Import of prefabricated structural items of cement or concrete to India has experienced significant fluctuations over the years. In 2023, the value stood at 331.7 thousand US dollars. The market saw an erratic trend, with notable peaks in 2013, 2016, and 2018, and considerable declines at other times, particularly from 2014 to 2017. Over the last two years, from 2022 to 2023, the imports decreased by 9.85% year-on-year, following a 9.13% drop from 2021 to 2022. The compound annual growth rate (CAGR) over the last 5 years has been -11.16%, indicating a decline.
Looking ahead, the forecasts suggest a continued downward trajectory with imports expected to fall to 142.38 thousand US dollars by 2028. The forecasted 5-year CAGR is -13.38%, with an overall growth rate of -51.22% expected by 2028, signaling a significant reduction in the market size.
Future trends to watch for include:
- Emerging construction technologies and their impact on demand for prefabricated structural items.
- Shifts in import policies and tariffs by the Indian government.
- Global supply chain disruptions and their potential effects on import volumes.
- Sustainability initiatives and the inclination towards locally sourced materials.