The global Precast Concrete Market size is expected to reach USD 139.33 billion by 2028 registering a CAGR of 5.3%, according to a new report by Grand View Research Inc. Growing product utilization in the residential construction industry to reduce the overall cost of construction is expected to drive the market growth over the forecast period. China, India, Indonesia, and Vietnam are some of the major Asian economies that are witnessing an infrastructure boom. Thus, growing investments in the construction of underground and over the ground metro rail projects, bridges, tunnels, subways, and high-speed rail networks are anticipated to provide a major boost to the global market.
The product use helps the construction companies to achieve economies of scale, reduce overall labor requirements, and ensure the quality of the finished concrete modules. In addition, it also helps in speeding up the overall process and helps achieve significant savings, in terms of the overall time and cost required to complete the project. Key players in the market have undertaken several strategies, such as joint venture agreements with the local construction companies, to access the local markets. For instance, companies, such as Gulermak A.S. and Shanghai Tunnel Engineering Company are successfully carrying out metro rail construction projects in India in partnership with local companies.
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Precast Concrete Market Report Highlights
- In China, the structural building components segment is expected to grow at a CAGR 7.3% over the forecast period on account of the growing adoption of precast building structural piles and other foundational structures
- In 2020, the revenue for the residential end-use segment in the North America region stood at USD 10.62 billion owing to wide usage of precast architectural building components, such as walls, staircases, and bathroom pods, in residential construction
- In India, the infrastructure end-use segment is expected to grow at the fastest CAGR of 8.6% over the forecast period
- This growth can be attributed to the growing investments in the construction of various infrastructure projects, such as metro rail, high-speed train network, and bridges
- Technological advancements in concrete admixtures and construction chemicals are having a positive impact on the global market as these products help reduce the required curing time for the concrete and help reduce the overall construction time