The global precast concrete market size is projected to grow from USD 130.6 billion in 2020 to USD 174.1 billion by 2025, at a CAGR of 5.9% from 2020 to 2025.

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COVID-19 impact on global precast concrete market

In 2020, the market had a nominal growth due to COVID-19 and witnessed a minimal decline in its demand in 2020. Due to COVID-19, the market is being hampered owing to slowing raw material production, supply chain disruption, hampered trade movements, declining construction demand, and reduced demand for new projects. However, the demand for modular buildings has increased owing to the increase in the number of COVID-19 cases and requirement for healthcare and quarantine buildings/ unit.

Columns & Beams widely preferred element of precast concrete

Based on element, columns & beams is projected to be the largest segment in the precast concrete market. Precast columns & beams are used extensively in the residential and non-residential sectors and find applications in both building and non-building structures. Factors such as increasing public and private expenditure in infrastructure projects, especially in the emerging economies of APAC, South America, the Middle East, and the growing demand for residential constructions due to rapid urbanization have contributed to the growth in the demand for precast columns & beams.

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Elemental construction to dominate the global precast concrete market
The elemental construction segment to lead the global precast concrete market by 2025. Precast concrete elements such as columns & beams and floors & roofs are used in various residential, non-residential, and infrastructural applications. This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast elements to build an entire structure across residential and non-residential construction sectors and increase in public & private investment in the global infrastructural development.

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