Precast Concrete Market: Size, Dynamics, Regional Insights and Market Segment Analysis

Precast Concrete Market was valued at USD 104.22 Billion in 2022, and it is expected to reach USD 148.62 Billion by 2029, exhibiting a CAGR of 5.2 % during the forecast period (2023-2029) Wall panels, veneer, underground utility vaults, sound walls, pipes, water tanks, pavement slabs, manholes, highway barriers, bridges, ducts, tunnels, and building foundations are all made from precast concrete. The construction industry's shift toward green, energy-efficient structures, particularly in developing nations, is expected to boost Precast Concrete Market demand. Furthermore, the rising popularity of offsite building has resulted in greater demand. The industry is also expanding as a result of increased residential and commercial building in developing nations, particularly China and India. A substantial portion of this expansion may also be ascribed to increased knowledge of the benefits of employing precast concrete among builders, architects, constructors, and end users. Government actions in the Asia-Pacific region are expected to encourage building, hence promoting industrial growth. Government programmes such as OBOR and Bharatmala are intended to boost infrastructure development, particularly in China and India. Precast concrete requires less raw material than traditional building methods, saving a significant amount of money. Precast concrete construction takes less time to complete, which reduces labour costs. Technological advances such as improved performance, lifespan, and durability are expected to drive Precast Concrete industry demand. Major players are always focusing on technical breakthroughs to enhance the overall performance of their products. Because of the presence of key manufacturers covering major regions across the area, the precast concrete industry is characterised by fierce rivalry. To acquire a competitive edge, these players prioritise long-term relationships with application industry participants. Small-scale market firms are likewise employing similar techniques to boost their market penetration in a competitive market. Increasing investments and ongoing R&D have resulted in the production of precast products with increased durability and strength. Furthermore, architectural design and product adaptations to match with the particular structures of buildings and infrastructures have restraint the Precast Concrete industry.Precast Concrete MarketTo know about the Research Methodology :- Request Free Sample Report

Precast Concrete Market Trends

The construction industry is experiencing rapid technological and architectural improvement. To fulfil shifting standards and requirements, airports, transit lines, and even residential projects are experiencing enormous alterations. Other factors propelling the precast concrete industry include greater usage in flexible architectural design and historic structural maintenance. The global precast concrete industry is expected to grow considerably over the forecast period. Rapid industrialization and urbanisation in emerging economies are focused on the global production of high-quality infrastructure, with green building projects driving the sector. The growing popularity of precast building is driving up demand for cement. This demand prompted enormous mining activities, which are wreaking havoc on the environment in a number of nations. Manufacturers have developed an innovative solution in the shape of "Recycled Concrete" to address severe government rules and laws. 1. Chemicals such as cement additives are being used to make the precast product more strong. 2. The CAD/CAM software are used to design the precast products in order to improve the compatibility of products. 3. American Section of the International Association for Testing Materials (ASTM) have various standards for precast concrete construction. 4. The department of Environmental protection regulates and controls VOC emission from production of precast concrete products. 5. The main raw material used in precast concrete are cement, aggregates and water. Price of cement and aggregates tends to fluctuate which may cause concern for precast products manufacturers. 6. There is increasing used in concrete additives which increases the strength and durability of precast concrete structures. 7. The commercial and infrastructure end use segment remain important segments. 8. Superior strength and design flexibility are the main reasons choosing precast concrete products over conventional method.

