|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Global Precast Concrete Market is projected to register a CAGR of over 4% during the forecast period (2022-2027).
Due to the COVID-19 outbreak, nationwide lockdowns around the globe, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, with the resumption of operations in major end-user industries, the market recovered significantly in 2021.
- Over the short term, growing demand for sustainable construction methods, greater dependency on modern construction techniques, as well as urbanization, and industrialization in developing countries are expected to boost the market growth of precast concrete.
- On the flip side, the risk of structural damage during transportation is hindering the growth of the market studied.
- New technology advancements like 3D printing and Building Information Modeling (BIM) are likely to act as an opportunity for the studied market.
- North America region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Scope of the Report
Precast concrete is a type of construction material that refers to a piece of material that is made at one place, and then the cast structure is transferred to the construction site for installation. The structures used in a precast plant can be reused multiple times before they need to be replaced, making it often less expensive than onsite casting. The Precast concrete market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into Beams & Columns, Paving Slabs, Floors & Roofs, Pipes, Walls & Barriers, and Others. By end-user industry, the market is segmented into Residential, Infrastructure, Commercial, and Industrial and Institutional. The report also covers the market size and forecasts for the Precast Concrete market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD Million).
|Beams & Columns|
|Floors & Roofs|
|Walls & Barriers|
|Industrial and Institutional|
Key Market Trends
Residential Sector is Expected to Dominate the Market
- Precast concrete materials are precast and prefabricated during the manufacturing process. Such structures increase construction speed and productivity while also helping in cost and quality control.
- The demand for precast concrete is increasing as there is a significantly larger need for cost-effective and safe materials.
- Furthermore, such structures are considered sustainable building materials because they can be reused or remolded repeatedly, reducing their environmental impact.
- With significant population growth, the demand for low-cost residential properties, higher efficiencies achieved through precast methods, and increased construction speed through precast technology have driven the market in recent years. Furthermore, conversion and renovation of old buildings increase investment in the construction industry, increasing demand for prefabricated parts and thus positively contributing to the growth of the precast construction market.
- China has the world's largest construction market, accounting for 20% of all global construction investments. China is expected to spend nearly USD 13 trillion on construction by 2030, which drives the demand for the precast concrete market in China during the forecast period.
- According to NITI Aayog, the Indian real estate sector will be worth USD1 trillion by 2030 and will account for 13% of India's GDP by 2025. The real estate industry, which is already the third-largest contributor to economic growth, is expected to continue its upward trend in 2022.
- Owing to all these factors, the market for Precast concrete is likely to grow globally during the forecast period.
To understand key trends, Download Sample Report
North America Region is Likely to Dominate the Market
- North America is expected to dominate the market owing to the increasing construction activity in the residential and commercial sectors in the region.
- The positive growth trends in countries such as United States and Canada, have boosted the demand for precast concrete products and applications in recent years.
- The demand for precast concrete in the construction industry has been growing rapidly as demand for dynamic building materials and concern for strong construction has increased.
- According to Statista, the market size of the US construction sector was valued at around USD 1.36 trillion as of the end of 2020. US spending on private construction, on the other hand, continued to grow in 2020, as the construction of private residential and non-residential buildings saw some of the highest ever-recorded figures with non-residential commercial construction valued at USD 84,364 million in 2021 and estimated to reach USD 89,438 million in 2023 in the United States.
- Moreover, residential construction in the United States increased by 21.1% compared to USD 596.73 billion spent in January 2020 and reached USD 722.38 billion in January 2021. Residential construction has been increasing significantly since it has been impacted by the pandemic outbreak.
- Canada has one of the richest countries in the world. Infrastructure and construction have seen phenomenal growth in the last decade, with around 50 skyscrapers completed in major cities such as Toronto, Vancouver, and Calgary. Infrastructure Canada provided funding for 6,500 projects to build and maintain thousands of kilometers of expressways and highways.
- The region's industrial development, combined with favorable government policies, has lured several manufacturers to establish plants there, which is expected to boost demand for precast concrete.
- Due to all such factors, the market for Precast concrete in the region is expected to have a steady growth during the forecast period.
To understand geography trends, Download Sample Report
The Precast concrete market is partially fragmented in nature. Some of the major players in the market include Holcim, Boral Limited, Tindall Corporation, Larsen & Toubro Limited (India), and Gulf Precast Concrete Co. LLC, among others (not in any particular order).
- In December 2021, Holcim US acquired Marshall Concrete Products, a longstanding and trusted supplier of concrete products and services in the Minneapolis/St. Paul and the greater Twin Cities (MN) metropolitan area. This acquisition expands the reach of local Aggregate Industries operations, which are part of the Holcim family of companies in the United States.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Rising government initiatives for infrastructure development
4.1.2 Growing demand in Contruction Industry
4.2.1 Risk During Transportation of Precast Concrete Structure
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Beams & Columns
5.1.2 Paving Slabs
5.1.3 Floors & Roofs
5.1.5 Walls & Barriers
5.2 End-user Industry
5.2.4 Industrial and Institutional
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Balfour beatty
6.4.2 Boral Limited
6.4.3 CRH Plc
6.4.4 Elo Beton
6.4.6 Gulf Precast Concrete Co. LLC
6.4.8 Larsen & Toubro Limited (India)
6.4.9 Olson Precast Company
6.4.10 Skanska AB
6.4.11 Tindall Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 New Technology Advancements in Precast Concrete
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The Precast Concrete Market market is studied from 2017 - 2027.
What is the growth rate of Precast Concrete Market?
The Precast Concrete Market is growing at a CAGR of >4% over the next 5 years.
Which region has highest growth rate in Precast Concrete Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Precast Concrete Market?
North America holds highest share in 2021.
Who are the key players in Precast Concrete Market?
Holcim , Boral Limited , Tindall Corporation, Larsen & Toubro Limited (India), Gulf Precast Concrete Co. LLC are the major companies operating in Precast Concrete Market.