Project report for Precast Congreate Products

Precast concrete is rapidly becoming one of the dominant ways to build the modern India. Its core strength lies in its ability to keep up with the changing expectations of global construction, from market challenges to new performance and safety requirements. Precast technology is already proven one in rapid development of real estate. The shortages and productivity limitations can be eliminated by mechanised process and it fuel the market growth in India. Precast concrete technology is a durable and versatile technology for construction. In this technology the different elements or panels of concrete are produced under strict quality control measures in state of the art factories by highly trained personnel, with virtually no wastage.

Precast concrete is a construction product produced by casting concrete in a reusable mold which is then cured in a controlled environment, transported to the construction site and lifted into place. In contrast, cast-in-place concrete is poured into site-specific forms and cured on site. Precast stone is distinguished from precast concrete using a fine aggregate in the mixture, so the final product approaches the appearance of naturally occurring rock or stone. More recently expanded polystyrene is being used as the cores to precast wall panels. This is lightweight and has better thermal insulation.

The global precast concrete market size was valued at INR 68830.09 Crores in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028. Growing investments in infrastructure development projects in the Asia Pacific region are expected to be the primary factors driving the product demand over the forecast period. The infrastructure segment has been the major driver for the growing product adoption as the product has enabled the infrastructure companies to significantly reduce the overall project timelines and generate significant savings, in terms of labor and raw material costs. Major infrastructure components, such as girders, pillars, and bridge sections, are fabricated at an offsite location and transported to the project site at the time of installation.

Government organizations in emerging countries are actively investing and focusing on developing commercial and industrial infrastructures by implementing multiple programs & assigning projects escalating the precast concrete market expansion. Increasing re-modelling and renovation operations in non-residential spaces will accelerate the demand for precast concrete during the forecast year. Hotel and resort renovation activities are also growing. Rising investments from industry players in industrial construction is further expected to propel the adaptation of precast concrete and create opportunities in the market.

Rapid urbanization and the exponential rise in population are the key factors promoting market growth. The rising need for non-residential establishments such as airports, sports complexes, malls, and commercial spaces will effectively influence an escalated supply chain due to reduced construction time and cost-effectiveness. The rising demand for residential spaces due to the growing population, coupled with the initiatives by the government to provide housing for the Economically Weaker Section (EWS), will further boost the demand for precast concrete. Moreover, the pursuit of better career opportunities has led to more urbanization activities, increasing its use in offices and other commercial spaces.