Precast Concrete Market Dynamics

Advantages of Precast Concrete Are Driving the Precast Concrete Industry Growth Precast concrete provides various benefits over on-site cast concrete in infrastructure. The primary benefit of precast over traditional methods is greater quality. Technical management and perfect industrial conditions have resulted in enhanced quality. One of the most significant advantages of precast concrete over traditional concrete is its speed of construction. Precast concrete can save about one-third of overall building time. An ordinary home system may be installed in less than a day's labour. The installation of wall panels and other components takes relatively little time since the use of precast concrete speeds up the building process. This reduces the amount of time and effort required. Furthermore, the great durability of precast concrete constructions is expected to drive demand even higher. As a result, demand for precast concrete products is increasing rapidly, and this trend is likely to continue during the forecast period. When compared to traditional methods, the use of precast concrete in construction operations is less expensive. Precast structural walls are 20% less expensive than traditional casting methods. Precast concrete walls require 75% less formwork, 90% less wet concrete, and 75% to 90% less scaffolding than traditional cast-in-place concrete walls. However, the biggest cost savings come from reducing on-site labour. Precast construction can save up to 80% of on-site labour. Precast concrete slabs are 23.22% less expensive than cast-in-place concrete construction on average, while precast columns are about 21.4% less expensive, especially for large-scale manufacturing. Precast concrete's low cost has led to its popularity in a variety of application categories, including residential, commercial, infrastructural, and industrial. Gaining Prominence of Offsite Construction to Boost Precast Concrete Industry Growth Offsite or prefabrication is a construction procedure that includes constructing civil structural components in a manufacturing facility and then moving the entire assembly to the construction site. Precast structures are cast and hardened before they are utilised in construction. Offsite construction relies heavily on precast concrete materials. Offsite building is gaining popularity in the construction industry because it saves time and reduces material waste. The procedure may be carried out regardless of the weather. For example, bridges and flyovers are constructed using precast concrete. Cranes and trained manpower are used to transfer these prefabricated pillars and deck slabs to the job site and erect them. Offsite construction is expected to be a significant driver of development in the precast concrete industry over the forecast period.Precast Concrete Market1Because the regulatory landscape is continually changing, the adoption of more ecologically sustainable and regulatory-compliant building processes is projected to enhance prospects and revenues in established markets such as Western Europe and North America. Furthermore, in the post-COVID environment, offsite housing building is expected to increase. England is experiencing a housing scarcity as a result of construction activity being halted owing to the spread of COVID-19 and the adoption of lockdown. The implementation of strong tracking and isolation mechanisms, together with preventative measures, will aid in the containment of the pandemic, which is expected to enhance demand for precast concrete. Precast concrete provides a controlled atmosphere and in-factory quality inspections, lowering the defect rate. Construction waste and pollutant emissions are also decreased as a result of enhanced manufacturing and recycling capabilities. The previously mentioned advantage of precast concrete is expected to drive Precast Concrete Market growth over the forecast period. High Cost of Machinery to Restraint the Growth of the Market Despite the fact that precast concrete has significant benefits over traditional concrete, its usage in poor countries is limited owing to the large investment required. The gear and moulds required for the fabrication of precast concrete items are expensive. To manufacture precast concrete items, complex technology and highly skilled workers are required. Over the foreseeable term, the substantial initial investment is likely to constrain growth. Even if the cost of producing precast concrete is decreasing, there are still costs that may limit the Precast Concrete Market. Because precast concrete is manufactured in factories, it must be delivered to the building site. The cost of transporting this precast product is enormous owing to its huge weight of the precast components and manpower required for handling the material. The economic benefit of precast building is somewhat offset by the higher expenses. Precast construction's necessity for more trained labour and supervision, as compared to traditional methods, is expected to raise the cost. Furthermore, the expense of vast tracts of land places a greater economic strain on producers, as storage sites must be large enough to properly store precast concrete components, with enough room for lifting equipment and carrying trucks to navigate. Incorrect stacking and storage can cause damage to precast pieces. To prevent unintentional damage and discoloration, the stored and stacked units must be covered, and the support material must be non-staining. New Industry Avenues Analysis Precast concrete is increasingly being utilised to build grave liners and burial vaults. The funeral and burial business has a lesser Precast Concrete Market share. However, it currently has a consistent percentage of the whole precast concrete market. The burying business requires enormous concrete cages to protect the cascade from ground settling and earth weight. The upper sector of precast concrete is expected to have a significant share in locations with a mainly Christian population. One of the primary Precast Concrete industry routes for precast concrete is hotel construction. The rapid growth of the tourist sector has produced demand for the construction of new hotels, which is contributing to global job creation and economic growth. Construction businesses and hotel operators see this trend since the tourist industry has enormous potential. This is expected to lead to healthy competition, since vendors in the tourist business will likely focus on providing inhabitants with amenities such as a comfortable stay. Europe and the Middle East are the most popular tourist locations on the planet. The region of Europe receives the most tourists. Thailand is one of the most popular tourist destinations in the Asia-Pacific region. These factors are expected to drive precast concrete product demand for lodging space, hotels, restaurants, and other commercial buildings over the forecast period. Another area of growth for precast concrete is transportation infrastructure. Growing urbanisation has increased global need for a better transportation infrastructure. The transport infrastructure industry is predicted to increase dramatically in the next years as governments establish various strategies to fulfil this need, with large demand coming from countries such as India and China.

