LONDON, March 09, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the precast concrete market, 3D printing is a key trend gaining popularity in the precast concrete market. Major companies operating in the precast concrete sector are focused on developing new 3D printing solutions to strengthen their position. For instance, in December 2021, CEMEX, a renowned precast concrete company based in Mexico, and Denmark-based COBOD International, a key player in construction-grade 3D printers, launched a 3D printing solution that incorporates traditional ready-mix concrete into the construction process. In comparison to traditional construction and other 3D printing methods, the solution saves time and money. CEMEX and COBOD created this 3D printing solution using an innovative admixture that allows the use of conventional concrete, allowing the consumption of locally and readily available materials.
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The global precast concrete market size is expected to grow from $95.86 billion in 2021 to $100.99 billion in 2022 at a compound annual growth rate (CAGR) of 5.35%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The precast concrete market is expected to reach $125.46 billion in 2026 at a CAGR of 5.57%.
Increasing expenditure on road and water infrastructure is significantly driving the growth of the precast concrete market. The use of precast concrete offers major time and user cost savings in comparison with the traditional cast-in-place methods of construction. Emerging and advanced economies are increasing their spending on road and water infrastructure to bridge the gap between the required infrastructure and available infrastructure. According to the World Bank report published in 2019, globally, 2.4 billion people do not have improved sanitation facilities, and 1 billion reside 2 kilometers away from an all-weather road. Governments of various countries are increasing their expenditure on infrastructural developments to bridge this gap. For instance, in September 2021, the Indian government announced road projects worth INR 1 lakh crore ($13.48 billion) to develop road infrastructure in Jammu and Kashmir. The number of national highways in the region has also increased, from 7 in 2014 to 11 in 2021. These infrastructural developments will invariably increase the demand for precast concrete products. Therefore, the increasing expenditure on road and water infrastructure will drive the precast concrete market over the coming years.
Major players in the precast concrete market are Boral, LafargeHolcim, Gulf Precast, Olsan Precast, Forterra, Spancrete, ELO Beton, Balfour Beatty plc, CEMEX, Laing O’Rourke, Julius Berger Nigeria Plc., GRH, Skanska AB, Gulermak A.S, Oldcastle Precast, Elematic, Atco Group, Coreslab, Coltman Precast Concrete, Larsen & Toubro, HEIDELBERGCEMENT AG., Elementbau Osthessen, ELO KG, Taisei Corporation, and Kiewit Corporation
TBRC’s global precast concrete market analysis report is segmented by product into structural building components, architectural building components, transportation products, water and waste handling products, others; by element into columns and beams, floors and roofs, walls and barriers, girders, pipes, paving slabs, utility vaults, others; by end-user into residential, non-residential, infrastructure.
Europe was the largest region in the precast concrete market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precast concrete market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Precast Concrete Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide precast concrete market overviews, precast concrete market analyze and forecast market size and growth for the whole market, precast concrete market segments and geographies, precast concrete market trends, precast concrete market drivers, precast concrete market restraints, precast concrete market leading competitors’ precast concrete market revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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