PRECAST CONCRETE MARKET 2022

The overall precast concrete market is expected to grow from USD 99.13 billion in 2016 to USD 138.96 billion by 2022, at a CAGR of 5.96% from 2017 to 2022.

It has been growing in accordance with the advancing degree of urbanization, industrialization, and infrastructural developments. The gradual shift of building contractors and consumers toward cost-efficient, eco-friendly, and modern building techniques is creating growth opportunities for the precast concrete market. The increasing disposable income of people in the developing countries and the changing preferences of construction methods are increasing the reliance on modern construction techniques, which drive the precast concrete market growth. The precast concrete elements are used in residential and non-residential sectors. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.

Drivers

Increase in population and rapid urbanization translating to a large number of new construction projects
Growth in infrastructure investment and industrialization
Need for reduced construction time and cost
Increased concern toward work-zone safety and reduced environmental impacts
Ease of installation and removal

Restraints

Economic downturn in major regions

Opportunities

Rise in new construction projects in the emerging economies

Challenges

Lack of awareness about the precast concrete method among end users
Volatility in transportation charges can create an unpredictable business environment