(I-BusinessNews.Com, November 12, 2019 ) Market Overview
• Precast concrete is a construction product produced from a reusable mold filled with casting concrete. It can be used to prepare a wide variety of products for the above-ground and underground construction.
• From the most significant infrastructure projects to the smallest architectural details, there’s a precast solution for all architects, engineers and construction professionals.
Market Dynamics
• The advantageous features of precast concrete such as reduced construction time and cost, work-zone safety, economic production, good strength to weight ratio, reduced environmental impacts are few of the prime factors fuelling the market.
• Also, other attributes of the product such as – quality, versatility, sustainability, strength, and durability also help the global precast concrete market to surge in the forecast period.
• For instance, according to the World Bank and McKinsey estimates the global expenditure from the construction industry is expected to reach USD 14 trillion by 2026.
• Damage of precast units during traveling, the amount spent on transporting and handling the prefabricated units are the significant restraints of the global precast concrete market.
Market Segmentation
• Based on application, the global precast concrete market is segmented into agriculture, building and construction, water and wastewater treatment, transportation and others.
• Building and construction occupy a significant market share as compared to other applications. On the other hand, transportation is expected to grow at a high CAGR during the forecast period.
• Metro lanes are one of the significant applications of precast concrete. According to UITP Advancing Public Transport by the end of 2013, 148 cities worldwide had a metro system, and approximately 45 cities opening new metro systems.
• From an infrastructure point of view, there are 11,000 kilometers of infrastructure and 9,000 metro stations. Additionally, in January 2018, the Victorian Government signed a contract with an association led by John Holland, Bouygues Construction.
• This project is worth USD 4.79 billion, and this association will be responsible for financing, designing, and building the future Metro tunnel in Melbourne, and its maintenance for 25 years.
• Based on end-users, the market is segmented into residential, non-residential, commercial and others. Among these, residential occupies a significant market share.
• Increasing the middle-class population all over the globe is generating substantial demand for affordable housing which will boost the precast concrete market for residential applications. However, the non-residential segment is expected to be the primary market shareholder due to the rise in the construction of industrial buildings, educational buildings, and hospitals.
Geographical Analysis
• Asia-Pacific occupies a significant share in the global precast concrete market during the forecast period. Due to the rapidly growing population in this region has an increasing demand for construction and transportation.
• According to United Nations Economic and Social Commission, in 2013, the total population of the Asia-Pacific region stood at 4.3 billion, which is 60% of the world’s population and by 2050 it will reach 5.1 billion.
Competitive Trends
• Prominent players in global precast concrete market are Lafarge Holcim Limited, China National Building Material Company Limited, Elematic Oyj, Concrete Limited, Bison Manufacturing Limited, CRH Plc., L&T Construction, Taisei Corporation, and Coltman Precast & Co, Julius Berger Nigeria Plc., Cemex, Bouygues Constructions, Laing Orourke and others Product launches, partnerships and expansions are expected some of the strategies adopted by players to increase their market share.
• For instance, in January 2017, Cemex’s acquired shares in Trinidad Cement Limited (TCL). In October 2015, Cemex UK opened a new flooring production plant using precast concrete at Rochester.
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