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The global precast concrete market size is poised to touch USD 162.72 billion by 2027 attributable to the cost-efficient, eco-friendly, and advanced construction techniques. Precast concrete is obtained by casting the concrete into a reusable mold, cured off-site in a controlled area, and then transported to the site for use in constructional development. As per a report by Fortune Business Insights, titled, “Precast Concrete Market Size, Share & Industry Analysis, By Product Type (Building Components, Transportation, Water & Waste Handling, and Others), By End-Use (Residential, and Non-Residential), and Regional Forecast, 2020-2027,” the value of this market was USD 115.98 billion in the year 2019 and is expected to rise at a CAGR of 4.4% between 2020 and 2027.
Increasing Number of Construction Activities to Augment Growth
Rapid urbanization and the increasing number of industries worldwide are the major factors promoting the infrastructural development activities, thereby augmenting the precast concrete market growth. In addition to this, a rise in the demand for residential and non-residential infrastructure such as airports, commercial spaces, malls, sports complexes, and other commercial spaces are also adding impetus to this market.
However, the growing environmental concerns and health hazards caused by cement manufacturing processes such as visual impairment, cardiovascular diseases, asthma, and others may pose a significant challenge to the market in the coming years. Nevertheless, the overall reduction in the cost of construction activities is expected to help the market for precast concrete grow substantially in the coming years.
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Companies Engaging in Organic and Inorganic Strategies to Hold Significant Position
The global market is fragmented on account of the presence of multiple players. They are adopting various organic and inorganic strategies to stay put in the market competition. Other strategies adopted by the players include joint ventures, partnerships and collaborations, contracts and agreements, and more.
Key Industry Developments of Precast Concrete Market include:
List of Notable Players in the Market Include:
Further Report Findings
The Global Market is classified into:
Value (USD Billion)
By Product Type