand for cost-effective and safe materials, the demand for precast concrete is expected to rise. Furthermore, such structures are classified as sustainable building materials as they can be reused or remolded; thus, reducing their impact on the environment. The increasing adoption of green and modular construction materials is expected to proliferate the demand for precast concrete products in the Saudi Arabia precast concrete market. Hence, owing to the factors mentioned above, a broad scope of applicability in residential and commercial structure systems is expected to dominate the Saudi Arabia precast concrete market from 2022 to 2030.
GROWTH DRIVERS AND CHALLENGES
The utilization of precast concrete can help lower construction costs and ensure significant savings in the project. In addition, unlike other materials used in traditional building components, precast components are made of locally available natural raw materials such as cement, sand, stones, and gravel. These raw materials can be reused or recycled completely, which helps minimize the environmental impact of raw materials over their life cycle. In addition, many companies focus on promoting safe and digitized construction, which can reduce the number of fatalities at the site. Hence, using precast components in construction work can ensure safety and protection at construction sites. Precast concrete is a predominant building material for office buildings and other commercial spaces. Walls of these buildings can be fabricated while the on-site foundations are being built, saving time and ensuring early occupancy. Due to the ease and speed with which precast structures can be constructed, precast concrete is a widely used building material for parking structures. In addition, it is a safe and cost-effective material that can withstand all weather conditions. It also provides large, clear, and open spaces in parking structures. In addition, precast concrete has superior quality control than on-site concrete construction. Precast concrete construction has many advantages, such as eco-friendliness, earthquake resistance, and energy efficiency, over cast-in-situ concrete structures and steel, timber, and masonry structures. Its usage leads to a faster and more efficient construction process. Thus, the increasing emphasis on cost-effective, safe, and environment-friendly products drives the Saudi Arabia precast concrete market growth.
However, cement, sand, and aggregates are among the primary raw materials required for the production of precast concrete products. Sudden increase or decrease in raw material prices often impacts the manufacturers' profit margins. The primary cause of raw material price fluctuations is volatility in energy and crude oil prices, which are used in producing and transporting these products. These fluctuations, in turn, trigger volatility in the prices of finished goods. These factors hamper the Saudi Arabia precast concrete market growth.
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Saudi Arabia Precast Concrete Market: Strategic Insights
Market Size Value in US$ 9,940.36 million in 2022 Market Size Value by US$ 13,841.10 million by 2030 Growth rate CAGR of 4.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Saudi Arabia Precast Concrete Market: Strategic Insights
| Market Size Value in | US$ 9,940.36 million in 2022 |
| Market Size Value by | US$ 13,841.10 million by 2030 |
| Growth rate | CAGR of 4.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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REPORT SEGMENTATION AND SCOPE
The "Saudi Arabia Precast Concrete Market Analysis to 2030" is a specialized and in-depth study with a major focus on the Saudi Arabia precast concrete market trends and growth opportunities in Saudi Arabia. The report aims to provide an overview of the Saudi Arabia precast concrete market with detailed market segmentation by structure system and end-use. The Saudi Arabia precast concrete market has witnessed high growth in the recent past and is expected to continue this trend from 2022 to 2030. The report provides key statistics on the consumption of precast concrete in Saudi Arabia. In addition, the report provides a qualitative assessment of various factors affecting the precast concrete market performance in Saudi Arabia. The report also includes a comprehensive analysis of the leading players in the Saudi Arabia precast concrete market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and PEST analysis illustrate the efficacy of buyers and suppliers operating in the industry to predict the Saudi Arabia precast concrete market growth.
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SEGMENTAL ANALYSIS
The Saudi Arabia precast concrete market is bifurcated on the basis of structure system and end-use. Based on structure system, the Saudi Arabia precast concrete market is segmented into structure system into beam & column system, floor & roof system, bearing wall system, façade system, structure system, and others. On the basis of end use, the Saudi Arabia precast concrete market is categorized into residential, commercial, and others. Based on end use, the residential segment accounted for a significant share of the Saudi Arabia precast concrete market. Precast concrete foundations have expansion and contraction joints in order to lessen the potential for cracking, reducing the potential for water intrusion. Further, the installation of precast concrete foundation systems is usually done with a small crane. Thus, a minimum amount of labor is necessary, generally three or four people. A precast concrete foundation system can be installed at approximately 10% of the time relative to conventional methods, depending on complexity and size. Also, the increasing demand for residential constructions owing to accelerated urbanization has surged the requirement for precast columns & beams in the residential sector. These factors are anticipated to bolster the use of precast concrete products in the residential sector from 2022 to 2030.
