 |
| Precast Concrete Market Size |
The global Precast Concrete Market is estimated to be valued at US$ 100.68 Bn in 2023 and is expected
to exhibit a CAGR of 5.4% over the
forecast period 2023-2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
Precast concrete products are construction materials that are cast and prepared
in a manufacturing facility and then transported to the construction site for
installation. Common products include panels, beams, hollow-core planks, wall
panels, columns, and stairs among others. Precast concrete construction reduces
the amount of labor onsite and waste generation compared to traditional
cast-in-place construction. It also provides enhanced durability, dimensional
accuracy, and less variability. Precast concrete offers several advantages such
as quicker construction time, high structural integrity, customizable designs,
sustainability, and cost-effectiveness. These advantages have been fueling the
adoption of precast concrete across commercial and residential construction.
Market key trends:
One of the key trends in the Precast
Concrete Market Size is the rising use of precast elements made from
engineered cementitious composite (ECC) and ultra-high-performance concrete
(UHPC). ECC is a type of cement composite that shows tensile ductility and
strain-hardening behavior, providing durability, sustainability, and earthquake
resistance. On the other hand, UHPC is characterized by its unique
strain-hardening property that enhances its strength and durability manifold.
Leading precast manufacturers are adopting ECC and UHPC in their product portfolios
to meet the sustainability goals and stringent structural requirements of
modern construction projects.
Another major trend is the growing popularity of 3D printing in precast
construction. 3D printing technology has enabled mass-customization of precast
concrete products. Using 3D concrete printing software, designer precast
concrete elements can be printed layer-by-layer with various degrees of
complexity. This improves design flexibility, reduces material wastage onsite,
and speeds up project completion timelines. Several companies are actively
exploring the unlimited design possibilities of 3D printed precast concrete.
Going forward, digitization of the entire precast concrete production process
via Industry 4.0-based technologies is expected to revolutionize the industry.
Porter’s Analysis
Threat of new entrants: Low capital requirements for precast concrete
production and emergence of mid-sized companies pose low threat to existing
players.
Bargaining power of buyers: Large buyers such as construction companies possess
significant bargaining power due to the fragmented nature of precast concrete
suppliers.
Bargaining power of suppliers: Cement and aggregates providers have low to
moderate bargaining power since precast concrete producers can switch suppliers
easily.
Threat of new substitutes: Alternate building materials such as plywood and
light gauge steel framing pose threat to precast concrete, however it cannot
replace precast’s durability and sustainability benefits.
Competitive rivalry: Fragmented market structure with regional players
competing on the basis of quality, delivery time and product innovation leads
to high competition.
Key Takeaways
The global precast concrete market is expected to witness high growth,
exhibiting CAGR of 5.4% over the
forecast period, due to increasing adoption in non-residential construction for
sustainability and speedier construction benefits.
The Asia Pacific region is expected to dominate the global precast concrete
market over the forecast period. This is attributed to massive infrastructure
development and building construction activities in China and India. Moreover,
the region houses some of the top precast concrete producers globally.
Key players operating in the precast concrete market are Oldcastle Inc., Cemex
Inc., Lafarge North America, HeidelbergCement, Holcim Inc., Vulcan Materials
Co., Colas S.A., Martin Marietta Materials, MDU Resources, and Buzzi Unicem.
Players are focusing on capacity expansion, product innovation and mergers &
acquisitions for market share gain.
Read
More: https://www.ukwebwire.com/precast-concrete-market-is-estimated-to-witness-high-growth/