Increasing investment in the infrastructure sector and growing popularity of offsite construction is anticipated to spur the market for the product. Although, the global construction industry is expected to witness slow growth rate for residential sector in developed economies which include Europe and North America.
The market players are investing in research and development activities for the product diversification and innovation which is further expected to drive the sales revenue and ensuring the competitive edge over other players in the market.
Rapid commercialization is also projected to fuel the sales of concrete products which include roofing tiles and building boards, owing to the affordable price of products compared to other construction materials.
Precast Concrete is referred as the construction material prepared by pouring concrete in a pre-made mold over rebar or wire and cured offsite in a controlled area at the plant. The performed concrete products are shipped to the job site after hardening and are assembled into the desired structure. The precast concrete manufacturing plants are needed to be certified from architectural associations and government agencies.
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The manufacturing process of the precast concrete is carried out in controlled environmental condition and is independent of the weather conditions. Hence, the manufacturing process of precast concrete is unconstrained and the supply is uninterrupted. The material can be reused several times before replacement and hence, the production cost of these materials is low making the product affordable. The manufactured products include pre-stressed bridge beams, roofing tiles, building boards concrete slabs and panels, posts, poles and railroad tiles.
Top Industry Player’s
Key manufacturers and suppliers in the market include ABM Construction, Boral Limited, Amcon Block & Precast Incorporate, Cemex S.A.B. de C.V, Oldcastle Precast, Metromont, Coreslab International, Coltman Precast Concrete, and CRH plc.
Majorly, the end products are used in construction of nonresidential, residential and industrial buildings. However, these are also utilized for construction of public structures such as sanitation and sewage systems and transportation infrastructure. Furthermore, the usage of these manufactured products contributes in speed up the construction activities.
Furthermore, increasing globalization has also led to the development of infrastructure across the globe which has resulted in increased cost in infrastructural development. This has further resulted in the improved sale of precast manufactured products for public structures and transportation infrastructure.
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However, the market is expected to be driven by the U.S. healthcare sector as nearly 1,300 projects are under construction or in planned stage which included the construction of Lucile Packard Children’s Hospital in Stanford, Tisch Hospital in New York. Furthermore, the aging infrastructure of the country is also projected to enhance the demand of infrastructural investment for reconstruction or renovation of the buildings.
Asia Pacific is estimated to hold the major share and is also anticipated to dominate the market over the forecast period. The growth of the region is mainly driven by the India, Japan, China, Malaysia and other countries. The governments of these emerging countries are also modifying their policies to attract foreign investment in the infrastructure sector.
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