Precast Concrete Market Segment Analysis

The Structural Building Components Segment is expected to Dominate the Product Segment Structural building components are expected to be the fastest-growing product type over the forecast period owing to their high demand from the construction industry. The category covers many precast goods utilised in the construction of residential and commercial structures, including as pillars, columns, and joints. Precast slabs, façade, and other products are increasingly being employed in the construction of industrial and manufacturing enterprises. Furthermore, the increasing usage of structural building components in inexpensive housing is expected to be a significant driver for this market. The expanding number of hotels, malls, and hospitals, together with global industrialisation, is expected to drive product segment growth over the forecast period. Precast structural construction components require little or no maintenance, making them very appealing, and this boosts product demand during the forecast period. Furthermore, the use of precast concrete columns, beams, and other construction components helps to reduce the cost of building materials. Furthermore, precast concrete has a longer service life and aids in the construction process, resulting in strong product demand in residential and commercial construction operations.Precast Concrete Market2The Infrastructure segment is expected to Dominate the Application Segment Precast concrete is increasingly being utilised in the building of highway barrier walls to avoid the breakdown of cars carrying heavy loads, and it is far more durable than other materials. Furthermore, the great resilience of precast concrete to the external effects of wind, storm, rain, and snow is expected to drive demand during the forecast period. Precast concrete's low maintenance costs and improved durability encourage its use in infrastructure applications. Because its surface is designed to decrease ambient noise generated by highway traffic or trains, precast concrete structures are suited for the building of noise-cancellation walls. In addition, the design flexibility offered by concrete makes it apt for outdoor applications involving climbing walls, skate parks, and fences. Over the forecast period, the growing emphasis on energy-efficient building techniques and life-cycle management is expected to improve demand for precast concrete. Key market players are progressively utilising precast concrete structures for the construction of infrastructure structures in order to reduce total construction time, increase building structure quality, and reduce the labour required to carry out the construction process. In addition, infrastructure development plans in emerging nations are expected to boost demand for precast concrete products. The construction industry's post-pandemic rebound is expected to generate development prospects for the precast concrete industry.

