The Global Precast Concrete Market was valued at US$ 118.51 billion in 2021 and is predictable to reach US$ 175.69 billion by 2030 which is projected to attain a CAGR of 4.5 % during the forecast period from 2021- 2030.
Precast Concrete is referred as reinforced concrete which is cast, prepared, and cured off-site away from the construction site and is assembled on the site. It is generally cast in a controlled factory environment by using reusable moulds. Precast concrete elements are joined to form a complete custom structure and are used for structural components such as beams, floors, pipes, wall panels, columns, staircase, tunnels among others.
The market growth for precast concrete is attributed to increasing urbanization, growing population, and construction activities. Inclination towards sustainable construction, cost-effective & modern construction is the prime reasons for the market growth. In addition, the rise in the construction of new commercial space & residential buildings, eco-friendly construction, low maintenance of the building products, and saving construction duration acts are the supporting opportunity for the rise of the global precast concrete market during the forecast period.
Precast concrete is suitable for the production of large numbers of identical components such as wall slabs, floor slabs among others. It helps in building an affordable housing project with identical apartments in a lesser duration of time. Precast concrete delivers numerous advantages such as the construction is performed on the ground rather than at height, construction can be done in a climate-controlled structure thus minimizing the risk of accidents, cold, heat, or rain. Such advantages help in constructing with dimensional accuracy and help to plan future construction projects in a short span of time and save cost.
However, precast concrete consists of cement, and the production of cement releases harmful toxic gas in the environment such as carbon monoxide, sulfur dioxide, nitrogen dioxide which results in health issues such as visual impairment, asthma, and cardiovascular diseases. In addition, fluctuations in raw material prices, transportation of precast concrete structures to the construction site, and strict government regulations by the government for emission reduction from cement production are expected to hinder the market growth during the forecast period.
The Global Precast Concrete Market is segmented by structure system, construction type, end-user, and region. Based on the structure system, it is categorized into floor & roofs, girders, paving slabs, columns & beams, walls & barriers, pipes, utility vaults, and others (staircases, lintels, manholes, door & window components, and water & sewer system products). By construction type, it bifurcates into permanent modular buildings, relocatable buildings, and elemental construction. The end-user is fragmented into civil works and building works. The civil works are categorized into hydraulic works, power plants & communication works, transportation works, and specialized works. Building works are also bifurcated into residential and non-residential. Based on regional insights, the global precast concrete market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
The Asia Pacific is expected for the highest growing region during the forecast period owing to increasing investments for infrastructure developments, growing population base, and rising urban housing demands & shorter construction timelines in the emerging economies like China, India, Indonesia, among others.
North American and European region is also expected to deliver a significant growth owing to increasing expenditures for the renovation of old housing structures, increase in offsite construction activities, and aging infrastructure such as subways, bridges among others which are augmenting to drive the production adoption thereby increase the demand for precast concrete during the forecast period.
Prominent players inducing the Global Precast Concrete Market are Boral Limited, ACS Group, Bouygues Construction, Kiewit Corporation, Laing O’ Rourke, Red Sea Housing Services, Balfour Beatty plc, Julius Berger Nigeria plc, Komatsu Ltd., Larsen & Turbo Limited, Taisei Corporation, Lafarge, Olson Precast Company, Gulf Precast Concrete Co. LLC, Tindall Corporation, Gulermak A.S. and ELO Beton among others.
Segmentation and Scope of the Global Precast Concrete Market
Global Precast Concrete Market is segmented by structure system, construction type, end-user, and region.
By Structure System
By Construction Type
Rest of World
Middle East & Africa
Prominent players in the Global Precast Concrete Market among other includes