Precast Construction Market Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031
Precast Construction Market Outlook 2031
The global precast construction market was valued at US$ 139.0 Bn in 2021
It is estimated to grow at a CAGR of 5.1% from 2022 to 2031
The global precast construction market is expected to reach US$ 217.5 Bn by the end of 2031
Overview of Precast Construction Market
Precast construction is a process where concrete is cast in a reusable mold or form, which is then cured in a controlled environment and transported to the construction site for installation. Different types of precast construction systems are employed for architectural application purposes. They differ in size, function, and price. Usage of precast elements eliminates the need for conventional formworks. Precast elements also mitigate the amount of waste generated and keep a check on other environmental hazards. They further provide a safe working platform to workers.
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Precast products are manufactured in a casting area where critical factors, such as temperature, mix design, and stripping time, can be closely checked and controlled. This ensures that the quality of precast products is better than that of cast-in-situ concrete products. Additionally, precast products help save a significant amount of money by eliminating rectification work. Furthermore, different combinations of colors and textures can be applied easily to architectural or structural pieces due to a factory-controlled environment. Precast concrete is primarily used in the construction of buildings with repetitive designs and elements such as schools and apartments. It provides architects an exciting medium while designing facades for a wide range of buildings such as healthcare facilities, commercial buildings, and stadiums.
The global precast construction market is estimated to clock a growth rate of 5.1% during the forecast period, owing to the favorable properties of precast construction, specifically for industries such as building works. Precast buildings, or precast building construction, include buildings where a majority of structural components are standardized and produced in plants in a location away from these buildings. These components are then transported to the site for assembly.
Low-cost precast concrete houses are used for commercial shipping and prefab house-making requirements. Precast concrete structure is a construction product produced by casting concrete in a reusable mold or form, which is then cured in a controlled environment, transported to the construction site, and maneuvered into place. Examples include precast beams and wall panels for tilt up construction.
Precast house construction offers numerous advantages to homeowners, including energy efficiency, durability, and low maintenance. It also creates a safe, comfortable, and healthy environment while positively contributing to the environment.
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Growth of Building and Construction Industry to Drive Global Precast Construction Market
Investment in the building and construction industry has been rising due to the implementation of various government-backed welfare housing schemes. Increase in disposable income and rise in purchase of houses have also propelled the demand for precast construction. Furthermore, rebuilding, refurbishing, and renovation of old buildings have boosted investments in the building & construction industry, thereby augmenting the demand for precast construction.
Low-interest rates in housing have led to a rise in investments in the building and construction industry. This is also estimated to propel the precast construction market during the forecast period.
Reduced Construction Time and Better Structural Properties of Precast Concrete Benefit Stakeholders
Technological and organizational complexity creates enormous risks in construction projects through delays in construction projects and cost overruns. Precast construction saves up to 20% of the total construction time as compared to conventional construction methods. It also helps save valuable lead time and reduces the risk of delay or monetary loss in a project.
Important parameters such as temperature, mix design, and stripping time are monitored and controlled in a factory environment while producing precast components. Factory-controlled prefabrication environment and elimination of rectification work render high quality and esthetic value to products, thereby augmenting their demand. Precast concrete products are resistant to friction, impact, acid, corrosion, abrasion, and other environmental factors. Precast concrete structures have a longer service life and require minimal repair and maintenance. High structural strength, increased durability, and better rigidity are further driving the demand for precast construction products.
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Raw materials used in precast construction are natural and recycled resources. Production of precast construction components involves minimal processing or chemical treatment, which results in low embodied energy value (carbon emissions). Thus, decrease in carbon emissions through precast construction technology is projected to drive the precast construction market during the forecast period.
Surge in Usage of Precast Construction in Floor and Roof Systems to Propel Market
In terms of structure system, the global precast construction market has been classified into beam and column system, floor and roof system, bearing wall system, façade system, and others. Demand analysis of the precast construction market can be further elaborated in terms of developments in the floor and roof system segment.
The floor and roof system segment dominated the global precast construction market with more than 34% share in 2021. Precast constructed floor and roof systems provide excellent sound transmission and heat resistance characteristics. They provide load distribution properties and are ideally used in garages, gymnasiums, paper mills, office & commercial buildings, industrial buildings (food processing industry), condominiums, apartments, hotels, educational institutions, sewage & water treatment systems, etc. They are also used as thermal mass to reduce the need for air conditioning. The segment is estimated to grow at a notable CAGR of 5.4% during the forecast period.
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