Precast Construction Market Estimated to Reach Value of US$ 217.5Bn by 2031: TMR Study
- Increasing investments in building and construction industry could boost growth in Precast Construction Market during forecast period
- Rising demand for floor and roof structure systems assisting in expansion of overall market
- Asia Pacific is the dominant region in global market because of rapid urbanization and industrialization witnessed in countries such as China and India
WILMINGTON, Del., Nov. 16, 2022 /PRNewswire/ -- As per TMR study, the global Precast Construction Market is anticipated to advance at CAGR of 5.1% during the forecast period, starting in 2022 and ending in 2031.
The past decade has witnessed steady increase in number of population sections moving from rural areas to urban areas. This has led to rise in building and construction activities and fueled the demand for precast construction owing to numerous advantages offered such as durability, low maintenance, and energy efficiency.
Few different types of precast construction include bean and column system, bearing wall system, facade system, and floor and roof systems.
Some of the application areas include hydraulic works, specialized works, transmission works, and power plants and communication works.
New precast construction product launches are helping leading market players in gaining a competitive edge over other players.
Furthermore, prominent market players are adopting growth strategies such as signing of collaborative agreements with other players to expand their presence in global market and increase their revenue.
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Key Findings of Precast Construction Market Study
- Increasing Investments in Buildings and Construction Industry Could Trigger Growth in Global Market: The past few years have witnessed an increase in investment in building and construction industry. Key reasons behind the rise in investments are the increase in implementation of several welfare policies and schemes, implemented by governments and low interest rates in housing sector, which is contributing to overall market growth. Furthermore, rising investments in building and construction industry could lead to increase in demand for precast concrete which could help the future of the precast concrete industry.
- Rising Demand for Floor and Roof Structure Systems Propelling Overall Market: The floor and roof structure system segment accounted for largest share in overall market, in 2021. Precast constructed floor and roof systems offer superior sound transmission and improved heat resistant features. Furthermore, the floor and roof structure system have load distribution characteristics and are deployed in paper industry, gymnasiums, garages, industrial buildings, and office and commercial spaces. Furthermore, floor and roof structure systems have also been used as thermal mass to decrease the need for air conditioning, which has helped the growth in the segment
Precast Construction Market-Key Drivers
- Increasing number of new house purchases owing to rising disposable income of large populations is one of the key driving factors of global Precast Construction Market
- Advancements of precast panels, precast lift shafts, and precast walls is triggering the growth in overall market
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Precast Construction Market-Regional Market Insights
- Asia Pacific is presently the dominant region in global market. Rapid urbanization and industrialization, as well as refurbishment and renovation of old building structures in developed and developing economies such as China and India is augmenting the growth in overall market growth in the region. Furthermore, increasing demand for precast concrete in building and construction activities could help the future of precast concrete industry
- Latin America is expected to witness significant growth in market because of increased availability of custom solutions for construction activities in countries such as Brazil and Costa Rica
Precast Construction Market-Key Players
The global Precast Construction Market is consolidated with a handful of prominent market players. Entry of new players, during the forecast period, could intensify the competition in overall market.
Few leading players in global Precast Construction Market include
- Bison Manufacturing Ltd.,
- Tindall Corp.,
- L&T Limited,
- CRH PLC, and Taisei Corporation.
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The global Precast Construction Market is segmented as follows:
Structure System
- Beam and Column System
- Floor and Roof System
- Bearing Wall System
- Façade System
- Others
End-use
- Building Works
- Residential
- Non-residential
- Civil Works
- Hydraulic Works
- Transportation Works
- Power Plants and Communication Works
- Specialized Works
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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