The overall precast concrete market is expected to grow from USD 99.13 billion in 2016 to USD 138.96 billion by 2022, at a CAGR of 5.96% from 2017 to 2022. It has been growing in accordance with the advancing degree of urbanization, industrialization, and infrastructural developments. The gradual shift of building contractors and consumers toward cost-efficient, eco-friendly, and modern building techniques is creating growth opportunities for the precast concrete market. The increasing disposable income of people in the developing countries and the changing preferences of construction methods are increasing the reliance on modern construction techniques, which drive the precast concrete market growth.
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Market Dynamics
Drivers
- Increase in population and rapid urbanization translating to a large number of new construction projects
- Growth in infrastructure investment and industrialization
- Need for reduced construction time and cost
- Increased concern toward work-zone safety and reduced environmental impacts
- Ease of installation and removal
Opportunities
- Rise in new construction projects in the emerging economies
Need for reduced construction time and cost drives the global precast concrete market
Precast concrete construction offers significantly reduced construction time. Reduction in time also results in a reduction of human labor, which leads to cost saving. Precast components are produced in factories under a controlled environment, enabling easy adjustments and real-time monitoring. Unlike cast-in-situ construction, precast uses fewer resources such as cement, steel, water, energy, and human labor, thereby generating less waste in the factory and at the construction site. Precast construction allows parts of an entire building to be made even before the completion of the foundation for the same.
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Key Market Players –
The market in this region is also growing rapidly due to the presence of various small and some leading players.
The major players in the precast concrete market in Asia Pacific include Komatsu (Japan), Larsen & Toubro (India), and Taisei Corporation (Japan).
