The global precast concrete market was valued at approximately US$ 100 Bn in 2016 and is projected to expand at a CAGR of more than 5% from 2016 to 2025, according to a new report titled, ‘Precast Concrete Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2025’”, published by Transparency Market Research. The report infers that the use of precast concrete in construction reduces the lead time and provides better dynamics such as durability and sustainability to the structure as compared to the use of conventional construction techniques. This is expected to drive the precast concrete market during the forecast period, viz. 2016 to 2025. Asia Pacific and Europe are the leading markets for precast concrete. The precast concrete market in Asia Pacific is projected to expand at a CAGR of more than 6% during the forecast period owing to rise in investments in residential and infrastructural projects in the region.
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Reduction in Construction Time and Structural Properties of Precast Concrete Products to Boost Market Growth
Precast concrete method saves up to 20% of the total construction time as compared to conventional construction method. It helps in saving valuable lead time and in reducing the risk of delay or monetary loss in the project, which is expected to boost the precast concrete market. The raw materials used in precast concrete construction are inorganic, natural, and recycled resources. Production of precast concrete components involves minimal processing or chemical treatment which results in low embodied energy value (carbon emissions). Thus, reduction in carbon emission through the precast construction technology is projected to drive the precast concrete market during the forecast period. Important parameters such as temperature, mix design, and stripping time are monitored and controlled under factory environment while producing precast concrete components. Factory-controlled prefabrication environment and elimination of rectification work render high quality and aesthetic value to the products, thereby augmenting their demand. Precast concrete products are resistant to friction, impact, acid attack, corrosion, abrasion, and other environmental factors. Precast concrete structures have longer service life and entail minimal repair and maintenance. High structural strength, increased durability, and better rigidity are driving the demand for precast concrete products.
Use of high-quality machinery, equipment, and materials and extensive pre-project planning, coupled with high investments in the construction industry, are estimated to offer lucrative opportunities to the precast concrete market during the forecast period. However, high initial cost and logistical and material handling damages are anticipated to hamper the growth of the market.
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Flooring & Roofing System Segment to Gain Momentum
The report presents a detailed segmentation of the global precast concrete market based on its structure system and end-use. In terms of structure system, the flooring & roofing system segment constituted a major share of the global precast concrete market in 2016. Flooring & roofing systems enable large span capacity, besides providing excellent sound transmission and heat resistance characteristics. They provide load distribution properties and are ideally used in garages, gymnasiums, paper mills, office & commercial buildings, industrial buildings (food processing industry, paper mills), condominiums, apartments, hotels, educational institutions, sewage & water treatment plants, etc. They are also used as thermal mass to reduce the need for air conditioning. The flooring & roofing system segment is expected to grow rapidly, triggered by its high adoption rate in the precast concrete market.