Precast for building construction has been developing quickly in the previous five years. Designers in developing countries see precast as the future and are prepared to put more in this kind of construction. Nowadays, various systems of precast are utilized in both developed as well as developing countries but with varied usages. In developed nations, panel systems are the majorly used construction system in precast buildings. For instance, 43% of all precast homes and 68% of all precast buildings in the U.S. use the panel system.
Developing economies have lately become the center of attraction among different investors. This can be attributed to the vast potential of expansion of many markets in the region. Urbanization, being an integral part of development, propels the construction industry to meet the demand for residential as well as non-residential structures in urban centers, which is a direct consequence of the influx of people in these areas. This incessant construction calls for an equivalent response from bath and kitchen fixture manufacturers, which rely heavily on precasting. As a result, the precasting manufacturers face the behemoth task of catering to this untapped market in these countries.
Owing to the above factors, the construction market in developing economies, particularly South East Asia, has caught the eye of investors around the globe. This spells a good harvest for precasting market. With foreign investment, advanced techniques almost always follow. This will lead to a wider range of products to choose from, which will be a favorable situation for prospective customers. On account of advanced technologies and superior quality products, the industry is set to register an unprecedented growth in the coming years. It can be safely concluded that this is a win-win condition for the investors as well as the clients.
As per recent IndustryARC analysts, approximately $135 billion of revenue was generated by the precast market in the previous statistical year. APAC is the largest consumer of this market and is poised to undergo the fastest growth in the world and pull the global revenues across the $181 billion mark by the turn of the next decade.