Posted By TMR Research Insights
Posted on August 27, 2021
Precast Construction Market – Snapshot
Precast construction is a process where concrete is casted in a reusable mold or ‘form,’ which is then cured in a controlled environment and is transported to the construction site for installation. There are different types of precast construction systems for architectural application purposes. They differ in size, function, and price. The usage of precast elements eliminates the need for conventional formworks.
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Precast elements also mitigate the amount of waste generated and check other environmental hazards. They further provide a safe working platform to workers. Precast products are manufactured in a casting area where critical factors, such as temperature, mix design, and stripping time, can be closely checked and controlled. This ensures that the quality of precast products is better than that of cast-in-situ concrete products. Additionally, precast products help in saving a significant amount of money by eliminating rectification work. Furthermore, due to a factory-controlled environment, different combinations of colors and textures can be applied easily to architectural or structural pieces. Precast concrete is primarily used in the construction of buildings with repetitive designs and elements, such as schools and apartments. It provides architects with an exciting medium while designing facades for a wide range of buildings, such as health care facilities, commercial buildings, and stadiums.
Building & Construction Industry to Impact Precast Construction Market
Rise in investment in the building & construction industry, owing to various government-backed welfare housing schemes has boosted demand for precast construction during recent times. In addition, factors such as an increase in disposable income and a rise in the purchase of houses have propelled demand for precast construction. Furthermore, rebuilding, refurbishing, and renovation of old buildings have boosted investments in the building & construction industry, thereby augmenting demand for precast construction. Low interest rates in housing have also led to investments in the building & construction industry, thus propelling demand for precast construction.
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Leading Players Focusing on Geographical Expansion
Key players profiled in the precast construction market include LafargeHolcim, China National Building Material Company Limited, Elematic Oyj, Cemex S.A.B. de C.V., CRH plc. Larsen & Toubro Limited, Taisei Corporation, Coltman Precast Concrete Limited, Bison Manufacturing Limited, and Weckenmann Anlagentechnik GmbH & Co. KG. These players engage in collaborations, mergers & acquisitions (M&A), geographical expansion, and launch of new products. In March 2017, LafargeHolcim Ltd. inaugurated a new Construction Development Lab (CDL) in Casablanca, Morocco to strengthen its position in the country. The facility would provide the company an edge over other market players through research and development.
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Floor & Roof System Segment to Dominate the Precast Construction Market
In terms of structure system, the floor & roof system segment constituted a major share of the global precast construction market in 2017. Floor & roof systems enable large span capacity, besides providing excellent sound transmission and heat resistance characteristics. They provide load distribution properties and are ideally used in garages, gymnasiums, paper mills, office & commercial buildings, industrial buildings (food processing industry, paper mills), condominiums, apartments, hotels, educational institutions, sewage & water treatment plants, etc.. They are also used as thermal mass to reduce the need for air conditioning. The floor & roof system segment is expected to expand rapidly, due to the high adoption rate of floor & roof systems in the precast construction market.
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Demand for Precast Construction to Increase in the Building Works End-use
In terms of end-use, the building works segment is projected to hold a dominant share of the global precast construction market during the forecast period. The segment is likely to expand at significant growth rate from 2018 to 2026. The residential segment, which is a sub-segment of the building works segment, is projected to expand rapidly during the forecast period. Precast construction offers diverse attributes such as low floor-to-floor height, deflection control, low noise transmission, involvement of high strength materials, and long spans. Such attributes are effective for the residential construction industry. Demand for precast construction products in the residential construction industry is expected to rise in the coming years due to direct cost reduction, improved constructional efficiency, and superior structural performance.
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Emerging Economies Dominating the Precast Concrete Market
In terms of revenue, Asia Pacific leads the precast construction market, owing to a rise in investment in the building & construction industry, which can be attributed to a rise in industrialization and urbanization in emerging economies in countries such as China, India, and Japan. Factors such as government-supported welfare housing schemes have also increased demand for precast construction. Furthermore, a rise in activities such as rebuilding, refurbishing, and renovation of old buildings has augmented investments in the building & construction industry, thereby fuelling demand for precast construction in the region. Asia Pacific is a prominent region of the market, owing to the presence of a well-established industrial base in the region, which continuously requires investment.
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