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| Precast Concrete Market |
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/
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