Chicago, Aug. 19, 2022 (GLOBE NEWSWIRE) — Precast Concrete Market size is projected to grow from USD 144.6 billion in 2022 to USD 198.9 billion by 2027, at a CAGR of 6.6% from 2022 to 2027, according to a new report by MarketsandMarkets™. The growth of the precast concrete market is attributed to the reduced construction time, improved productivity, reduced construction cost and less environmental impact. The growing need for cost-effective, safe, and green construction material is expected to drive the demand for precast concrete.
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Columns & beams segment to dominate the precast concrete market during forecast period
In terms of value, the columns & beams segment is projected to lead the precast concrete market. This is attributed to its extensive use in both non-residential and residential end-use industry. Growing construction industry coupled with rising need for cost-effective, efficient, and rapid construction process is expected to drive the demand for the precast column and beams. Moreover, the growing demand of residential construction due to urbanization and increasing non-residential construction spending by governmental authorities in emerging economies of Asia Pacific, Middle East & Africa, and South America will drive the market demand during forecast period.
Elemental construction segment to dominate the precast concrete market during the forecast period
In terms of value and volume, the elemental construction segment is projected to lead the precast concrete market. Factory made precast elements ensures excellent finish, strength, dimensional tolerances, adequate consistency and quality controls. Building an entire structure using precast elements expedite construction, reduces time on site and defects, reduces labor cost, and lowers propping and scaffolding costs. All these factors attribute to the elemental construction to be most popular construction type among builders and contractors.
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Non-residential segment to dominate the precast concrete market during the forecast period
In terms of value and volume, the non-residential segment is projected to lead the precast concrete market. According to American Institute of Architects (AIA), the recovering in manufacturing sector, growing retail facilities will ensure an optimistic future growth of the market. The industrial sector is expected to pace the building construction upturn in 2022 and 2023, while the institutional sector is forecast to begin its recovery this year and accelerate moving into 2023. This will drive the demand for non-residential market during forecast period.
The Asia Pacific region is to dominate the precast concrete market during the forecast period
In terms of value and volume, the Asia Pacific region is projected to lead the precast concrete market. The major factor attributed to the growth of the market is the large-scale government investments in the infrastructure sector in the region. Moreover, the increasing population and rising incomes are driving the per capita spending on construction. China and India are projected to be lucrative market due to their ongoing and upcoming infrastructural construction projects as well as rising consumer spending on construction projects.
Cemex S.A.B de C.V. (Mexico), Boral Limited (Australia), LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), CRH Plc (UK), Skanska AB (Sweden), Forterra, Inc. (US), DeVinci Precast (US), Atco Concrete Products N.V. (Netherlands), Beaver Gulf Precast Concrete (Dubai), are the key players operating in the precast concrete market. Acquisitions, expansions, contracts, agreements & partnerships, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the precast concrete market.
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