Residential Segment is the largest segment driving the growth of Precast Concrete market
The global Precast Concrete Market is estimated to be valued at US$ 100.68 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precast concrete products are manufactured using concrete that is cast in a reusable mold before being transported to a construction site for installation. They offer a cost-effective, high quality and durable option for infrastructure development. Their mass production in controlled factory settings allows for greater consistency and meets the demands of large construction projects.
Market key trends:
Growing Redevelopment of aging infrastructure: There is a rising need for redevelopment and renovation of aging infrastructure facilities such as bridges, tunnels, and buildings across major economies. This provides lucrative opportunities for precast concrete systems which allow for faster construction times compared to site-cast solutions. Their standardized, modular nature makes them suitable for replacement of old structural elements. With commitments of billions of dollars into upgrading infrastructure, this trend will continue driving market expansion over the forecast period.
Market key trends:
The Precast Concrete Market Size is witnessing high demand for sustainable and green construction methods. Precast concrete allows for reduced construction waste and timely completion of projects. It has high durability and requires little maintenance. Manufacturers are producing precast concrete elements that enable modular construction for buildings. This aids constructability and speed of erection. Precast concrete usage is growing rapidly in the construction of warehouses, commercial buildings, data centers, and industrial structures where large clear spans are required.
SWOT Analysis
Strengths: Precast concrete provides strength, durability, sustainability, speed of construction and reduced total cost of ownership.
Weaknesses: Requires significant upfront investment in precast production plants. Problems in transportation of large precast elements.
Opportunities: Growing commercial and industrial construction sectors provide major opportunities. Government support for sustainable infrastructure also supports growth.
Threats: Substitutes like light gauge steel framing pose a threat. Volatility in raw material prices impact project costs.
Key Takeaways
The global precast concrete market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing commercial and industrial construction activities.
Regional analysis: North America dominates the global precast concrete market with the largest share due to strong infrastructure investments. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing construction spending in China, India.
Key players operating in the precast concrete market are Oldcastle Inc., Cemex Inc., Lafarge North America, HeidelbergCement, Holcim Inc., Vulcan Materials Co., Colas S.A., Martin Marietta Materials, MDU Resources, and Buzzi Unicem.
Read More: https://cmiresearch.blogspot.com/2023/11/rising-construction-spending-to-boost.html
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