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(Construction.IndustryNews247.Com, June 21, 2019 ) The report "Precast Concrete Market by Element (Columns & Beams, Floors & Roofs, Girders, Walls & Barriers, Utility Vaults), Construction Type (Elemental, Permanent Modular, Relocatable), End-use Sector (Residential, Non-residential), and Region – Global Forecast to 2027" The precast concrete market size is projected to grow from USD 109.38 billion in 2018 to USD 146.13 billion by 2027, at an estimated CAGR of 5.96%. The precast concrete market is projected to witness significant growth in the next few years with the increasing demand for new constructions all over the world due to rapid urbanization and industrialization with large-scale investments in the industrial and infrastructural sectors. Rising construction activities in emerging economies and increasing inclination toward sustainable construction methods are increasing the reliance on modern construction techniques, subsequently creating growth opportunities for the precast concrete market.
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The non-residential segment, by end-use sector, is projected to gain maximum traction during the forecast period.
The non-residential segment dominated the market in 2018 and is projected to be the fastest-growing end-use sector over the next five years. As a result of the rising urbanization and industrialization, along with the growing demand for better quality bridges, airports, metros, and buildings among others. This market is mostly driven by the upward surge in demand for new constructions all over the world. Rising public and private investment in the infrastructure sector in the emerging economies of Asia Pacific, the Middle East, and South America are drivers for the growth of this market.
Elemental construction to be the fastest-growing segment in the precast concrete market, in terms of value.
The elemental construction segment is projected to be the fastest-growing construction type segment during the forecast period. This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast elements to build an entire structure across residential and non-residential construction sectors and increase in public & private investments in the global infrastructural development, especially in the emerging economies of the Asia Pacific and South American regions.
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Browse in-depth TOC on "Precast Concrete Market
99 - Market Data Tables
48 - Figures
165 - Pages
The Asia Pacific region constitutes the largest share in the precast concrete market.
Asia Pacific contributes a major market share in the global precast concrete market. Increasing industrialization as well as growing population in China, Indonesia, and India are experiencing high demand for residential and non-residential constructions. The rapid urbanization in these countries demands faster and cheaper construction of buildings and facilities without compromising on quality. Additionally, increased government investments in infrastructural constructions provide potential for growth of the precast concrete market in these countries.
The market in this region is also growing rapidly due to the presence of various small and some leading players.
The major players in the precast concrete market in Asia Pacific include Komatsu (Japan), Larsen & Toubro (India), and Taisei Corporation (Japan).
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