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COUNTRY ANALYSIS
The report provides a detailed overview of the Saudi Arabia precast concrete market size. The country is one of the fastest-growing real estate markets in the world. The country is investing heavily in infrastructure, housing, and tourism projects, which are aiding the growth of the real estate sector. This has created a lucrative opportunity for foreign players to establish their presence in the country. According to a report published by BNC, US$ 819 billion has been invested in Saudi Arabia’s construction projects. The country’s largest cities, such as Riyadh and Jeddah are witnessing huge investments in the development of residential and commercial projects. Further, the penetration of precast products in real estate construction has resulted in shorter turnaround times for construction projects. The precast products offer various advantages, such as design flexibility, faster installation of structures, sustainable construction, durability, long life, low maintenance, and moisture resistance. Precast beams and columns are widely used in the residential sectors. Thus, the growing investment in residential construction is the major factor in driving the real estate sector in the country from 2022 to 2030.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
The report provides a detailed overview of the Saudi Arabia precast concrete market.
- In January 2021, LafargeHolcim acquired Firestone Building Products from Bridgestone Americas for US$ 3.4 billion.
- In March 2023, Holcim Ltd acquired HM Factory, thereby entering the precast market in Poland. HM Factory is positioned to capitalize on industrial and residential construction growth. The company assigns Polish construction projects as well as exporting to Scandinavian markets.
- In December 2020, Cemex launched its low-carbon ready-mix concrete brand “Vertua,” in the US after its successful introduction in Mexico and Europe.
IMPACT OF COVID-19 PANDEMIC
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. However, the pandemic adversely affected the chemicals & materials 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.
Moreover, the severely decreased construction activities reduced the demand for precast concrete in the 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 sector is propelling the Saudi Arabia precast concrete market growth. Moreover, various players in the region 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 growth.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
A few of the major players operating in the Saudi Arabia precast concrete market include 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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Category, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. Introduction 9
1.1 The Insight Partners Research Report Guidance. 9
1.2 Market Segmentation. 10
2. Executive Summary 11
2.1 Key Insights. 11
3. Research Methodology 12
3.1 Coverage. 13
3.2 Secondary Research. 14
3.3 Primary Research. 14
4. Saudi Arabia Precast Concrete Market Landscape 15
4.1 Overview. 15
4.2 PEST Analysis. 15
4.3 Ecosystem Analysis. 16
4.3.1 Overview: 16
4.3.2 Raw Material Suppliers: 16
4.3.3 Manufacturers. 17
4.3.4 Buyers. 17
4.3.5 End-Use. 18
4.3.6 List of Vendors in the Value Chain. 18
5. Saudi Arabia Precast Concrete Market – Key Market Dynamics 21
5.1 Market Drivers. 21
5.1.1 Need for Cost-Effective, Safe, and Eco-Friendly Products. 21
