Albany, New York, July 08, 2019 (GLOBE NEWSWIRE) -- The global precast concrete market is overly competitive and fragmented due to the involvement of large number of players in the market, reveals an upcoming Transparency Market Research (TMR) report. The key players in global precast concrete market include Bison Manufacturing Limited, Coltman Precast Concrete Limited, CRH plc, LafargeHolcim Ltd, and Elematic Oyj. These companies are adopting various strategies like using latest technologies to provide better finished products. In this way they intend to stay ahead in the competitive market.
Due to the on-going infrastructural development, the number of construction projects is increasing manifold, owing to the expansion of the global precast concrete market. The market is likely to grow at a CAGR of 5% over the forecast period 2016 to 2025. The global precast concrete market registered the net value of US$100 bn in 2016 and it is expected to expand at a healthy rate in the following years.
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From the geographical perspective, the global precast concrete market is foreseen to be held by Asia Pacific during the forecast period. The growth is mainly due to rapid industrialization and infrastructural development initiatives being undertaken by the governments of developing economies like India and China. On the basis of segmentation, in terms of structural systems, the global precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, and façade system. Of all these, beam and column structure system is projected to hold maximum shares owing to the growth of the global precast concrete market.
Swift Urbanization to Strengthen Global Precast Concrete Market
The large portion of the population is moving from rural area to urban areas, in order to cater to the demand, there is an increasing number of constructions happening across the globe. Construction projects such as residential buildings, commercial buildings, schools, and colleges are taking place at a rampant rate, aiding to the healthy growth in the global precast concrete market.
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Additionally, precast concrete provides features such as shock absorption, crack proof, improved durability, and high tensile strength. These features are expected to play an important role in fuelling the growth in the global precast concrete market in future.
Alternatively, precast concrete are used in water handling products and sewage products. The water products help in bringing water to cities and rural areas from reservoirs and sewage products help in organized dumping of city waste, pushing towards healthy growth in the global precast concrete market.
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Commercial Constructions to Stimulate Global Precast Concrete Market
The increasing number in the construction of commercial buildings such as malls, theatres, hotels, gyms, and offices are expected to drive the global precast concrete revenue.
Further, the precast concrete helps save time and offer cost efficiency, pushing the expansion of the global precast concrete market.
Furthermore, the contractors and builders prefer precast concrete over conventional concrete because buildings that use precast concrete are stronger as compared to the traditional concrete. Using precast concrete in construction requires highly skilled work force as the method of working with it is completely different from the traditional concrete. Lack of such skilled work force may act as a restraint in the global precast concrete market.
Nonetheless, the governments support to provide shelter and better infrastructure to every section of the society is expected to fuel the growth opportunities for the global precast concrete market in the upcoming years.
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This review is based on the findings of a TMR report titled, “Precast Concrete Market (Structure System - Beam and Column System, Floor and Roof System, Bearing Wall System, Façade System; End use - Building Works (Residential and Non-residential), Civil Works (Hydraulic Works, Transportation Works, Power Plants and Communication Works, Specialized Works)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2025.”
The global precast concrete market is segmented into:
Structure System
- Beam and Column System
- Floor and Roof System
- Bearing Wall System
- Façade System
End use
- Building Works
- Residential
- Non-residential
- Civil Works
- Hydraulic Works
- Transportation Works
- Power Plants and Communication Works
- Specialized Works
Geography
- North America
-
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of the Europe
- Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA
- GCC Countries
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