According to the new market research report “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) – Global Forecast to 2025“, The global precast concrete market size is projected 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 is projected to grow in accordance with the increase in the demand for residential and commercial construction across the globe. Furthermore, the precast concrete market has witnessed a significant increase in demand, owing to the growing interest of consumers in modular buildings, the booming housing construction sector, rise in renovation & remodeling activities, and rapid urbanization & globalization.
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Columns & Beams, by element, accounted for the largest market share in the precast concrete market. 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.
Elemental construction, by construction type, accounted for the greatest demand for precast concrete in 2019, in terms of value and volume. 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 Asia Pacific and South American regions.
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The global precast concrete market size is projected to grow from USD 130.6 billion in 2020 to USD 174.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast year. According to American Concrete Institute, “Precast concrete is reinforced concrete constructed by industrialized methods. It is characterized by dividing the building into components, which are manufactured in a precast concrete plant, and transported by special transportation equipment to the site. Precasting reduces construction time because the manufacturing of the elements is carried out beforehand. Precast concrete is reinforced with either reinforcing bars, strands with high tensile strength, or a combination of both.
The precast concrete market has thousands of companies which thrive in their domestic market. A few of the major players are, LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), Skanska AB (Sweden), CRH Plc (UK), Cemex S.A.B de C.V. (Mexico), Laing O’Rourke (UK), Julius Berger Nigeria Plc (Nigeria), and Boral Limited (Australia), among others. These players have adopted various growth strategies, such as acquisitions, expansions, contracts, agreements, partnerships, and new product developments, to increase their market shares and enhance their product portfolios.
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LafargeHolcim Ltd. manufactures and sells cement, aggregates, ready-mix concrete, and asphalt products and provides associated services and solutions. Its products are used in various projects and applications, including the construction of infrastructure projects, such as tunnels, airports, ports, bridges, data centers, roads and highways, and stadiums. LafargeHolcims strong market position enables the company to establish itself as a leading construction material provider in the world and increase its revenue.
CEMEX S.A.B. de C.V. is a global building materials company operating in more than 50 countries across the world, maintaining trade relationships with over 100 nations including the US, the UK, Germany, France, Spain, Egypt, Columbia, and the Philippines. The company produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, and other construction materials. It operates through three key product segments: cement, ready-mix concrete, and aggregates. The composition of these materials is used for the production of precast concrete.
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