The global precast construction market was valued at around US$111 Bn in 2017. It is anticipated to expand at a CAGR of approximately 5.1%during the forecast period, according to a new report titled ‘PrecastConstruction Market: Global Industry Analysis, Size, Share, Growth, Trends, andForecast, 2018–2026’ published by Transparency Market Research (TMR). Thereport infers that the use of precast construction reduces the lead time andprovides better dynamics such as durability and sustainability to the structureas compared to the use of conventional construction techniques. This isexpected to drive the precast construction market during the forecast period.Asia Pacific and Europe are leading regions of the precast construction market.The precast construction market in Asia Pacific is projected to expand at aCAGR of more than 6% during the forecast period, owing to a rise in investmentsin residential and infrastructure projects in the region.
Reduction in Construction Time and StructuralProperties of Precast Concrete Products to Boost Market Growth
Precast construction saves up to 20% of the total construction time ascompared to conventional construction methods. It helps in saving valuable leadtime and in reducing the risk of delay or monetary loss in the project, whichis expected to boost the precast construction market. The raw materials used inprecast construction are inorganic, natural, and recycled resources. Productionof precast construction components involves minimal processing or chemicaltreatment, which results in low embodied energy value (carbon emissions). Thus,a reduction in carbon emission through the precast construction technology isprojected to drive the precast construction market during the forecast period.Important parameters such as temperature, mix design, and stripping time aremonitored and controlled in a factory environment while producing precastcomponents. A factory-controlled prefabrication environment and elimination ofrectification work render high quality and esthetic value to products, therebyaugmenting their demand. Precast concrete products are resistant to friction,impact, acid, corrosion, abrasion, and other environmental factors. Precastconcrete structures have a longer service life and require minimal repair andmaintenance. High structural strength, increased durability, and betterrigidity are driving demand for precast construction products.
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Use of high-quality machinery, equipment, and materials; extensivepreproject planning; and high investments in the construction industry areestimated to offer lucrative opportunities to the precast construction marketduring the forecast period. However, high initial cost and logistical andmaterial handling damages are anticipated to hamper the market.
Floor & Roof System Segment to Gain Momentum
The report presents a detailed segmentation of the global precastconstruction market based on its structure system and end-use. In terms ofstructure system, the floor & roof system segment constituted a major shareof the global precast construction market in 2017. Floor & roof systemsenable a large span capacity besides providing excellent sound transmission andheat resistance characteristics. Moreover, they provide load distributionproperties and are ideally used in garages, gymnasiums, paper mills, office& commercial buildings, industrial buildings (food processing industry,paper mills), condominiums, apartments, hotels, educational institutions,sewage & water treatment plants, etc.. They are also used as thermal massto reduce the need for air conditioning. The floor & roof system segment isexpected to expand rapidly, due to the high adoption rate of floor & roofsystems in the precast construction market.
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Building Works Segment to Maintain its Dominance
In terms of end-use, the building works segment is projected to hold adominant share of the global precast construction market during the forecastperiod. The segment is likely to expand at significant growth rate from 2018 to2026. The residential segment, which is a sub-segment of the building workssegment, is projected to expand at a rapid pace during the forecast period.Precast concrete construction offers diverse attributes such as lowfloor-to-floor height, deflection control, low noise transmission, involvementof high-strength materials, and long spans. Such attributes are effective forthe residential construction industry. Demand for precast construction productsin the residential construction industry is expected to rise due to theirdirect cost reduction, improved constructional efficiency, and superiorstructural performance.
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Asia Pacific Accelerates in the Market
Asia Pacific and Europe were key regions of the precast concrete marketin 2017. The precast concrete market in Asia Pacific is anticipated to expandrapidly owing to cross-border investments and business expansion of companiesin high-growth areas, such as India and Southeast Asia. A rise in population,rapid urbanization, and robust economic growth are major macroeconomic driversof the precast construction market. Regulatory bodies and major firms acrossthe region are encouraging and promoting constructional activities. China isexpected to become a key region of the precast concrete market, owing to therevival of the Silk Road and proposals of construction on it. The precastmarket in Middle East & Africa is also projected to expand at a robustpace.
Prominent Players in the Global Precast ConcreteMarket
The report also provide profiles of leading players operating in theglobal precast concrete market such as Bison Manufacturing Limited, CemexS.A.B. de C.V., China National Building Material Company Limited, ColtmanPrecast Concrete Limited, CRH plc, Elematic Oyj, LafargeHolcim, Larsen &Toubro Limited., Taisei Corporation, and Weckenmann Anlagentechnik GmbH &Co. KG. These players offer sustainable and durable solutions to clients.Innovation of modern construction equipment and techniques through R&D isone of the approaches adopted by them.
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