Precast concrete market is anticipated to grow at a CAGR of nearly 5.8% during the forecast period. The market growth is primarily driven by the factors such as, booming in the construction industry, rapid urbanization, and demand for cost-efffective, low maintenance construction products. Apart from this, the growing investments in infrastructure development projects in the Asia-Pacific region are expected to be the primary factors driving the product demand over the forecast period. Moreover, columns and beams are the basic raw material which is to be used in the construction of buildings, lyovers, and bridges as it provides a strength to the building, minimizes the maintenance cost,therefore it is more suitable for architectural projects. Owing to this attributable reason, the demand for columns and beams has increases over the forecast period.
COVID-19 has significantly affected the building and construction industry. The pandemic has abruptly terminated the activities related to construction and infrastructure. The market was hampered due to the slower supply of basic raw material, strict lockdown hampered the movement of material and labor. However, the increase in the number of COVID-19 cases boosted the demand for modular buildings and hospitals. The governments started taking the initiative for building more and more healthcare units to provide treatment for COVID-19 patients. For instance, in March 2020, Larsen and Toubro, has built an exclusive hospital in Tamil Nadu state, with the capacity of 50-100 beds for the treatment of COVID-19 patients.
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Precast Concrete Market Segmentation
By Product
- Columns & Beams
- Walls
- Staircases
- Pipes
By Construction Type
- Modular
- Manufactured Homes
By End-User
- Residential
- Non-Residential
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Balfour Beatty Plc
- Bouygues Construction
- Cemex
- EBAWE Anlagentechnik GmbH
- ElematicOyj
- ELO Concrete
- Gulf Precast Concrete Co llc
- HeidelbergCement AG
- Julius Berger Nigeria Plc
- Kiewit Corp
- Komatsu Ltd
- Larsen & Toubro Ltd
- NRW.Global Business GmbH
- Olson Precast Comp
- Putzmeister Comp
- RED SEA International
- Spiroll Precast Services Ltd
- TAISEI Corp
- Tindall Corp
- WeckenmannAnlagentechnik GmbH & Co. KG
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Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
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Article source: https://article-realm.com/article/Business/58542-Precast-Concrete-Market-Sluggish-Growth-Rate-Foreseen-by-2024-2031.html
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