New York, March 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Precast Concrete Global Market Report 2022" - https://www.reportlinker.com/p06248252/?utm_source=GNW
, 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.
The global precast concrete market 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 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 market is expected to reach $125.46 billion in 2026 at a CAGR of 5.57%.
The precast concrete market consists of the sales of precast concrete by entities (organizations, partnerships, and sole proprietors) that refer to the prefabricated concrete products made beforehand in a conducive environment.Precast concrete is a simple concrete that has been cast in a location beside the one in which it would be used.
It is easier to control the mix, placement, and curing of precast because it is produced in a managed casting environment. Precast concrete is widely used due to its functional versatility in parking garages, bridges, office buildings, stadiums, shops, and housing with repetitive and modular elements.
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 this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 the 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 drives the precast concrete market over the coming years.
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, have 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.
In July 2021, Forterra, a leading manufacturer of water and drainage pipe and products in the United States, acquired Barbour Concrete Company and Barbour Building Systems for an undisclosed amount.With this acquisition, Forterra intends to offer a broader range of products as well as access to technical expertise that will aid in the development of customized services for a range of end-users.
Barbour Concrete Company & Barbour Building Systems is a company based in the United States that manufactures precast concrete products.
The countries covered in the precast concrete market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06248252/?utm_source=GNW
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