According to the new research report by Transparency Market Research, the competitive landscape of the global precast concrete market is a highly competitive. This intense competition in the market is because of the presence of several established regional as well as international companies. The leading companies in the construction sector are making use of advanced and top quality equipment, materials, and machinery with a detailed pre-project plan. This change in approach is expected to fuel the demand for precast concrete in coming years. The growing percentage of money put in the construction sector is also expected to help the global precast market to grow further. Some of the leading companies in the global precast concrete market include names such as Elematic Oyj, LafargeHolcim Ltd., CRH PLC., Cemex SAB De CV, Coltman Precast Concrete Limited, Bison Manufacturing Limited, and China National Building Material Company Limited among others.
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As per the research report, the global precast concrete market is expected to develop at a steady CAGR of 5% for the given period of forecast of 2016 to 2025. The valuation of the precast concrete market was at around US$100 bn in 2016. With the given rate of growth of the market, the valuation is only estimated to rise in coming years.
Cost Effectiveness of Precast Concrete is Encouraging Increased Adoption
There are various reasons behind the growth of the global precast concrete market. The precast concrete material is generally used for building and construction and consists of casting concrete. This casting concrete is placed inside a reusable mold. The technique of precast concrete aids in cutting down the time of construction by almost 20% as compared to the traditional methods of construction. The cut down time of construction also helps in reducing the expenses of the construction project. Such advantages of using precast concrete are thus helping to drive the growth of the global market. In addition to this, by using the organic, natural, and recyclable precast concrete material, carbon emissions can also be cut down. This proves to be highly beneficial for the sustainability of the environment. The dwindling rate of carbon emissions during construction activities with the help of precast concrete construction technology is projected to help push the development of the precast concrete market to newer heights.
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Government Initiatives are Imperative for Market Growth
Precast concrete has the ability to resist corrosion, acid attack, friction, and several other environmental factors. Considering this, the global market for precast concrete is attracting huge sets of investments and funding from the companies operating in the building and construction sector. In addition to this, growing support provided by the governments across the globe such as launch of welfare housing schemes are also expected to lend a helping hand in the development of the global precast concrete market.