The global precast concrete market size is expected to showcase significant growth by reaching USD 159.85 billion by 2028. Fortune Business Insights, in its report titled “Precast Concrete Market, 2021-2028.”, mentions that the market stood at USD 114.78 billion in 2020 and is likely to exhibit a CAGR of 4.4% between 2021 and 2028. The rapid-paced urbanization, coupled with the rising population rate, is anticipated to favor the adoption of the product globally. According to the National Bureau of Statistics (NBS), around 901.99 million people reside in the mainland areas in China, which accounts for over 63.89% of the total population in the country.
Precast concrete is a construction product produced by casting concrete in a reusable mold or “form,” which is then cured in a controlled environment, transported to the construction site, and lifted into place. This method contrasts with standard concrete, which is poured into site-specific forms and cured on site. Here are some key aspects of precast concrete:
- Manufacturing Process:
- Molds: Molds for precast concrete can be reused multiple times, which increases efficiency and reduces waste.
- Controlled Environment: Precast concrete is typically made in a factory setting, allowing for better quality control over materials and processes.
- Curing: The controlled environment allows for optimal curing conditions, improving the strength and durability of the concrete.
- Types of Precast Concrete Products:
- Structural Components: Beams, columns, wall panels, slabs, and staircases.
- Architectural Components: Facades, cladding panels, and decorative elements.
- Infrastructure Components: Pipes, culverts, bridge elements, and utility vaults.
- Advantages:
- Quality Control: The factory setting allows for consistent quality and precision in the production process.
- Time Savings: Precast elements can be manufactured while site preparation and foundations are being completed, reducing overall construction time.
- Durability: Precast concrete tends to be more durable due to better curing conditions.
- Versatility: A wide variety of shapes, sizes, and finishes can be achieved with precast concrete.
- Reduced Waste: Reusable molds and efficient production processes result in less material waste.
- Disadvantages:
- Transportation: The need to transport heavy precast elements from the factory to the construction site can be costly and logistically challenging.
- Design Limitations: Although versatile, precast concrete is limited to the shapes and sizes that can be transported and lifted into place.
- Initial Cost: The initial investment in molds and factory setup can be higher compared to traditional on-site casting.
- Applications:
- Commercial Buildings: Office buildings, shopping centers, and industrial facilities.
- Residential Buildings: Multi-story apartments and housing complexes.
- Infrastructure Projects: Bridges, tunnels, and sewage systems.
- Public Buildings: Schools, hospitals, and government buildings.
- Sustainability:
- Precast concrete can contribute to sustainable construction practices through its durability, efficient use of materials, and potential for incorporating recycled content.
Precast concrete is a highly versatile and efficient construction method that offers numerous benefits in terms of quality, time, and durability. However, careful consideration of transportation and design limitations is essential to maximize its advantages.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Market Segmentation
Based on the product type, the market is divided into building components, transportation, water & waste handling, and others. On the basis of end-use, the market is bifurcated into residential and non-residential.
Based on end-use, the residential segment held a global precast concrete market share of about 37.7% in 2020. The segment is expected to experience exponential growth backed by the increasing investment in the development of real estate that is likely to propel the demand for the product worldwide.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028.
Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Rapid-Paced Urbanization to Aid Growth
The evolving standard of living globally has led to the growing demand for quality-oriented and people-centered facilities. The rapid-paced urbanization has led to significant development of both residential and non-residential establishments.
Besides, a large number of masses are migrating from rural areas to urban places for better job opportunities. The fast-paced growth of smart cities equipped with state-of-the-art infrastructures such as airports, malls, sports complexes, and commercial spaces is anticipated to boost the demand for the product. Besides, the rising population rate across the globe is expected to contribute to the global precast concrete market growth during the forecast period.
Information Source:
https://www.fortunebusinessinsights.com/precast-concrete-market-103301
