Precast Concrete Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Precast Concrete Market is segmented by Structures (Prestressed Concrete, Sandwich Wall, Others), Construction (Nonresidential building, Non-building, Residential, Agricultural), Products (Structural Building Components, Architectural Building Components, Transportation Products), Applications (Structural Components, Bridge Components, Architectural Cladding), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Precast Concrete Market Overview

The Global Precast Concrete Market size is expected to grow at a high CAGR of 5.54% during the forecast period (2024-2031).  Precast concrete is a construction product produced from a reusable mold filled with casting concrete. It can be used to prepare a wide variety of products for above-ground and underground construction.

• From the most significant infrastructure projects to the smallest architectural details, there’s a precast solution for all architects, engineers, and construction professionals.

Precast Concrete Market Scope and Summary

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Precast Concrete Market Dynamics and Trends

• The advantageous features of precast concrete such as reduced construction time and cost, work-zone safety, economic production, good strength-to-weight ratio, and reduced environmental impacts are a few of the prime factors fuelling the market.

• Also, other attributes of the product such as – quality, versatility, sustainability, strength, and durability also help the global precast concrete market to surge in the forecast period.

• Growth in infrastructure investments, industrialization, and a large number of new construction due to an increase in population is also driving the market for the global precast concrete market.

• For instance, according to the World Bank and McKinsey estimates the global expenditure from the construction industry is expected to reach USD 14 trillion by 2026.

• Damage to precast units during traveling and the amount spent on transporting and handling the prefabricated units are significant restraints of the global precast concrete market.

Precast Concrete Market Segmentation Analysis

• Based on application, the global precast concrete market is segmented into agriculture, building and construction, water and wastewater treatment, transportation, and others.

• Building and construction occupy a significant market share as compared to other applications. On the other hand, transportation is expected to grow at a high CAGR during the forecast period.

• Metro lanes are one of the significant applications of precast concrete. According to UITP Advancing Public Transport by the end of 2013, 148 cities worldwide had a metro system, and approximately 45 cities opened new metro systems.

• From an infrastructure point of view, there are 11,000 kilometers of infrastructure and 9,000 metro stations. Additionally, in January 2018, the Victorian Government signed a contract with an association led by John Holland, Bouygues Construction.

• This project is worth USD 4.79 billion, and this association will be responsible for financing, designing, and building the future Metro tunnel in Melbourne, and its maintenance for 25 years.

• Based on end-users, the market is segmented into residential, non-residential, commercial, and others. Among these, residential occupies a significant market share.

• Increasing the middle-class population all over the globe is generating substantial demand for affordable housing which will boost the precast concrete market for residential applications. However, the non-residential segment is expected to be the primary market shareholder due to the rise in the construction of industrial buildings, educational buildings, and hospitals.

Global Precast Concrete Market Geographical Share

• Asia-Pacific occupies a significant share of the global precast concrete market during the forecast period. Due to the rapidly growing population in this region has an increasing demand for construction and transportation.

• According to United Nations Economic and Social Commission, in 2013, the total population of the Asia-Pacific region stood at 4.3 billion, which is 60% of the world’s population and by 2050 it will reach 5.1 billion.

Precast Concrete Market Companies and Competitive Landscape

• Prominent players in the global precast concrete market are Lafarge Holcim Limited, China National Building Material Company Limited, Elematic Oyj, Concrete Limited, Bison Manufacturing Limited, CRH Plc., L&T Construction, Taisei Corporation, and Coltman Precast & Co, Julius Berger Nigeria Plc., Cemex, Bouygues Constructions, Laing Orourke and others Product launches, partnerships and expansions are expected some of the strategies adopted by players to increase their market share.

• For instance, in January 2017, Cemex’s acquired shares in Trinidad Cement Limited (TCL). In October 2015, Cemex UK opened a new flooring production plant using precast concrete in Rochester.

Who can benefit from this report?

• Equipment Suppliers/ Buyers

• Service Providers/ Buyers

• Industry Investors/Investment Bankers

• Education & Research Institutes

• Research Professionals

• Emerging Companies

• Manufacturers