Precast Concrete Market Regional Insights

The Asia Pacific area is distinguished by a vast supply of trained labour at a low cost, as well as easy land availability. Despite declining growth in other wealthy countries such as the United States, the majority of Asian countries are expected to experience substantial economic growth over the forecast period. The change in the manufacturing environment toward developing economies, notably China and India, is expected to boost market growth during the forecast period. Rising infrastructure development and government investments in megaprojects such as the Hong Kong-Zhuhai-Macao Bridge, the China-Pakistan Economic Corridor, the Navi Mumbai International Airport, the Hyderabad Metro Rail, and Japan's maglev High-Speed Rail are expected to drive demand for precast concrete in the region.Precast Concrete Market3In the twentieth century, China saw significant urbanisation and industrialisation. Furthermore, since the late 1990s, the Chinese government has made significant investments in fixed assets. Rising urbanisation has led in increasing expenditures in transportation networks, ports, highways, and mega-factories, boosting demand for precast concrete over the forecast period. Because of strong consumption in residential and non-residential construction, structural building components were the dominating product type in the region. Rising per capita income in middle-income nations such as China and India is expected to stimulate the residential building sector. The above reason is expected to boost regional precast concrete demand. The rapidly developing construction sector in North American economies such as the United States, Canada, and Mexico, as well as increased demand for sustainable and innovative building techniques, are expected to fuel product demand. Furthermore, the country's rapid commercial expansion is expected to create new avenues for different sectors such as hospitality, retail, and others to expand markets, which is expected to help Precast Concrete Market growth for precast concrete in the region during the forecast period. Over the forecast period, the stable residential sector in the United States and Canada is likely to fuel demand for precast concrete. However, the slow-moving residential market in Mexico on account of decreased demand for urban housing coupled with rising house prices is likely to limit the product market. The increased private investment in developing countries is ascribed to the region's growth. The construction industry's considerable rebound, together with increased penetration of precast concrete products in the area, is likely to boost Precast Concrete Market growth. Increased building activity in Europe due to low mortgage rates is expected to drive demand for precast concrete products in both new construction and rehabilitation projects. However, high labour costs are likely to have a detrimental impact on the region's construction sector, resulting in slow expansion of the precast concrete product industry over the forecast period. The Nordic nations of Europe were among the first in the world to use precast technology. As a result, the precast concrete products are expected to witness high penetration in European construction industry over the forecast period. Severe impact of coronavirus pandemic on the construction industry in major economies of Spain, Italy and UK is expected to limit the growth in the estimated time.

Precast Concrete Market Scope: Inquire before buying

Precast Concrete Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 104.22 Bn.
Forecast Period 2023 to 2029 CAGR: 4.5% Market Size in 2029: US $ 148.62 Bn.
Segments Covered: by Product 1. Structural Building Components 2. Architectural Building Components 3. Transportation Products 4. Waste & Water Handling Products 5. Others
by Application 1. Residential 2. Commercial 3. Infrastructure 4. Industrial
by Product Type 1. Floors And Roofs 2. Columns And Beans 3. Stairs And Landing 4. Others

Precast Concrete Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Precast Concrete Market, Key Players are

