Precast Concrete Market

Dublin, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The "Precast Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Structure System; and End use" report has been added to ResearchAndMarkets.com's offering.

The precast concrete market 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.

The high-density precast concrete is more durable against acid attack, corrosion, and impact, reduces surface voids, and resists the accumulation of dust. There are various benefits of using precast concrete products for various structural purposes. Precast concrete can be used to create road barriers, building segments such as walls, and a wide range of shapes and sizes of blocks. Using precast concrete can help to save money by reducing the time spent on a project. As the parts being used come already created, no time is wasted in forming, framing, pouring, or curing.

A rise in renovation and remodeling activities, driven by increasing investments by the government and private sectors in the modernization of existing infrastructure, is fueling the precast concrete market growth. However, the volatility of raw material prices hampers the precast concrete market growth. Cement, aggregates, and sand are among the primary raw materials used in the production of precast concrete. The key cause of raw material price fluctuations is volatility in the prices of energy and crude oil, which are used in the production and transportation of these products.

Based on structure system, the precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, facade system, and others. The beam and column system segment held the largest market share in 2021. Beams are the structural components that are formed in one of three fundamental shapes - rectangular beams, inverted tee beams, and L-beams. Beams are primarily utilized to support deck components, such as solid slabs, double tees, and hollow-core, and sometimes other beams. The precast beams and columns offer advantages, including design flexibility, faster installation structures, sustainable construction, durability, long life, low maintenance, and moisture resistance.

In 2021, Asia Pacific held the largest share of the precast concrete market. Easier and faster construction, minimum fieldwork, and cost reduction are among the major advantages associated with the use of precast concrete that fuel its demand in different applications in Asia Pacific. The building and construction industry is a strong contributor to the precast concrete market growth in the region. In India, construction is the second-largest industry, after agriculture, which accounts for ~11% of the country's GDP. The market growth in Japan is ascribed to the strong presence of construction, automotive, and other industries.