Precast concrete has high strength, durability and sustainability properties due to its manufacturing process. It is widely used in the construction of buildings, transportation infrastructure and utility structures such as bridges, tunnels, car parks, foundations and drainage system. Precast concrete provides shorter construction timeframes, reduces waste, and improves jobsite safety compared to site-cast concrete. The global Precast Concrete Market is estimated to be valued at US$ 122.26 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainable construction trends are expected to drive the precast concrete market growth over the forecast period. Precast concrete structures have minimal environmental impact and high durability. Use of precast leads to reduced construction waste and lower energy consumption compared to site-cast concrete. The components are fabricated in a controlled plant environment leading to consistency in quality. This enhances lifecycle performance of structures while reducing maintenance costs. Further, precast concrete improves efficiency, speed and safety of construction projects. The modular construction enabled by precast is well-suited for infrastructure projects with tight schedules. This is increasing adoption of precast concrete in transportation, utility and commercial construction globally.
Market Name- Precast Concrete Market
Segment Analysis
The global precast concrete market is segmented by structure component, end use and regional demand. Based on structure component, hollow core slabs segment accounted for the largest share of more than 30% in 2020. Hollow core slabs are widely used as they provide high strength, lightweight and durability. They speed up construction time as compared to cast-in-place concrete. Based on end use, residential segment held the largest market share and is expected to witness high growth during the forecast period. Increasing residential construction activities and growing demand for affordable housing is driving the growth of this segment.
Key Takeaways
The global Precast Concrete Market Growth is expected to witness high growth.
Asia Pacific is the fastest growing region in the precast concrete market. Rapid urbanization and industrialization coupled with growing construction industry in countries like China and India are fueling the demand for precast concrete in the region.
Key players operating in the precast concrete market are Curia, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings. Curia is one of the leading players in precast concrete market with wide product portfolio and global presence. The company offers innovative and sustainable precast concrete solutions for various end use industries. Evotec is focused on developing advanced construction techniques using precast concrete to reduce wastage and construction time. Eurofins Scientific provides testing services for raw materials used in precast concrete production to ensure quality and durability of final products. Laboratory Corporation of America Holdings offers testing and inspection services for precast concrete at all stages of production to check compliance with industry and regulatory standards.
For more insights, read- https://www.newsstatix.com/precast-concrete-market-trends-size-and-share-analysis/
For more details on the report, Read- https://whotimes.com/beyond-dna-exploring-the-frontier-of-creation-through-the-lens-of-synthetic-biology/
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