According to the latest report by IMARC Group, titled, “Precast Concrete Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global precast concrete market reached a value of US$ 115 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 158.2 Billion by 2027, exhibiting a CAGR of 5.4% during 2022-2027.
Precast concrete is a form of concrete that is prepared, cast, and cured off-site in a controlled factory environment. It is made using reusable molds and employed as structural components in constructing wall panels, beams, columns, floors, pipes, staircase, and tunnels. It is more economical and practical than conventional in-situ concrete or steel frameworks. It also offers dimensional accuracy and develops unique and breakthrough construction of exceptional quality.
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The global precast concrete market is primarily driven by its increasing utilization to construct buildings, bridges, and stadiums. Precast concrete minimizes the threats and decreases the possibility of accidents and construction hazards as it is manufactured by industrial methods based on mass production, which helps to build a large number of infrastructures in a short amount of time and at a low cost. Besides this, governments of various countries are extensively investing in commercial and infrastructure development projects, propelling the market growth. In addition to this, the rising remodeling and renovation operations in non-residential spaces, rapid urbanization and the growing use of recycled and reused materials are expected to escalate the demand for precast concrete in the upcoming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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The report has segmented the market based on type, product and end use.
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