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Global precast concrete market size to attain USD 119020 million valuation by 2028
SKYLINE MARKET RESEARCH LLP
6 min read
SKYLINE MARKET RESEARCH LLP
SKYLINE MARKET RESEARCH LLP

The key goal of the current business intelligence study on 'Global Precast Concrete Market' is to provide data on the industry's growth model from 2022 to 2028.

Pune, India, May 24, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, that global precast concrete market was worth USD 85890 million in 2021 and is anticipated to increase at 4.8% CAGR over 2022-2028 to amass USD 119020 million by the year 2028.


Furthermore, the literature identifies growth drivers as well as bottlenecks that affect industry dynamics. It also contains in-depth studies on type, application, and regional segmentation in order to discover the potential prospects. It then looks at the competitive landscape of the vertical by profiling the leading companies in terms of their product portfolios, market share, and financials.

Rising demand in residential and commercial construction, as well as preference for cost-effective & low-maintenance building products are the major growth stimulants for the industry.

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For the unversed, precast components are manufactured in factories under controlled environment enabling customization and real-time monitoring. It uses fewer easily available raw materials like steel, cement, water, human labor, and energy with minimal wastage. Higher quality, lessened construction time, and reduced environmental impact are boosting the product demand.

Furthermore, several government initiatives towards development of industrial and commercial infrastructures, and increase in renovation & remodeling activities are expected to augment the industry outlook during the forecast years.

On the downside, uncertainty in raw material prices as well as transportation cost are challenges that need to be handled by manufacturers to ensure constant profit inflow.

COVID-19 impact:

The advent of COVID-19 outbreak has negatively impacted the raw material production, supply chain, trade movements, construction demand, and delayed new projects, which in turn has hampered the worldwide precast concrete market in the recent past.

Market segment overview:

In terms of type terrain, the industry is divided into pipes, girders, utility vaults, columns & beams, walls & barriers, floors & roofs, and paving slabs. Among these, the columns & beams segment is anticipated to witness a robust demand in the coming years, due to soaring residential constructions and rapid urbanization.

Based on application ambit, the market is branched into non-residential and residential. Out of these, the non-residential segment is slated to see exponential growth through 2028, because of rising investments in new commercial construction projects as well as features like minimal maintenance, cost-effectiveness, and faster building time.

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