Rising demand for precast concrete in various projects ranging from parking garages, bridges, office spaces, sports stadiums, retails spaces and residential housing, increases the precast concrete market growth.
The Global Precast Concrete Market was valued at US$ 93.27 Bn in 2020 and expected to reach US$ 139.52 Bn by 2027 and is expanding at a CAGR of 5.9% during the forecast period.
Precast concrete is used in a lot of construction projects nowadays. It is mainly because it is durable. It is also used for creating foundations in buildings, precast concrete provides a moisture-free and energy-efficient basement and is the reason why many people prefer it. Precast concrete is also used for constructing bridges around the world. It gives the constructers the ability to build the bridge in a more convenient way. It is also fire resistant and sound attenuating which make them the right choice for building many structures, owing to its benefits, the precast concrete market is expected to witness growth in the coming years
The Global Precast Concrete Market Segmentation
Many hospitals, schools and retail shopping spaces still use precast concrete extensively. You can shape the precast concrete in the way you want including the colour, texture and size of your choice. Precast concrete is produced in a completely controlled environment and hence it does not get affected by the outside weather. Precast concrete can also be used for rapid construction and is generally very cost efficient. Although it has some disadvantages of its own for example: The use of the concrete pour forms at the joints delays the erection of each frame and the lack of the construction continuity and overabundant in the load paths when beams simply sit on corbels. However, with the rising demand in construction, the global precast concrete market is expected to propel over the coming years.
The key drivers for precast concrete market are that it is environment friendly and it saves a lot of water and building material. Environment friendly constructions are the need of the hour and many organizations and people are pushing for it. Precast concrete produces very little waste because the materials are used being controlled by a computer. Precast concrete is also able to resist high pressure situations and can resist the strongest of impacts and this is why it is also earthquake resistant. Microchips inserted into precast concrete collects information about the forces which affect the construction element. This can be very important, especially in the event of an earthquake, because the buildings are affected by exceptionally high forces. The integrated microchips can send out a signal and therefore warn the people living in the building to leave the structure as soon as possible.
Precast concrete floor consists of hollow core floors, ribbed floors, concrete roof elements, massive slab floors. The main benefits of precast floors are the speed at which construction is done, no scaffolding required, various types, huge life span, & cost efficiency. Precast floors can also be classified according to the way they are manufactured for example: totally & partially precast floors. Precast concrete floor units are extensively used in different kinds of buildings. It is utilized to extent among supporting steel beams as a substitute to in-situ concrete and metal decking.
Asia Pacific is leading in the race of precast concrete Precast Concrete Market because it has many developing nations and hence a lot of construction projects are coming up there. Since it is one of the most cost-efficient ways to construct projects is also one of the reasons why it is preferred in this part of the world. China and India have had a lot of construction projects in the past decade or so and precast concrete is one of the most widely used elements in these construction projects.
Company Profiles and Competitive Intelligence
The key players operating in the global precast concrete market are: