Precast Construction Market Growth, Trends, Size, Share, Forecast to 2027Posted by Ajit on April 27th, 2021 PrecastConstruction Market Highlights: The precast constructionmarket 2020 can reach a valuation of USD 185.45 billion by 2025, confirms thenew report by Market Research Future (MRFR). The extensive study also revealsthat the market can progress at a decent rate of 6.23% during the review period(2019 to 2025). PrimaryBoosters and Key Challenges With the risingprominence of offsite construction for lesser material wastage and higherefficiency, the precast construction market receives a substantial boost, interms of growth. Rapid urbanization as well as industrialization in developingcountries, rising emphasis on the improvement of infrastructure and the high focuson green building projects can also induce tremendous market growth in thefollowing years. The precastconstruction market growth can also be the result of the increasingavailability of cheap raw materials paired with the rampant demand fromdomestic and consumer industries. It is projected that thegrowing prevalence of precast construction can boost the demand for cement,leading to widespread mining activities that harm the environmental health.Furthermore, the recent outbreak of COVID-19 and its debilitating effect on theglobal construction sector can also slow down the market growth rate to a greatextent. On a brighter note, themarket is brimming with a huge number of renowned suppliers and well-known,which means reduced switching cost. Technological innovation and productdifferentiation are some of the top marketing hacks that can help supplierssolidify their presence in the intensely competitive industry. The marketgrowth is also warranted by the rising deployment of concrete additives thatbolsters the durability and quality of the structure, resulting in strongerdemand for precast construction components. MarketSegmentation The top segments basedon which the research on the precast construction industry has been performedby analysts include product, construction type, and application. The product typesconsidered in the report are paving slabs, floors & roofs, columns &beams, staircase, walls, lintels, girders, and others. In the year 2018, thecolumns & beams segment seized the biggest portion of the global market. Tocater to the architectural demands, the precast columns and beams come indifferent sizes and shapes. Also, precast concrete is used in column and beamsto bring down the column count and offer more open space. Owing to this, the columns& beams segment is also anticipated to attain the highest growth rate inthe forthcoming period. The various constructiontypes covered in the market study are modular construction as well asmanufactured homes. The modular type of construction has gained the upper handin the global market, on account of the soaring demand for shorter constructiontime, enhanced quality, as well as fast return on investment. Residential, industrial,infrastructure and commercial are the primary applications of precast constructionlisted in the report. The largest share in the global market belongs to theinfrastructure segment, mostly owing to the rapid advancement of theconstruction sector in developing countries. RegionalStudy The expansion graph ofthe precastconstruction market trend between 2019 and2025 has been covered in the regions of North America, Asia Pacific or APAC,Europe, and the rest of the world or RoW. In 2018, the study confirmed APAC asthe principal market for precast construction and North America as the secondbest region. In APAC, India and Chinaobserve high investment inflow, backed by the government initiatives that helpboost the infrastructure such as road, rail, irrigation canals and dams.Therefore, the swift development of the construction sector, the burgeoningpopulation and its increasing per capita disposal income can produce greatresults for the precast construction market in the region. Additionally, therising need for hotels, hospitals, corporate spaces, schools, shopping malls,and more, significantly fuels the market growth within the region. The North Americanmarket can note sustainable growth in the coming years, since precastconstruction materials more in demand compared to other building componentsowing to the former’s superior quality, high durability, as well as longerlifespans. The mounting popularity of prefabricated components can alsostimulate market growth in the years ahead. Sizeable investments in thedevelopment of real estate and infrastructure also offer attractiveopportunities to the precast concrete market. Complete Business Report@ https://www.marketresearchfuture.com/reports/pre-cast-construction-market-1496 NotableCompetitors Notable competitorsprofiled in the report include Red Sea Housing Services (Saudi Arabia),Bouygues Construction (France), Taisei Corporation (Japan), Kiewit Corporation(US), LAING O'ROURKE (UK), Julius Berger Nigeria Plc. (Nigeria), Balfour Beatty(UK), Komatsu Ltd (Japan), Larsen & Toubro Limited (India), and others. Forterra BuildingProducts Limited (UK), Coltman Precast Concrete Limited (UK), Cemex S.A.B. deC.V. (Mexico), Elematic (India), CRH plc (Ireland) are some of the othercompanies that are also competing in the precast construction industry. AboutMarket Research Future: Market Research Future(MRFR) is a global market research firm that takes great pleasure in itsservices, providing a detailed and reliable study of diverse industries andconsumers worldwide. MRFR's methodology integrates proprietary information withdifferent data sources to provide the client with a comprehensive understandingof the current key trends, upcoming events, and the steps to be taken based onthose aspects. Our rapidly expandingmarket research company is assisted by a competent team of research analystswho provide useful analytics and data on technological and economicdevelopments. Our deemed analysts make industrial visits and collect valuableinformation from influential market players. Our main goal is to keep ourclients informed of new opportunities and challenges in various markets. Weoffer step-by-step assistance to our valued clients through strategic andconsulting services to reach managerial and actionable decisions. Contact Us: Market Research Future Office No. 524/528,Amanora Chambers Magarpatta Road,Hadapsar Pune - 411028 Maharashtra, India +1 646 845 9312 Like it? Share it! More by this author |