Analysis of Potential Impact of COVID-19 on Precast Construction Market
The global precast construction market was valued at around US$ 111 Bn in 2017. It is anticipated to expand at a CAGR of approximately 5.1% during the forecast period, according to a new report titled ‘Precast Construction Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research (TMR). The report infers that the use of precast construction reduces the lead time and provides better dynamics such as durability and sustainability to the structure as compared to the use of conventional construction techniques.
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This is expected to drive the precast construction market during the forecast period. Asia Pacific and Europe are leading regions of the precast construction market. The precast construction market in Asia Pacific is projected to expand at a CAGR of more than 6% during the forecast period, owing to a rise in investments in residential and infrastructure projects in the region.
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Reduction in Construction Time and Structural Properties of Precast Concrete Products to Boost Market Growth
Precast construction saves up to 20% of the total construction time as compared to conventional construction methods. It helps in saving valuable lead time and in reducing the risk of delay or monetary loss in the project, which is expected to boost the precast construction market. The raw materials used in precast construction are inorganic, natural, and recycled resources. Production of precast construction components involves minimal processing or chemical treatment, which results in low embodied energy value (carbon emissions). Thus, a reduction in carbon emission through the precast construction technology is projected to drive the precast construction market during the forecast period. Important parameters such as temperature, mix design, and stripping time are monitored and controlled in a factory environment while producing precast components. A factory-controlled prefabrication environment and elimination of rectification work render high quality and esthetic value to products, thereby augmenting their demand. Precast concrete products are resistant to friction, impact, acid, corrosion, abrasion, and other environmental factors. Precast concrete structures have a longer service life and require minimal repair and maintenance. High structural strength, increased durability, and better rigidity are driving demand for precast construction products.
Prominent Players in the Global Precast Concrete Market
The report also provide profiles of leading players operating in the global precast concrete market such as Bison Manufacturing Limited, Cemex S.A.B. de C.V., China National Building Material Company Limited, Coltman Precast Concrete Limited, CRH plc, Elematic Oyj, LafargeHolcim, Larsen & Toubro Limited., Taisei Corporation, and Weckenmann Anlagentechnik GmbH & Co. KG. These players offer sustainable and durable solutions to clients. Innovation of modern construction equipment and techniques through R&D is one of the approaches adopted by them.
The global precast construction market has been segmented as follows:
Global Precast Construction Market: Segmentation
By Structure System
- Beam & Column System
- Floor & Roof System
- Bearing Wall System
- Façade System
- Building Works
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