Surging Renovation & Remodeling Projects and Government Initiatives Influence Global Precast Concrete Market Growth

According to Inkwood Research, the Global Precast Concrete Market is expected to rise with a CAGR of 5.45% in terms of revenue during the forecasted years of 2022-2030.

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Precast concrete products are ideal for a number of architectural applications given their unique qualities, such as fire resistance, in addition to sound attenuation. Furthermore, precast concrete also has numerous benefits, including swift and cost-effective and affordable construction, superior quality control, as well as environmental protection.

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Renovation & Remodeling Projects and Government Initiatives to Propel Market Growth
The global precast concrete market is expanding, primarily owing to renovation and development operations, fueled by the rise in investments for upgrading existing infrastructure. Furthermore, the demand for precast concrete is also projected to be driven by ongoing remodeling & construction activities in non-residential sectors over the forecast period. Aligning with this, as per the National Association of Home Builders, remodeling rose by 13% between 2020 and 2021. Also, the percentage is expected to expand at a gradual but steady rate in 2022. While renovations in hotels, as well as resorts, are increasing, participants' surging investments in industrial buildings are further anticipated to augment the need for precast concrete, consequently opening up new business opportunities.

Infrastructure to be the Leading & Dominating End Use by 2030
Precast concrete is being increasingly utilized in order to build protective walls for highways. These are significantly more robust compared to those constructed using other materials and also help avert the breakthrough of cars carrying heavy loads.

Additionally, the demand for precast concrete is likely to increase over the forecast period, given the material's high resilience to the external effects of wind, rain, storm, and snow. As a result, the exceptional durability of precast concrete, as well as low maintenance requirements, further facilitate its use in the infrastructure end use sector. Besides, since precast concrete buildings' surfaces are equipped to reduce ambient noise from trains and highway traffic, they are largely used for building noise-canceling walls, as well.

North America: Fastest-Growing Region by End of Forecast Period
The North America precast concrete market is expected to be fueled by the surging demand for sustainable as well as innovative construction techniques, in addition to the rapidly expanding construction industry. Furthermore, rapid commercial growth in the region is projected to open new avenues for numerous industries, including retail, hospitality, and others. This factor, in turn, is anticipated to aid the market in North America during the forecast period.

The competition in the global precast concrete market is expected to be intense. Moreover, some of the leading players operating in the market are Bouygues Construction, CEMEX SAB de CV, Boral Limited, Balfour Beatty PLC, etc.

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