Precast Concrete Market Size
Precast Concrete Market size is anticipated to record over 5.6% CAGR from 2023 to 2032, with the rapid rate of urbanization and industrialization mainly across the developing countries.
The growing dependency on modern construction techniques will influence the market growth. Precast concrete is a construction technique comprising manufacturing concrete elements in a controlled environment and has gained immense popularity in modern construction given its multiple advantages when compared to traditional cast-in-place concrete methods. Precast concrete offers enhanced strength and durability in a large number of demanding construction applications. It also provides superior resistance to impact, fire, and weathering, further extending the performance as well as longevity of modular and prefabricated buildings. Increasing incorporation in building elements, including walls, ceilings, floors, and even utility connections will also boost the industry trends.
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Precast Concrete Market Growth Drivers & Restraints
The rising demand for sustainable construction methods, including renewable and recyclable materials to limit adverse environmental impacts will stimulate the industry expansion. However, the increasing capital costs along with the growing challenges related to transporting, handling and modifying the precast concrete will pose as a restraint for the market growth.
|2023 to 2032
|Forecast Period 2023 to 2032 CAGR:
|Historical Data for:
|2018 to 2022
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|Elements, Sector and Region
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The COVID-19 pandemic presented multiple challenges for the precast concrete industry due to global supply chain disruptions led by lockdowns and temporary closures of manufacturing facilities, leading to production and delivery delays of precast concrete components. It also affected the project timelines, resulting in potential cost overruns. Multiple construction projects were delayed and put on hold considering the influx of lockdown measures and economic uncertainties. Moreover, the higher emphasis on sustainability, including environmentally friendly as well as energy-efficient construction practices added positive impetus to the market growth.
Precast Concrete Market Trends
Increasing prominence of modular and prefabricated construction will drive the adoption of precast concrete. The adoption of precast concrete in modular and prefabricated construction methods provides numerous benefits, including improved quality control, accelerated construction schedules, and design flexibility. Precast concrete has grown popular as an integral component of modern construction practices to enable faster, efficient, and sustainable building solutions. Rising incorporation in demanding construction applications will also enhance the market outlook.
Precast Concrete Market Analysis
With respect to product, the precast concrete market size from water & wastewater management products is slated to witness exponential growth through 2032. This can be attributed to the rising developments in sewer systems, water treatment plants, and stormwater management. Precast concrete is widely used in water and wastewater management as it offers improved resistance to chemicals and corrosion, rapid construction, cost-effectiveness, durability, and ease of maintenance. Increasing utilization in the construction of storage tanks in wastewater management will also contribute to the segment growth.
Based on sector, the infrastructure segment holds around 40% of the precast concrete market share propelled by the thriving rail & road transportation worldwide. As per the IEA (International Energy Agency), the passenger and freight activity may more than double by 2050 due to the surging demand for transport. Precast concrete plays a crucial role in infrastructure development to offer time and cost savings along with improved design flexibility, quality control, construction site safety, durability, and resilience. Increasing adoption in the construction of bridges, tunnels, airports, highways, railway systems, and wastewater treatment plants will add to the product demand.
Asia Pacific precast concrete market is set to gain significant momentum through 2032 propelled by the incessant need for rapid as well as sustainable construction solutions. The growing rate of urbanization and infrastructure development has stirred the higher construction of commercial complexes, residential buildings, bridges, highways, and railways. The rising implementation of policies and regulations in multiple APAC countries is promoting the adoption of precast concrete on account of its benefits, such as speed, quality, and sustainability. The rising demand for eco-friendly building materials will also boost the market growth.
Precast Concrete Market Share
Some of the key participants in the precast concrete market include
- CRH plc
- CEMEX S.A.B. de C.V.
- Laing O’Rourke
- Julius Berger Nigeria Plc.
- Balfour Beatty
- Olson Precast Company
- Gulf Precast Concrete Co., LLC
- ELO Beton
- Tindall Corporation
- Larsen & Toubro
- HEIDELBERGCEMENT AG
- Oldcastle Infrastructure
Precast Concrete Industry News
- In March 2023, Holcim acquired HM factory, a major precast concrete solution provider, for entering the precast market in Poland. The acquisition helped Holcim in accelerating green growth, particularly in highly efficient modular construction.
- In May 2021, Cemex España, introduced a new CEM-II grey cement with nearly 20% declined-CO2 direct emissions to expand its Vertua low-carbon product range.
This market research report on precast concrete includes in-depth coverage of the industry with estimates & forecast in terms of volume in million-meter cube and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Element
- Building & Structural
- Beams & Columns
- Floor & Roofs,
- Transportation Product
- Water & Waste Management Product
- Utility & Industrial Product
Market, By Sector
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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