The global precast concrete market size is expected to gain momentum and touch USD 232.93 billion by 2032 on account of the increasing urbanization and a rise in the number of construction activities worldwide. Precast concretes mean mold in the reusable form which can be used to provide a superior level of resistance to insects and mold, or natural disasters, or in case of fires. Unlike other building material, precast concrete is resistant to termites, requires low maintenance, and meager insurance costs. As per a report by Fortune Business Insights, titled, “Precast Concrete Market Size, Share & Industry Analysis, By Product Type (Building Components, Transportation, Water & Waste Handling, and Others), By End-Use (Residential, and Non-Residential), and Regional Forecast, 2024-2032,” The market size was valued at USD 133.84 billion in 2023 and is projected to grow from USD 141.01 billion in 2024 to USD 232.93 billion by 2032, at a CAGR of 6.5% during 2024-2032. Asia Pacific dominated the precast concrete market with a market share of 41.26% in 2023.
The precast concrete market has been expanding significantly, driven by its numerous advantages over traditional concrete construction methods. Precast concrete, manufactured in a controlled environment and transported to the construction site, offers superior quality, durability, and cost-efficiency. The global market has been witnessing strong growth, primarily fueled by increasing urbanization, industrialization, and demand for sustainable construction practices.
Some of the Key Players of the Market for Precast Concrete include:
Oldcastle Precast (U.S.)
Balfour Beatty(U.K.)
Bouygues Construction(France)
Elementbau Osthessen GmbH & Co., ELO KG (Germany)
Spancrete (U.S.)
Tindall Corporation (U.S.)
Forterra (U.S.)
CEMEX (Mexico)
Larson & Turbo Limited (India)
Olson Precast Company (U.S.)
Gulf Precast (UAE)
LafargeHolcim (Switzerland)
Boral (Australia)
Other players
Drivers & Restraints-
Increasing Demand for Commercial and Residential Spaces to Propel Growth
Increasing population, growing industries and businesses, and the rising need for residential and commercial spaces are the key factors promoting the precast concrete market growth. In addition to this, rapid urbanization and industrialization have propelled the demand for construction activities. This has led to a rise in the expenditure for construction activities, thereby augmenting growth.
On the contrary, certain drawbacks may pull down this market in the future. These include the environmental and health concerns concerning cement manufacturing. It is believed that cement production releases many gases such as sulfur dioxide, carbon monoxide, and nitrogen oxide into the atmosphere. This may result in numerous environmental impacts such as global warming, depletion in the quality of water, and acid rain, among others. Besides this, there are several health issues such as visual impairment, asthma, and various cardiovascular diseases that may cause hindrance to the overall market in the coming years.
Smart Precast Concrete: Integration of smart technologies, such as sensors embedded in concrete to monitor structural health, is likely to be the next big trend. This can help detect cracks, stress, and overall health, increasing the durability and lifespan of structures.
Modular Construction: The growing trend toward modular construction is expected to benefit the precast concrete market. Modular building techniques, which rely heavily on precast components, are becoming popular for their efficiency, flexibility, and cost-effectiveness.
Sustainable Innovations: Continued research into environmentally friendly materials and carbon-neutral concrete will play a crucial role in shaping the future of the market. Companies focusing on sustainability will likely gain a competitive advantage.
Segment:
Building Components Segment Earned Major Share Attributed to Utilization in Construction Project
Based on segmentation by product type, the building components segment gained the largest precast concrete market share. Growth of this segment is attributable to the increasing demand for cost-efficient quality houses at affordable prices that propelled a rise in the number of construction projects.
Source: https://www.fortunebusinessinsights.com/precast-concrete-market-103301
Regional Analysis-
Asia Pacific to Emerge Dominant on Account of Rising Investments in Infrastructural Development
Geographically, Asia Pacific earned a revenue of USD 46.97 billion in the year 2019 and received the largest precast concrete market share. This is attributable to the increasing investments on infrastructural development by emerging nations such as India, China, and Japan in the forecast duration that will propel the demand for precast concrete in the regional market. Europe ranks second on account of the increasing use of precast concrete products for commercial and industrial construction projects.
Competitive Landscape-
Players Focusing on Geographical Expansion for Gaining Significant Position in Market
The global market for precast concrete is fragmented as the number of players is many. Some of them are investing heavily on material supply and other partnership strategies to gain a competitive edge in the market. Others are planning on expanding their brand presence geographically to draw significant revenues to the market.
Major Industry Developments of the Market for Precast Concrete Include:
January 2019 – Alfons Greten Betonwerk was acquired by Lafarge Holcim for operating collaboratively on one ready-mix and one precast concrete plant located in Germany. This effort is expected to help increase its brand presence in the nation.
April 2017 – The Caissons of maritime infrastructure by Bouygues Construction was pre-casted for the Monaco offshore extension project located in Marseille. This will help to serve as the new base for offshore extensions.
The Report Answers the Following Queries:
What is the nature of the market?
Who are the key players of the market for precast concrete, and what is their strategy?
How will urbanization contribute to the growth of the market?
What are the recent industry developments in this market?