Precast Concrete Market worth $174.1 billion- Global Forecast 2025

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Precast Concrete Market worth $174.1 billion- Global Forecast 2025

Precast Concrete Market worth $174.1 billion- Global Forecast 2025
Browse141 market data Tables and 45 Figures spread through 203 Pages and in-depth TOC on “Precast Concrete Market”
Precast Concrete Market by Element (Columns & Beams, Floors & Roofs, Girders, Walls & Barriers, Utility Vaults, Pipes, Paving Slabs), Construction Type, End-use Sector (Residential, Non-residential)

Precast concrete refers to a construction product prepared by casting concrete in a reusable mold or matrix, and cured in a standard controlled environment, which is then transported to the site of construction and lifted into place. The growth of the precast concrete market is attributed to the growth of the residential as well as non-residential construction industries, globally. However, factors such as volatility in the raw material prices may inhibit the growth of the market.

MarketsandMarkets expects the global precast concrete market size to to grow from USD 130.6 billion in 2020 to USD 174.1 billion by 2025, at a CAGR of 5.9% from 2020 to 2025. The market for precast concrete is segmented, on the basis of element, into columns & beams, floors & roofs, walls & barriers, girders, pipes, paving slabs, utility vaults, and others (includes staircases, lintels, manholes, door & window components, and water & sewer system products). Columns & Beams is projected to dominate the market for precast concrete by 2025, in terms of value. Precast columns & beams are used extensively in the residential and non-residential sectors and find applications in both building and non-building structures. Factors such as increasing public and private expenditure in infrastructure projects, especially in the emerging economies of APAC, South America, the Middle East, and the growing demand for residential constructions due to rapid urbanization have contributed to the growth in the demand for precast columns & beams.

On the basis of construction type, elemental construction is projected to be the largest segment in the precast concrete market during the forecast period. Precast concrete elements such as columns & beams and floors & roofs are used in various residential, non-residential, and infrastructural applications. This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast elements to build an entire structure across residential and non-residential construction sectors and increase in public & private investment in the global infrastructural development, especially in the emerging economies of the APAC and South American regions.

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Based on end-use sector, Non-residential is projected to be the larger segment in the precast concrete market. The non-residential segment generates higher demand for the precast concrete products, majorly for the commercial and infrastructural application. The demand from this sector is supported by increased

investment in new commercial construction projects. Factors such as durability, low maintenance, cost-effective, and less construction time will fuel the demand for precast concrete for new projects.

The precast concrete market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa and South America. The APAC region accounted for the largest market share in 2019, in terms of both value and volume. Furthermore, the market for precast concrete in the APAC region is projected to grow at the highest CAGR from 2020 to 2025, in terms of both value and volume.

In 2020, the market had a nominal growth due to COVID-19 and witnessed a minimal decline in its demand in 2020. Due to COVID-19, the market is being hampered owing to slowing raw material production, supply chain disruption, hampered trade movements, declining construction demand, and reduced demand for new projects. However, the demand for modular buildings has increased owing to the increase in the number of COVID-19 cases and requirement for healthcare and quarantine buildings/ units.

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