1. Kiewit Corporation (US) 2. Bison Manufacturing (US) 3. Coreslab (Canada) 4. Atco Group (Canada) 5. CEMEX S.A.B. de C.V. (Mexico) 6. Laing O’Rourke (UK) 7. Coltman Precast Concrete (UK) 8. Balfour Beatty plc (UK) 9. Aggregate Industries Ltd. (UK) 10. Atlas Concrete Ltd. (UK) 11. Weckenmann (Germany) 12. ACS Group (Spain) 13. Bouygues Construction (France) 14. LafargeHolcim (Switzerland) 15. Elematic (Finland) 16. Skanska(Sweden) 17. Larsen & Toubro Limited (India) 18. Taisei Corporation (Japan) 19. Komatsu Ltd (Japan) 20. OKA Corporation BHD (Malaysia) 21. Balcrom Limited (New Zealand) 22. Red Sea Housing Services (Saudi Arabia) 23. Julius Berger Nigeria Plc (Nigeria) Frequently Asked Questions: 1] What segments are covered in the Global Precast Concrete Market report? Ans. The segments covered in the Precast Concrete Market report are based on Product and Application. 2] Which region is expected to hold the highest share in the Global Precast Concrete Market? Ans. The Asia Pacific region is expected to hold the highest share in the Precast Concrete Market. 3] What is the market size of the Global Precast Concrete Market by 2029? Ans. The market size of the Precast Concrete Market by 2029 is expected to reach USD 148.62 Bn. 4] What is the forecast period for the Global Precast Concrete Market? Ans. The forecast period for the Precast Concrete Market is 2023-2029. 5] What was the market size of the Global Precast Concrete Market in 2022? Ans. The market size of the Precast Concrete Market in 2022 was valued at USD 104.22 Bn.
1. Global Precast Concrete Market: Research Methodology 2. Global Precast Concrete Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Precast Concrete Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Precast Concrete Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Precast Concrete Market Segmentation 4.1 Global Precast Concrete Market, by Product (2022-2029) • Structural Building Components • Architectural Building Components • Transportation Products • Waste & Water Handling Products • Others 4.2 Global Precast Concrete Market, by Application (2022-2029) • Residential • Commercial • Infrastructure • Industrial 4.3 Global Precast Concrete Market, by Product Type (2022-2029) • Floors And Roofs • Columns And Beans • Stairs And Landing • Others 5. North America Precast Concrete Market(2022-2029) 5.1 North America Precast Concrete Market, by Product (2022-2029) • Structural Building Components • Architectural Building Components • Transportation Products • Waste & Water Handling Products • Others 5.2 North America Precast Concrete Market, by Application (2022-2029) • Residential • Commercial • Infrastructure • Industrial 5.3 North America Precast Concrete Market, by Product Type (2022-2029) • Floors And Roofs • Columns And Beans • Stairs And Landing • Others 5.4 North America Precast Concrete Market, by Country (2022-2029) • United States • Canada • Mexico 6. Europe Precast Concrete Market (2022-2029) 6.1. European Precast Concrete Market, by Product (2022-2029) 6.2. European Precast Concrete Market, by Application (2022-2029) 6.3. European Precast Concrete Market, by Product Type (2022-2029) 6.4. European Precast Concrete Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Precast Concrete Market (2022-2029) 7.1. Asia Pacific Precast Concrete Market, by Product (2022-2029) 7.2. Asia Pacific Precast Concrete Market, by Application (2022-2029) 7.3. Asia Pacific Precast Concrete Market, by Product Type (2022-2029) 7.4. Asia Pacific Precast Concrete Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Precast Concrete Market (2022-2029) 8.1 Middle East and Africa Precast Concrete Market, by Product (2022-2029) 8.2. Middle East and Africa Precast Concrete Market, by Application (2022-2029) 8.3. Middle East and Africa Precast Concrete Market, by Product Type (2022-2029) 8.4. Middle East and Africa Precast Concrete Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Precast Concrete Market (2022-2029) 9.1. South America Precast Concrete Market, by Product (2022-2029) 9.2. South America Precast Concrete Market, by Application (2022-2029) 9.3. South America Precast Concrete Market, by Product Type (2022-2029) 9.4 South America Precast Concrete Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Kiewit Corporation (US) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Bison Manufacturing (US) 10.3 Coreslab (Canada) 10.4 Atco Group (Canada) 10.5 CEMEX S.A.B. de C.V. (Mexico) 10.6 Laing O’Rourke (UK) 10.7 Coltman Precast Concrete (UK) 10.8 Balfour Beatty plc (UK) 10.9 Aggregate Industries Ltd. (UK) 10.10 Atlas Concrete Ltd. (UK) 10.11 Weckenmann (Germany) 10.12 ACS Group (Spain) 10.13 Bouygues Construction (France) 10.14 LafargeHolcim (Switzerland) 10.15 Elematic (Finland) 10.16 Skanska(Sweden) 10.17 Larsen & Toubro Limited (India) 10.18 Taisei Corporation (Japan) 10.19 Komatsu Ltd (Japan) 10.20 OKA Corporation BHD (Malaysia) 10.21 Balcrom Limited (New Zealand) 10.22 Red Sea Housing Services (Saudi Arabia) 10.23 Julius Berger Nigeria Plc (Nigeria)

About This Report

Report ID 25558
Category Material & Chemical
Published Date April 2023
Updated Date