Precast concrete refers to a construction product prepared by casting concrete in a reusable mold or matrix, and cured in a standard controlled environment, which is later transported to the site of construction and lifted into place. MarketsandMarkets projects that the precast concrete market size is projected to grow from USD 99.13 Billion in 2016 to USD 138.96 Billion by 2022, at a compound annual growth rate (CAGR) of 5.96% from 2017 to 2022. The increasing disposable income of people in the developing countries and the changing preferences of construction methods are increasing the reliance on modern construction techniques, which drives the growth of the precast concrete market.
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The key players in the precast concrete market are Actividades de Construcción y Servicios (Spain), Bouygues Construction (France), Larsen & Toubro (India), Taisei (Japan), and Balfour Beatty (UK). Other players include Skanska (Sweden), CRH (UK), Cemex S.A.B.DE C.V. (Mexico), Laing O’Rourke (UK), and Julius Berger Nigeria (Nigeria). These players have adopted various strategies to expand their global presence and increase their market share. Contracts, collaborations, agreements, partnerships, and joint ventures are some of the major strategies adopted by the market players to achieve growth in the precast concrete market.
The years 2016 and 2017 witnessed several contracts in the precast concrete market by key players in order to seize new projects, strengthen their product & service portfolio, and cater to the untapped markets. Investments, expansions & divestments were the second-most the adopted key strategies by market players to expand their geographical reach and market share. The increase in demand for precast construction techniques coupled with high construction growth in emerging markets has encouraged companies to adopt this strategy.
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Bouygues Construction focuses on maintaining a presence throughout the construction value chain through urban planning, property development, design, legal, and financial engineering, as well as by developing sustainable structures which take into consideration technical, environmental, and social issues related to the project. The company, through its subsidiary Bouygues Bâtiment Ile-de-France, signed a contract with Abu Dhabi Investment Authority (ADIA) in March 2018 to build Alto Tower at La Défense in Paris, valued at USD 221.3 million. The company has a diversified product portfolio catering to the building, energy, and transportation industries. It has a vast experience in managing complex projects and has the capacity to adapt to the changing markets.
Larsen & Toubro’s businesses are supported by a wide marketing and distribution network and have established a reputation gaining strong customer support. Over the years, L&T has expanded its national margins and extended its activities into the Indian Ocean Rim countries. The company has lined up itself with the Millennium Development Goals formulated by the United Nations and has advanced well on the social, environmental, and economic agenda pursued over the last few years. The company acquired a significant number of both national and international contracts in 2016, one of which is the order for the construction of a midfield airport terminal building and car park at Abu Dhabi worth USD 49.2 million.
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