The global precast concrete market is presumed to exhibit 6% CAGR during the forecast period (2017-2023) owing to the rapid growth in the construction industry, asserts Market Research Future (MRFR). Precast concrete is usually produced by casting concrete in infrastructural projects amid the revived real estate boom. They are produced in reusable molds, either at the construction sites or in the plant. Precast concrete can tolerate extreme weather conditions and perform the same for several years despite constant usage. It also offers a wide range of engineered earth retaining systems to the manufacturers.
Drivers and Constraints Impacting the Market
The global precast concrete market is majorly driven by the rapid growth in the construction industry and high demand for high strength concrete. With rapid growth in the construction sector, the global market for precast concrete is likely to flourish during the assessment period. Increasing demand for non-residential and residential buildings trigger the demand for precast concrete as they are extensively used in the walls and flooring of the buildings. One of the latest trends contributing to the growth of the precast concrete market is the growing adoption of smart city concept. People preferring to dwell in the urban location further induces the government to focus on initiatives like smart cities in order to improve the lives of the people. Such initiatives aim toward developing plans for water supplies, intelligent networking of energy, mobility, and lighting systems.
On the flip side, high initial cost of small-scale projects compared to conventional methods along with transportation of precast to distant places are some of the major concerns likely to impede the market growth in the coming years.
Global Precast Concrete Market
The global precast concrete market has been segmented on the basis of end-users, structures, and region.
By mode of structure, the global precast concrete market has been segmented into sandwich wall (insulated double-wall) panels, pre-stressed concrete, and others. Among these, the pre-stressed concrete is estimated to hold the largest share in the global market as it is crack-proof, durable, and possesses higher tensile strength compared to reinforced concrete. Pre-stressed concrete is extensively used commercial constructions such as gymnasiums, shopping centers, hotels, and others.
By mode of end-users, the global precast concrete market has been segmented into non-building, non-residential building, agricultural, and residential. Among these, the non-residential buildings are likely to dominate the global market owing to the growing construction of office spaces, hotels, amusement & recreation spaces, and manufacturing facilities.
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Geographically, the precast concrete market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, Asia Pacific is estimated to contribute a major share and is expected to maintain its dominance in the coming years. Increasing population and rapid industrialization in regions such as Indonesia, China, and India are experiencing high demand for non-residential and residential constructions. With cheap construction of buildings coupled with rapid industrialization, the global market for precast concrete is experiencing a surge in this region. Moreover, rising government investments in infrastructural constructions stimulate the market growth.
November 25, 2018: The state public works department (PWD) is constructing a cement concrete road with the help of Visvesvaraya National Institute of Technology’s prestressed precast concrete pavement technology. The experiment is conducted for the first time in the country on a 300-meter stretch of Inner Ring Road at Dabha.
The prominent players operating the global market are Oldcastle Precast Inc. (U.S), Bechtel Corporation (U.S), Vinci S.A. (France), CRH plc (Ireland) Coltman Precast Concrete Limited (U.K), China State Construction Engineering Corporation (China), CEMEX S.A.B. de C.V. (Mexico), Coreslab Structures (Canada), Larsen & Toubro (India), and Metromont Corporation (U.S).