Precast concrete is increasingly used in building and construction industry. This is mainly because of ease they offer to builders. Precast concrete are used to create different structure away from the construction site and they are transported to the site at the time of requirement. This is the reason they produce low waste at construction and hence reduce several environmental hazards at the site of construction.
According to the latest market report published by Transparency Market Research, the global precast concrete market was valued at US$ 100 bn in 2016. The market is anticipated to expand at a CAGR of 5% from 2017 to 2026.
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The global precast concrete market is mainly classified on the basis of Structure System and End-use.
On the basis of structure system, the global precast concrete market is segmented into beam & column system, floor & roof system, bearing wall system, façade system and others. Among all these structure beam and column system is expected to hold maximum share in the precast concrete market. This is mainly because of the increasing demand for beam and column in building and construction industry.
On the basis of end use, the global precast concrete market is segmented into building works and civil works. Building works is further sub-segmented into residential and non-residential. Among both of the demand for precast concrete is expected to increase in the non-residential sector. This is mainly because of the increasing industrialization in the developing countries such as China and India. Similarly, civil works hydraulic is sub-segmented into hydraulic works, transportation works, power plants & communication works and specialized works. Among all these sub-segment transportation works is expected to hold a major share in the global market. There has been a significant rise in the demand of precast concrete in the transportation sector. This is mainly because of the rising urbanization in several parts of the world. Countries like India and China are ramping huge investment in the construction of several highway and national highway. This is expected to offer a significant boost to the growth of the market.
Asia Pacific to Continue its Dominance in Precast Concrete Market
On the basis of geography, the global precast concrete market is mainly divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among all of these them, the demand for precast concrete is expected to remain high in Asia Pacific region. This is mainly because of the presence of consumer countries like China and Indian in the region. The government in these countries are taking a lot of efforts to improve their countries infrastructure.
Key players operating in the global precast concrete market are Lafarge Holcim Limited, Elematic Oyj, CRH Plc., Cemex S.A.B. De C.V., L&T Construction, Coltman Precast Concrete Limited, Taisei Corporation, and Bison Manufacturing Limited. These players are adopting several strategies in order to stay ahead of each other in the precast concrete market.
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High Demand for Infrastructural Development to Bolster Growth of the Precast Concrete Market
Increased investments in the projects of infrastructure development in developing parts of the world, such as Asia-Pacific are projected to work in favor of the global precast concrete market in the near future. The product has allowed infrastructure companies to dramatically reduce overall project timelines and achieve significant raw material and labor cost savings. The infrastructure sector generates huge demand for the product, which is likely to foster growth of the global precast concrete market in the years to come. Large infrastructure components are produced off-site, such as pillars, bridge sections, and girders.
Structural building components are one of the leading end users of the market in the US, which is likely to pave way for rapid growth of the market in North America. The increased focus on significantly reducing construction costs and enhancing productivity is pushing both non-residential and residential building developers to implement different off-site construction technologies.
Multiple Benefits of Precast Concrete are Facilitating its Increased Adoption in the Market
In bridging the gap between installation and production of module manufacturing, logistics play an important role. The modules are assembled inside the factory setting and are transferred for setup to the building sites. To resolve the project delays caused by logistics, industry players are emphasizing on the optimization of the precast concrete supply chain. This factor is likely to support growth of the global precast concrete market in the near future.
The leading market participants are increasingly utilizing different types of concrete admixtures, such as waterproofing chemicals, accelerators, superplasticizers, and plasticizers to reduce use of water and accelerate the method of concrete curing. The cost of molds and machinery vital for production activities is extremely high. However, the product comes with numerous benefits over traditional concrete. As such, the high initial investment is likely to impede growth of the the global precast concrete market to a certain degree.
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