Precast Concrete Market to record a CAGR of 7.2% from 2022 to 2030

Precast concrete is widely used in housing, factories, and leading national laboratories around the world to support government programs. In addition, precast construction is a cost-effective, fast, and environment-friendly building method for large housing projects that do not compromise quality. Housing crisis is one of the world's major issues today. Around 330 million urban households worldwide have substandard living conditions. Around 200 million households in developing countries live in slums. At least 1.6 billion people worldwide are expected to be homeless by 2025. Owing to this, the governments of various economies have taken certain initiatives by investing in infrastructure renewal.

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For instance, in India, the trend towards Atmanirbhar Bharat is expected to yield best results for the growth of precast industry attributable to growing focus towards development of moldable construction materials and spare parts so as to minimize the dependence upon imports which can directly be use in construction. Further, the state and central government in the country are equally involved in facilitating the use of precast in their construction projects.

Similarly, several concrete additives, lifting accessories, and spare parts are not manufactured in India. If all of these products are produced in India, the investment cost will be significantly reduced, which will further propel the demand for precast concrete in the market. Furthermore, the construction sector is a core component of Vision 2030 program of Saudi Arabia's economy.
The country is investing in a variety of ventures as a result of ongoing investment and technological advances. The aim of such large-scale projects is to provide lower-income groups with housing options, generate new job opportunities, and diversify the economy. According to the housing ministry, Saudi Arabia will need to build 3.3 million units by 2025, which will further push the construction sector, thereby increasing the demand for precast concrete in the country. The supporting government initiatives will provide ample opportunities for the market players operating in the precast concrete market.

Impact of COVID-19 Pandemic on Precast Concrete Market

The global economy was hit hard due to the COVID-19 pandemic. Governments of various regions had taken possible steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of construction sector. However, the precast concrete market experienced steady growth during covid pandemic. Most of the precast concrete plants were operated using off-site production method leading to continuation of precast concrete production.

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The report includes the segmentation of the global precast concrete market as follows:

On the basis of segmentation global precast concrete market, by structure system, is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. By end use, the market is segmented into residential, commercial, and others. By geography, the global precast concrete market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global precast concrete market in North America is further segmented into the US, Canada, and Mexico.

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The global precast concrete market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global precast concrete market in Asia Pacific is further categorized into Australia, India, Japan, China, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, UAE, and the Rest of MEA. The global precast concrete market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.

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This release was published on openPR.