The latest report by IMARC Group, titled “Precast Concrete Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global precast concrete market size reached US$ 122.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 166.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Precast concrete is prepared, cast, and cured at an off-site location using a reusable mold, usually in a controlled factory environment. The precast concrete components are transported to the construction site after curing and assembled to create a complete structure. It is generally used to construct structural components, including wall panels, beams, columns, floors, pipes, staircases, tunnels, and girders. It is cost-effective, saves construction time, and offers more durability and dimensional accuracy than traditional concrete. In addition, its elements can be easily rearranged, making it easier to plan for future construction projects. As a result, precast concrete finds extensive applications in the construction industry to build large-scale commercial and affordable residential projects with uniform structures across the globe
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Precast Concrete Market Trends and Drivers:
The global precast concrete market is primarily driven by the increasing residential and commercial construction activities due to the expanding population globally. Moreover, the surging adoption of precast concrete owing to growing environmental concerns, as it can be easily recycled and reused and reduces the impact of raw materials on the environment, is positively influencing the market growth. Additionally, the escalating demand for precast concrete due to significant investments in infrastructure development projects has catalyzed market growth. Furthermore, several favorable initiatives taken by governments of numerous countries for promoting the adoption of precast concrete as it reduces the overall project timeline and generates substantial cost savings in raw material and labor are contributing to market growth. Other factors, including the expanding building and construction sector, advancements in precast technology, and increasing spending on renovating old structures, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Floors and Roofs
- Columns and Beams
- Stairs and Landing
- Walls
Breakup by Product:
- Structural Building Components
- Architectural Building Components
- Transportation Products
- Water and Waste Handling Products
- Others
Breakup by End-Use:
- Residential
- Non-Residential
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Balfour Beatty plc
- Boral Limited
- CEMEX S.A.B. de C.V.
- Elementbau Osthessen GmbH & Co. ELO KG
- Forterra Inc.
- Gulf Precast Concrete Co LLC
- Holcim Group
- Laing O’Rourke
- Olson Precast Company
- Spancrete Inc. (Wells Concrete)
- Tindall Corporation
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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