Impact of COVID-19 on the Precast Construction Market
Precast construction involves construction products that are manufactured by casting concrete in a reusable form or mold. It is then cured in a precise environment and transported to the building site. The primary factor driving the growth of the market is the increasing investments in the construction industry. However, the COVID-19 pandemic has drastically impacted the construction industry, owing to the halt in construction activities as well as delayed construction projects. Besides, the slowdown in the global economy owing to the lockdowns imposed across various countries has also forced the companies to rethink their investment strategies, which is also impacting the growth of the market. The halt in the production of these construction products owing to the rapid spread of the virus as well as cancellation or postponement of the refurbishment, rebuilding, and renovation of old buildings is also hindering the growth of the global precast construction market.
Spending on Construction in THE U.S. (USD Billion)