Precast Concrete Market by Element|Construction Type, End-use Sector – Global Forecast to 2025
COVID-19 impact on global precast concrete market
In 2020, the market had a nominal growth due to COVID-19 and witnessed a minimal decline in its demand in 2020. Due to COVID-19, the market is being hampered owing to slowing raw material production, supply chain disruption, hampered trade movements, declining construction demand, and reduced demand for new projects. However, the demand for modular buildings has increased owing to the increase in the number of COVID-19 cases and requirement for healthcare and quarantine buildings/ unit.
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The global precast concrete market size is projected to grow from USD 130.6 billion in 2020 to USD 174.1 billion by 2025, at a CAGR of 5.9% from 2020 to 2025. The market is projected to grow in accordance with the increase in the demand for residential and commercial construction across the globe. Furthermore, the precast concrete market has witnessed a significant increase in demand, owing to the growing interest of consumers in modular buildings, the booming housing construction sector, rise in renovation & remodeling activities, and rapid urbanization & globalization.
Elemental construction to dominate the global precast concrete market
The elemental construction segment to lead the global precast concrete market by 2025. Precast concrete elements such as columns & beams and floors & roofs are used in various residential, non-residential, and infrastructural applications. This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast elements to build an entire structure across residential and non-residential construction sectors and increase in public & private investment in the global infrastructural development.
Significant increase in the demand for precast concrete for non-residential construction
By End-use sector, the non-residential segment is projected to be the largest segment in the precast concrete market. The non-residential segment generates higher demand for the precast concrete products, due to the increased investment in new commercial construction projects. Factors such as durability, low maintenance, cost-effective, and less construction time will fuel the demand for precast concrete for new projects.
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APAC region to lead the global precast concrete market by 2025
The APAC region accounted for the largest market share in 2019. Growing population, rapid urbanization, and the construction sector are among the key factors propelling industry expansion in the region. New building constructions with improved energy-efficient solutions for residential and commercial sectors in several APAC countries are fueling the demand for precast concrete in the region.
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