Precast Concrete Market to Grow at a CAGR of 7.5% During Forecast Period (2022-2028)

The precast concrete market size is expected to grow from US$ 151.84 billion in 2022 to US$ 234.66 billion by 2028; it is estimated to grow at a CAGR of 7.5% from 2022 to 2028.

Precast concrete is a construction material, which is produced by casting concrete in a reusable or moldable framework, following which it is then cured in controlled environment. Precast concrete is categorized as sustainable building materials as it can significantly be reused or remolded, thereby, reducing its impact on the environment.

A few players operating in the global precast concrete market include Heidelberg Materials Betong Sverige ; Boral ; Cemex ; Consolis , ELEMENTBAU SA ; Forterra ; Gulf Precast Concrete Company L.L.C ; LafargeHolcim Maroc ; Centrum Pile AB ; and Tindall Corporation . Players operating in the precast concrete market are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and merger & acquisitions.

Precast concrete is very popular building material for office buildings. The building's walls can be fabricated while the on-site foundations are being built, thereby saving time, and ensuring early occupancy. Precast concrete allows for safe, cost-effective construction in all weather conditions. It also provides long clear spans and open spaces needed in parking structures. In addition, precast concrete saves time and money, and it has greater quality control than on-site concrete construction. Precast concrete construction has many benefits such as it is ecofriendly, earthquake resistant, and energy- efficient than cast-in-situ concrete structures, as well as steel, timber, and masonry structures. Hence, the rising focus toward cost-effective, safe, and environment-friendly products is expected to stimulate the growth of the global precast concrete market.

Precast Concrete Market: Segmental Overview

?Based on structure system, the precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, fa?ade system, and others. The beam and column system segment held the largest market share in 2021. The use of precast concrete structures such as beams and columns helps accelerate construction speed and improve productivity, quality control, and cost-efficiency.

Based on end use, the precast concrete market is segmented into residential, commercial, and others. The commercial segment held the largest market share in 2021. There is a high demand for precast concrete from the commercial sector, owing to the rising investment in commercial construction projects in different countries.?

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