5.1.2 Rise in Renovation and Remodeling Activities in Saudi Arabia. 22
5.2 Market Restraints. 22
5.2.1 Volatility in Raw Material Prices. 22
5.3 Market Opportunities. 22
5.3.1 Supportive Government Initiatives. 22
5.4 Future Trends. 23
5.4.1 Rise in Innovation and Product Development 23
5.5 Impact Analysis. 24
6. Saudi Arabia Precast Concrete Market - Saudi Arabia Market Analysis 25
6.1 Saudi Arabia Precast Concrete Market Volume (Million Cubic Meters) 25
6.2 Saudi Arabia Precast Concrete Market Revenue (US$ Million) 26
6.3 Saudi Arabia Precast Concrete Market Forecast and Analysis. 26
7. Saudi Arabia Precast Concrete Market Analysis – Structure System 27
7.1 Beam and Column System.. 28
7.1.1 Overview. 28
7.1.2 Beam and Column System Market Revenue and Forecast to 2030 (US$ Million) 28
7.2 Floor and Roof System.. 29
7.2.1 Overview. 29
7.2.2 Floor and Roof System Market Revenue and Forecast to 2030 (US$ Million) 29
7.3 Bearing Wall System.. 30
7.3.1 Overview. 30
7.3.2 Bearing Wall System Market Revenue and Forecast to 2030 (US$ Million) 30
7.4 Façade System.. 31
7.4.1 Overview. 31
7.4.2 Façade System Market Revenue and Forecast to 2030 (US$ Million) 31
7.5 Others. 32
7.5.1 Overview. 32
7.5.2 Structure System Others Market Revenue and Forecast to 2030 (US$ Million) 32
8. Saudi Arabia Precast Concrete Market Analysis - End Use 33
8.1 Residential 34
8.1.1 Overview. 34
8.1.2 Residential Market Volume, Revenue and Forecast to 2030 (Million Cubic Meters) (US$ Million) 34
8.2 Commercial 35
8.2.1 Overview. 35
8.2.2 Commercial Market Volume, Revenue and Forecast to 2030 (Million Cubic Meters) (US$ Million) 36
8.3 Others. 37
8.3.1 Overview. 37
8.3.2 Others Market Volume, Revenue and Forecast to 2030 (Million Cubic Meters) (US$ Million) 37
9. Impact of COVID-19 Pandemic on Saudi Arabia Precast Concrete Market 39
9.1 Pre & Post Covid-19 Impact 39
10. Industry Landscape 40
10.1 Overview. 40
10.2 Expansion. 40
10.3 New Product Development 40
10.4 Merger and Acquisition. 40
10.5 Partnerships. 41
10.6 Other Business Strategies. 41
11. Competitive Landscape 42
11.1 Heat Map Analysis By Key Players. 42
11.2 Company Positioning & Concentration. 43
11.3 Company Market Share, 2022 (US$) 43
12. Company Profiles 44
12.1 Cemex SAB de CV manufacturer 44
12.1.1 Key Facts. 44
12.1.2 Business Description. 44
12.1.3 Products and Services. 44
12.1.4 Financial Overview. 45
12.1.5 SWOT Analysis. 46
12.1.6 Key Developments. 46
12.2 Holcim Ltd. 47
12.2.1 Key Facts. 47
12.2.2 Business Description. 47
12.2.3 Products and Services. 47
12.2.4 Financial Overview. 48
12.2.5 SWOT Analysis. 49
12.2.6 Key Developments. 49
12.3 AlKifah Precast Co. 51
12.3.1 Key Facts. 51
12.3.2 Business Description. 51
12.3.3 Products and Services. 51
12.3.4 Financial Overview. 52
12.3.5 SWOT Analysis. 52
12.3.6 Key Developments. 52
12.4 Prainsa Saudi Arabia Precast Concrete Co. 53
12.4.1 Key Facts. 53
12.4.2 Business Description. 53
12.4.3 Products and Services. 53
12.4.4 Financial Overview. 53
12.4.5 SWOT Analysis. 54
12.4.6 Key Developments. 54
12.5 Zamil Industrial Investment Co. 55
12.5.1 Key Facts. 55
12.5.2 Business Description. 55
12.5.3 Products and Services. 55
12.5.4 Financial Overview. 56
12.5.5 SWOT Analysis. 57
12.5.6 Key Developments. 57
12.6 Rabiah-Nassar & Zamil Concrete Industries Co Ltd. 58
12.6.1 Key Facts. 58
12.6.2 Business Description. 58
12.6.3 Products and Services. 58
12.6.4 Financial Overview. 58
12.6.5 SWOT Analysis. 59
12.6.6 Key Developments. 59
