According to a new report published by Allied Market Research, titled, “Chile Precast Construction Market by Product Type, Construction Type, and End User Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the Chile precast construction market size is expected to reach $492.1 million in 2027 from $323.0 million in 2019, growing at a CAGR of 6.9% from 2020 to 2027. In 2019, non-residential construction dominated the market, in terms of revenue, accounting for 69.6% share of the Chile precast construction market.
Precast construction includes casting of building members such as columns & beams, facades, girders, and others in controlled environments. These parts are further transported to the actual site and joined together either using bolted connections or grouting with concrete. Precast construction is often termed as prefabricated construction or off-site construction. It is bifurcated into two types namely, manufactured homes and modular construction. Modular construction includes assembly of various components of a building and transporting them separately to the project site for assembly. On the contrary, manufactured homes include construction of an entire building structure and transporting it on their own frame or chassis.
Moreover, by on the construction type, modular construction exhibits a high share in the Chile precast construction market. Modular casting of building elements is much easier and requires less capital investment as compared to manufactured housing. Further, manufactured houses also incur high transportation costs, which hinders its dominance in the Chile precast construction market. However, use of light weight concrete and ultra-high strength concrete can assist in overcoming the heavy weight problems caused during transportation of precast concrete elements.
According to end-user industry, the non-residential construction is the highest contributor in the Chile precast construction market. Use of precast construction in large scale infrastructure such as bridges, culverts, and others as well as public structures such as bus & railway stations, airports, and others can assist in reducing construction time. This enables the government to construct better public infrastructure in a shorter time span.
The COVID-19 pandemic has negatively affected the Chile precast construction market mainly due to halt in international trade, prolonged lockdowns, and ceased construction processes. Although, the Chilean government lifted lockdown restrictions in several areas of Santiago, Chile, the propel in COVID-19 cases and fatalities in May 2020, led towards extension of lockdown restrictions until the end of third quarter of 2020. This has halted various construction projects in the residential and non-residential sectors risking jobs of numerous employees and investments on projects.
The Chile precast construction market is segmented on the basis of product, construction type, and end-user industry. Based on product type, the Chile precast construction market is fragmented into columns & beams, floors & roofs, walls, staircases, girders, paving slabs, and others. By construction type, the market is classified into modular and manufactured homes. According to end-user industry, the Chile precast construction market is categorized into residential and non-residential.
Key Findings Of The Study
- By product type, the columns & beams segment dominated the Chile precast construction market share in 2019.
- By end-user industry, the non-residential segment dominated the Chile precast construction market during 2019.
- Depending on construction industry, the modular construction segment garnered major share of the Chile precast construction market in 2019.
The major players operating in the Chile precast construction industry include Ecomundo, Hormipret, Pacadar SAU, Prefabrik Yapı A.Ş, Prefast SpA, Ramaq Chile, Tecno Fast, Tensacon, Tensocret, and Vollert Anlagenbau GmbH.