Precast concrete refers to the construction product created when concrete is cast in a reusable mold. After being cured in a controlled environment, the reusable mold transported to the construction site in order to be installed. There are various types of precast concrete forming systems that are applied in various architectural processes, varying in size, price, and function. Precast elements get rid of or greatly reduces the need for conventional formworks as well as props. Apart from this, precast concrete helps lower the generation of wastage, in addition to checking many other environmental hazards, which leads to a safe working platform for the workers. It is usually used in the construction of buildings with repetitive designs & elements, for instance, schools and apartments. Precast concrete bestows the architecture engineer with a thrilling medium, while able to design facades for a broad range of buildings, such as commercial buildings, healthcare facilities, shopping malls, and stadiums. The global precast concrete market is on its way to be worth the value of USD 103,666.1 Million by 2023, surpassing the value of USD 76,200.7 Million in 2017. The market will be registering a strong CAGR of 5.36% during the forecast period (2018-2023). Market Research Future (MRFR) has conjured up a report that provides an all-extensive look at the many segments and market drivers, which possess the ability to change the market scenario.
The precast concrete market has witnessed strong growth backed by the advancing degree of industrialization, urbanization, as well as infrastructural developments. Furthermore, there has been a rapid shift of consumers along with building contractors toward cost-efficient, eco-friendly, and modern building techniques that offers a variety of growth opportunities for the precast concrete market. Other beneficiary factors instrumental in the market growth are the rising disposable income in the developing nations paired with the changing preferences of construction methods which augments the reliance on modern construction techniques. Moreover, a huge amount of investment in research and developmental activities gives way to new innovations, which will be key reason for the high sale revenue of key players. With many of the market players associated with product diversification and improvement to gain a competitive edge over competitors, the overall market is exhibited to observe a phenomenal growth status in the coming years.
The global precast concrete market is segmented on the basis of product, application, end-user, and region.
the Depending on the product type, the market is segmented into floors & roofs, columns and beams, stairs and landing, and walls which is sub-segmented into solid walls, sandwich walls (thermal walls). Among these, the segment for columns and beams acquired the largest share with 32.10% in the global precast concrete market and is heading the global market in the product category.
By application, the market is segmented into structural components, architectural components, bridge components, and others. Among these, the structural components segment accounted for the largest share of 39.11% in the global precast concrete market.
End-use-based segments in the global market include non-residential, residential, and agriculture, where the non-residential segment accounted for 69.27% market share in 2017.
Regional consideration of the precast concrete market includes North America, Asia Pacific, Europe and the rest of the world. Asia Pacific is leading the market with a share of 43.45%, having accounted for 448.89 million tons in 2017 and is projected to grow at the highest CAGR of 5.52% during the forecast period. North America is the second-largest region with a market share of 25.09% in 2017.
Prominent vendors at the forefront of the global precast concrete market include SKANSKA AB (Sweden), Jensen Precast (U.S.), Molin Concrete Products Company, Inc. (U.S.), Tindall Corporation (U.S.), Coreslab Structures (U.S.), CRH (U.S.), Coltman Precast Concrete Limited (U.K.), HeidelbergCement AG (Germany), Metromont Corporation (U.S.), SMEET (Qatar), Taiheiyo Cement (Tokyo), and Larsen & Toubro Limited (India), and others.
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