12.7 Bina PrecastCo. 60
12.7.1 Key Facts. 60
12.7.2 Business Description. 60
12.7.3 Products and Services. 60
12.7.4 Financial Overview. 60
12.7.5 SWOT Analysis. 61
12.7.6 Key Developments. 61
12.8 Red Sea International Co. 62
12.8.1 Key Facts. 62
12.8.2 Business Description. 62
12.8.3 Products and Services. 62
12.8.4 Financial Overview. 63
12.8.5 SWOT Analysis. 64
12.8.6 Key Developments. 64
12.9 Spacemaker Saudi Arabia LLC. 65
12.9.1 Key Facts. 65
12.9.2 Business Description. 65
12.9.3 Products and Services. 65
12.9.4 Financial Overview. 65
12.9.5 SWOT Analysis. 66
12.9.6 Key Developments. 66
12.10 Gulf Precast Concrete Co LLC. 67
12.10.1 Key Facts. 67
12.10.2 Business Description. 67
12.10.3 Products and Services. 67
12.10.4 Financial Overview. 67
12.10.5 SWOT Analysis. 68
12.10.6 Key Developments. 68
13. Appendix 69
List of Tables
Table 1. Saudi Arabia Precast Concrete Market Segmentation. 10
Table 2. List of Raw Material Suppliers in Value Chain: 18
Table 3. List of Manufacturers in Value Chain: 19
Table 4. Saudi Arabia Precast Concrete Market Volume and Forecasts To 2030 (Million Cubic Meters) 25
Table 5. Saudi Arabia Precast Concrete Market Revenue and Forecasts To 2030 (US$ Million) 26
Table 6. Saudi Arabia Precast Concrete Market Revenue and Forecasts To 2030 (US$ Million) – Structure System.. 27
Table 7. Saudi Arabia Precast Concrete Market Volume and Forecasts To 2030 (Million Cubic Meters) – End Use. 33
Table 8. Saudi Arabia Precast Concrete Market Revenue and Forecasts To 2030 (US$ Million) – End Use. 34
Table 9. Company Positioning & Concentration. 42
List of Figures
Figure 1. Saudi Arabia Precast Concrete Market Segmentation, By Geography. 10
Figure 2. Saudi Arabia Precast Concrete Market – PEST Analysis. 15
Figure 3. Ecosystem: Precast Concrete Market 16
Figure 4. Market Dynamics: Saudi Arabia Precast Concrete Market 21
Figure 5. Saudi Arabia Precast Concrete Market Impact Analysis of Drivers and Restraints. 24
Figure 6. Saudi Arabia Precast Concrete Market Volume (Million Cubic Meters), 2020 – 2030. 25
Figure 7. Saudi Arabia Precast Concrete Market Revenue (US$ Million), 2020 – 2030. 26
Figure 8. Saudi Arabia Precast Concrete Market Share (%) – Structure System, 2022 and 2030. 27
Figure 9. Beam and Column System Market Revenue and Forecasts To 2030 (US$ Million) 28
Figure 10. Floor and Roof System Market Revenue and Forecasts To 2030 (US$ Million) 29
Figure 11. Bearing Wall System Market Revenue and Forecasts To 2030 (US$ Million) 30
Figure 12. Façade System Market Revenue and Forecasts To 2030 (US$ Million) 31
Figure 13. Structure System Others Market Revenue and Forecasts To 2030 (US$ Million) 32
Figure 14. Precast Concrete Market Share (%) – End Use, 2022 and 2030. 33
Figure 15. Residential Market Volume and Forecasts To 2030 (Million Cubic Meters) 34
Figure 16. Residential Market Revenue and Forecasts To 2030 (US$ Million) 35
Figure 17. Commercial Market Volume and Forecasts To 2030 (Million Cubic Meters) 36
Figure 18. Commercial Market Revenue and Forecasts To 2030 (US$ Million) 36
Figure 19. Others Market Volume and Forecasts To 2030 (Million Cubic Meters) 37
Figure 20. Others Market Revenue and Forecasts To 2030 (US$ Million) 38
Figure 21. Heat Map Analysis By Key Players. 43
The List of Companies - Saudi Arabia Precast Concrete Market
- 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
- Gulf Precastare
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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