Market Overview:

Precast concrete products are widely used in construction due to their durability, design flexibility and strength. Precast concrete has advantages like faster construction, higher quality, and lower life-cycle costs. Precast concrete products include walls, floors, roof panels, fence panels, and utility vaults that provide design freedom, sustainability, durability and economy.

Market key trends:

The growing infrastructure spending on projects such as roads, bridges, dams, railways and commercial buildings is driving the demand for precast concrete. According to the World Bank, global infrastructure spending is estimated to grow at a CAGR of 3.9% during 2016-2040 to reach US$ 94 trillion. Governments across the globe are investing heavily in infrastructure projects under various initiatives like National Infrastructure Pipeline of India, and the US infrastructure plan. This rising infrastructure spending is fueling the growth of precast concrete market. Precast concrete reduces the construction time considerably and provides a safer construction environment compared to site cast concrete. These benefits are increasing its preference among contractors and builders.

Key Takeaways

The global Precast Concrete Market Size is expected to witness high growth at a CAGR of 5.4% over the forecast period, due to increasing infrastructure development projects globally. The market size for precast concrete is anticipated to reach US$ 106.12 Bn by 2023.

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