Impact of Outbreak of COVID-19 on Precast Concrete Market
The precast concrete market has made substantial strides over the years, propped by the cost-effectiveness of precast products, and the ease of construction. The use of precast concrete has seemingly become widespread in a range of structural components, given the fact that the approach offers significant freedom to architects and engineers to make for sustainable and inexpensive modular construction. The realization of several advantages of precast concrete technique has spurred its adoption in the building and construction industry, world over.
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The presence of large numbers of players, both with regional as well with transnational presence, has helped maintain the competitiveness of the precast concrete market, notes Transparency Market Research (TMR). They have attained a strong foothold in the market through the use of advanced equipment and materials and concrete curing technologies. Designers and architects in the business employ elaborate detailing of the construction project incorporating specific design philosophy, which optimizes the advantages of the precast concrete.
The strides being made by the building and construction sector around the world is a key underpinning to the expanding outlook of the precast concrete market. The global precast concrete market is projected to clock a CAGR of 5% during 2016 – 2025. The global worth stood at US$100 bn in 2016.
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Precast Concrete Technique Attracting Engineers Due to Its Cost-Effectiveness
Architects and engineers have been attracted to the precast concrete technique due to their markedly better quality than cast-in-situ concrete. Precast concrete is extensively employed for beams and columns of buildings. In addition, growing adoption of precast in construction of tanks and containers has helped bring copious revenues to the precast concrete market. Its popularity in treated water reservoir construction is growing. There have been in recent years an extensive utilization of precast concrete for walls in panel where they are employed for circular tanks, which has helped fuel the growth of the market. The advent of an array of admixtures has enabled solution providers in the precast concrete market to substantially improve the quality of the concrete—especially its durability.
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Government Initiatives to Promote Affordable Housing Bolsters Uptake Substantially
The focus of governments and the building and construction industry to go for environmentally sustainable construction is a key factor driving the market. Further, growing mass production of pre-cast housing units is opening a big fillip to the demands for precast concrete in some countries. The governments especially in developing nations such as in Asia and Africa have embarked on schemes to promote affordable housing for all, thus imparting a large buoyancy in the precast concrete market. This is because precast concrete holds a great potential for producing several identical components, such as floor and wall slabs, cost effectively. Thus, several such governments initiatives to promote residential buildings are bellwether for the future.
