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According to the latest report by IMARC Group, titled, “ Precast Concrete Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 “, The global precast concrete market reached a value of US$ 115 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 158.2 Billion by 2027, exhibiting a CAGR of 5.4% during 2022-2027.
Note : We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Precast concrete comprises design, strategic yard, planning, lifting, handling, and transportation of precast elements. It is prepared from a mixture of cement, aggregates, admixtures, and water by casting and curing off-site using a reusable mold in a controlled environment. It is also utilized as an alternative to cast-in-situ concrete. It finds application in constructing structural components, such as wall panels, tunnels, floors, beams, columns, pipes, girders, and staircases. It can be bolted together by embedding steel connectors in the concrete at the time of casting. It provides dimensional accuracy and numerous options for developing unique and breakthrough constructions of exceptional quality. It also offers high durability, tensile strength, thermal resistance, moisture protection, fire safety, and maintainability. As a result, precast concrete is used for building affordable projects with identical structures and associated with several advantages, like planning for future construction projects as the components that can be rearranged easily.
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Precast Concrete Market Trends and Drivers:
Substantial growth in the construction industry and the increasing usage of precast concrete for constructing residential and commercial industrial spaces are among the key factors bolstering the growth of the market around the world. Rapid urbanization, rising global population, and expanding investments in the development of smart cities by governments of numerous countries are also favoring the market growth. Additionally, the growing number of renovation and remodeling projects of homes, hotels, offices, shopping malls, airports, and educational institutions is driving the market. Precast concrete is used for constructing buildings, bridges, stadiums, tunnels, and flyovers. In addition, due to increasing environmental concerns, governing agencies of numerous countries are undertaking initiatives to promote the adoption of sustainable construction materials and reduce carbon emissions. This, in turn, is contributing to the market growth. It also helps in reducing the overall project timeline and generating savings in raw material and labor costs. The launch of several government-sponsored public housing programs on account of the surging need for affordable housing units has driven the adoption of precast concrete. Furthermore, the commercialization of construction and the active collaboration of public and private areas is providing a thrust to the market growth. Apart from this, precast concrete is used in the manufacturing of water and waste handling products, including septic tanks, manholes, water, and sewer system components, grease interceptors, hazardous material containers, and other products, which is creating a positive outlook for the market. Furthermore, investments in research and development (R&D) activities by market players are anticipated to propel the growth of the market in the coming years.
Precast Concrete Market 2022-2027 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on type, product and end use.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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