Precast concrete is a construction material manufactured by casting concrete in a reusable or moldable framework, which is then cured in controlled environment. Such materials are precasted and prefabricated at the time of manufacturing and are later assembled and molded at the construction site. Such structures have the ability to enhance construction speed and improve productivity and quality while being cost-effective. Thus, with the growing demand for cost-effective and safe material, the demand for precast concrete is expected to rise. Such form of structures are categorized as sustainable building materials as they can significantly be reused or remolded, thereby reducing their impact on environment. The growing adoption of green and modular construction material is expected to proliferate the demand for precast concrete products in the global market.
Precast technology is often correlated with performance, protection, and durability, all of which are good advantages over traditional building methods. Apart from these advantages, one of the essential feature of precast is its potential to reduce construction costs and provide substantial savings before, during, and after the project. Unlike other materials used in conventional building components, precast components are usually made from locally available natural raw materials such as cement, stones, sand, and gravel. It can be reused or recycled completely, which helps in reducing the environmental impact of raw materials over their life cycle. In addition, there is prime focus on promoting safe and digitized construction that could lessen the amount of fatalities at the site. For instance, several reported incidents suggest the fatalities caused while lifting hollow-core slabs with clamps. The use of precast components in the construction work can ensure the safety and protection at construction sites.
Precast concrete is also a popular building material for office buildings. The building walls can be fabricated while the on-site foundations are being built, thereby saving time and ensuring early occupancy. Due to the speed and ease with which precast structures can be constructed, precast has gained immense popularity to be preferred as a building material in parking structures. Precast concrete allows for safe, cost-effective construction in all weather conditions. It also provides long clear spans and open spaces needed in parking structures. In addition, precast concrete saves time and money, and it has greater quality control than on-site concrete construction. Precast concrete construction has many benefits such as ecofriendly, earthquake resistance, and energy-efficient over cast-in-situ concrete structures, as well as steel, timber, and masonry structures. It allows for a faster and more reliable construction process. The rising focus toward cost-effective, safe, and environment-friendly products is expected to stimulate the growth of the global precast concrete market
The "Global Precast Concrete Market Forecast to 2030" is a specialized and in-depth study with a major focus on the global precast concrete market trends and opportunities. The report aims to provide an overview of the market with detailed market segmentation based on structure system, end use, and geography. The global precast concrete market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the use of precast concrete worldwide along with their demand in major regions and countries. In addition, it provides a qualitative assessment of various factors affecting the precast concrete market performance in major regions and countries. The report also includes a comprehensive analysis of the leading market players and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative precast concrete market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global precast concrete market, which helps understand the entire supply chain and various factors affecting the market growth.
The global precast concrete market is categorized on the basis of structure system and end use. In terms of structure system, the market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. By end use, the market is segregated into residential, commercial, and others.
Based on structure system, the beam and column system segment held a significant global precast concrete market share in 2022. Beams are the structural components that are formed in one of three fundamental shapes, including rectangular, inverted tee beams, and L-beams. Beams are primarily utilized to support deck members such as solid slabs, double tees, hollow-core, and sometimes other beams. By end use, the commercial segment led the global precast concrete market with the largest market share in 2022. The commercial sector includes sports facilities, schools, colleges, government institutions, hospitals, schools, offices, and other commercial spaces. Precast concrete is used for the construction of sports facilities worldwide. Precast sport specialized components allow general contractors and architects the flexibility to achieve innovative and complex designs with maximized seating.
The report provides a detailed overview of the global precast concrete market with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South & Central America. Asia Pacific accounted for a significant part of the global precast concrete market share and was valued at around US$ 75 billion in 2022. The precast concrete market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China is a major contributor to the market growth in this region. The country has been the largest and fastest-growing construction industry for more than a decade. Europe is also expected to witness notable growth, reaching over US$ 45 billion by 2030. Furthermore, in North America, there has been a widespread usage of precast concrete. This has created lucrative opportunities in the precast concrete market. The precast concrete market in North America is expected to grow at a CAGR of ~7% from 2022 to 2030.
Partnerships, acquisitions, and new product launches are a few prominent strategies adopted by the players operating in the global precast concrete market.
The regional trends and factors influencing the Precast Concrete Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Precast Concrete Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 150.93 Billion |
| Market Size by 2030 | US$ 263.71 Billion |
| Global CAGR (2022 - 2030) | 7.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Structure System
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Precast Concrete Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Precast Concrete Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Before the COVID-19 pandemic, the construction sector across the globe was expanding rapidly. The government initiated ambitious infrastructure projects, which included the construction of new cities, transportation networks, and entertainment complexes. This growth boosted the demand for precast concrete components in various construction applications.
During the COVID-19 pandemic in 2020, the precast concrete industry was the least affected. The manufacturers and contractors adopted different manufacturing methods, such as off-site construction, which led to the continuation of precast concrete production. The off-site construction techniques enabled most precast concrete manufacturers to operate their plants with 100% production capacity, strictly adhering to the COVID-19 norms. Thus, the precast concrete market is anticipated to grow strongly from 2022 to 2030.
Cemex SAB de CV manufacturer; Holcim Ltd; Consolis Group SAS; Elementbau Osthessen GmbH & Co., ELO KG; Forterra; Centrum Pile Ltd.; Balfour Beatty Plc; CRH Plc; Heidelberg Materials AG; and Boral are a few key players operating in the global precast concrete market.
The List of Companies - Precast Concrete Market
A few players operating in the global precast concrete market include Cemex SAB de CV manufacturer; Holcim Ltd; Consolis Group SAS; Elementbau Osthessen GmbH & Co., ELO KG; Forterra; Centrum Pile Ltd.; Balfour Beatty Plc; CRH Plc; Heidelberg Materials AG; and Boral.
Asia Pacific is estimated to register the fastest CAGR in the global precast concrete market over the forecast period. This is mainly attributed to an increasing use of precast concrete in different application fields such as residential, commercial, and others.
The projected growth of the market during the forecast period is attributed to rise in renovation and remodeling activities across the globe and increasing need for cost-effective, safe, and eco-friendly products.
The commercial segment held the largest share of the global precast concrete market in 2022. There is a high demand for precast concrete from the commercial sector, owing to the rising investment in commercial construction projects.
The beams and columns segment held the largest share of the global precast concrete market in 2022. Beam and columns are significantly used in residential and commercial purpose infrastructures. With the rapid rise in residential and commercial construction backed by rapid urbanization across the world, the market for beams and columns is expected to rise.
In 2022, Asia Pacific held the largest share of the global precast concrete market. The dominance of the precast concrete market in this region is primarily attributable to the presence of a strong industrial base with prominent manufactures significantly contributing to market growth.