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Impact of COVID-19 on Precast Construction Market : Implications on Business

The global precast construction market was valued at around US$ 111 Bn in 2017. It is anticipated to expand at a CAGR of approximately 5.1% during the forecast period, according to a new report titled ‘Precast Construction Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research (TMR). The report infers that the use of precast construction reduces the lead time and provides better dynamics such as durability and sustainability to the structure as compared to the use of conventional construction techniques.

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This is expected to drive the precast construction market during the forecast period. Asia Pacific and Europe are leading regions of the precast construction market. The precast construction market in Asia Pacific is projected to expand at a CAGR of more than 6% during the forecast period, owing to a rise in investments in residential and infrastructure projects in the region.

precast construction market

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Reduction in Construction Time and Structural Properties of Precast Concrete Products to Boost Market Growth

Precast construction saves up to 20% of the total construction time as compared to conventional construction methods. It helps in saving valuable lead time and in reducing the risk of delay or monetary loss in the project, which is expected to boost the precast construction market. The raw materials used in precast construction are inorganic, natural, and recycled resources. Production of precast construction components involves minimal processing or chemical treatment, which results in low embodied energy value (carbon emissions). Thus, a reduction in carbon emission through the precast construction technology is projected to drive the precast construction market during the forecast period.

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Prominent Players in the Global Precast Concrete Market

The report also provide profiles of leading players operating in the global precast concrete market such as Bison Manufacturing Limited, Cemex S.A.B. de C.V., China National Building Material Company Limited, Coltman Precast Concrete Limited, CRH plc, Elematic Oyj, LafargeHolcim, Larsen & Toubro Limited., Taisei Corporation, and Weckenmann Anlagentechnik GmbH & Co. KG. These players offer sustainable and durable solutions to clients. Innovation of modern construction equipment and techniques through R&D is one of the approaches adopted by them. 

The global precast construction market has been segmented as follows:

Global Precast Construction Market: Segmentation

By Structure System

  • Beam & Column System
  • Floor & Roof System
  • Bearing Wall System
  • Façade System
  • Others 

By End-use

  • Building Works
    • Residential
    • Non-residential

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Precast Construction Market data with Current and Future Growth, feasibility and Regional Analysis (2025)

The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.

They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.

Precast Construction Market Introduction

Precast construction, also known as prefabricated construction, finds application in the construction of structures or buildings where most of the structural components are standard and made in plants located away from the construction site. They are then transported to the site for installation. Precast construction involves mass production of components and hence offers several advantages, such as optimum time management, increased efficiency, consistent quality and cost effectiveness.

Besides these factors, precast construction gains an edge over conventional construction due to its relatively high durability, ease of installation and reduced product maintenance. Structures are successfully erected at a much faster pace with the use of precast construction; thereby increasing its market demand. The aesthetic superiority, coupled with lesser maintenance and increased durability offered by precast construction are driving global demand for the precast construction market.

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However, structures made using precast construction display lesser flexibility in their designing basics as compared to those made with conventional construction. Also, linkages or connections linking precast construction products (structural links) could pose design issues. Furthermore, in order to achieve economies of scale, structures ideally need to be of a regular shape, which has been a constraint in the applications of precast construction globally.

The plan of a building or structure is affected by the replication of forms, which is a characteristic of precast construction. It has also been frequently observed that panel linkages are costly and complex in nature. Also, the on-site installation of panels needs skilled labor. Besides, precast construction also mandates the use of cranes to lift construction parts, which incurs further installation costs. With regard to application of the precast construction panels on-site, there is a need of skilled labor and heavy-duty machinery, which has been making the application of precast construction uneconomical, and hence posing a concern for the precast construction market.

Precast Construction Market Segmentation

On the basis of product type, the global precast construction market is segmented as follows:

  • Columns and beams
  • Floors and roofs
  • Girders
  • Walls
  • Staircases
  • Lintels
  • Paving slabs
  • Others (door & window components, manholes and water & sewer system products)

On the basis of type, the global precast construction market is segmented as follows:

  • Modular
  • Manufactured

On the basis of application, the global precast construction market is segmented as follows:

  • Residential
  • Non-residential

Precast Construction Market Dynamics

Precast construction technology has been found to be environment-friendly; hence, the technology has gained widespread approval from all over the globe. Besides the techno-economic benefits, precast construction delivery has been inducing users to switch to this new technology from the conventional one.

In the North American region, especially the U.S., new market participants could make a foothold after a relatively comfortable entry in smaller, niche construction segments in the near future. However, hurdles could be expected during market entry in the most important industry verticals as existing market participants in the precast construction market have the benefit of an established customer base and in-depth market knowledge, apart from their existing brand image – at least at a local level.

Besides, some of them have vertically integrated enough to produce cement and concrete, thereby gaining considerable advantages in terms of production cost and infrastructural efficiency, which would be inaccessible to new entrants. Thus, it could be expected that in the near future, new precast construction companies would successfully enter only niche U.S. sub-markets.

It has been observed that growth in the worldwide demand for modular construction has been encouraging growth of the precast construction market and this trend is expected to continue for the next few years, as building contractors and construction companies are opting for precast construction in the modular construction business

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Precast Construction Market Participants

Examples of some market participants in the global precast construction market are as follows:

  • Acs actividades de construcción y servicios S.A (Spain)
  • Komatsu Ltd. (Japan)
  • Bouygues Construction (France)
  • Larsen & Toubro Limited (India)
  • Taisei Corporation (Japan)
  • Balfour Beatty plc (UK)
  • Kiewit Corporation (US)
  • Laing O’Rourke (UK)
  • Julius Berger Nigeria Plc (Nigeria)
  • Red Sea Housing Services (Saudi Arabia)

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