Precast Concrete Market Size & Trends
The global precast concrete market size was estimated at USD 105.72 billion in 2023 and is expected to register a compound annual growth rate (CAGR) of 5.8% from 2024 to 2030. The market growth is expected to be driven by the expanding construction industry across major regions owing to increasing investments in infrastructure development. Increasing disposable income levels in developing as well as developed countries are expected to boost the residential construction segment.
In addition, increasing initiatives by various governments for the development of their respective economies are also expected to boost the construction industry, augmenting demand for precast concrete in the years to come.
The construction industry is witnessing rapid technological & architectural innovation. Airports, transportation routes & even residential projects are undergoing an immense transformation to comply with transitioning standards & specifications. Increasing applications in flexible architectural design and renovations of old buildings are some other factors driving market growth. Rapid industrialization and urbanization in emerging economies focus on the development of high-quality infrastructure worldwide, which supports industry growth. Moreover, emphasis on green building projects will drive market growth.
Gather more insights about the market drivers, restrains and growth of the Global Precast Concrete Market
Elements Insights
Columns and beams element segment is predicted to grow at a significant rate over the forecast period owing to its increasing penetration in various residential, commercial, and infrastructural construction applications. There have been rising public and private investments in the construction of bridges, commercial spaces, and residential buildings due to the growing population, which is likely to support the market growth.
Application Insights
Structural building components segment is expected to register the fastest CAGR of 6.2% from 2024 to 2030. This growth can be attributed to a high demand from the construction industry. An increasing number of hotels, malls, and hospitals coupled with growing industrialization globally will likely propel demand for structural building components. Rising use of structural building components in affordable housing is anticipated to be a major factor driving segment growth. Moreover, rising demand for affordable housing on account of the rapidly growing middle-income population is expected to boost product demand.
End-use Insights
Based on application, infrastructure segment dominated the market with the highest revenue share of 32.8% in 2023. Significant investments in infrastructure and real estate development are offering lucrative growth opportunities for precast concrete. Emphasis on infrastructure and residential needs, particularly in emerging nations, has resulted in a considerable flow of private and government-led investments in these sectors. The precast concrete structures are cast and cured offsite and delivered when required. Thus, they do not need on-site storage space. Moreover, it requires a minimal number of laborers, and installation requires small cranes.
Regional Insights
In 2023, Asia Pacific dominated the market with the revenue share of over 35.0% and is anticipated to register the fastest CAGR of 6.8% from 2024 to 2030. Rapid economic performance of developing countries including India, Indonesia, and Malaysia is expected to propel growth further. Stringent regulations that limit the emission of CO2 gas are likely to drive product demand, which causes less pollution. Moreover, an increased growth rate of the industrial sector is likely to augment precast market size in India.
Key Companies & Market Share Insights
The industry exhibits a large number of players providing a range of product varieties leading to intense competitive rivalry. Major players have a strong presence in developed economies like North America, Europe, and some parts of Asia Pacific, including Australia. A high degree of forward and backward integration of dominant players persists in the global industry, which, in turn, has intensified market rivalry and competition, thus making entry of new players difficult.
- In October 2023, Fabcon Precast acquired Bristol Precast (a Bristol Group division), engaged in offering engineered precast and prestressed concrete products across various U.S. states. The acquisition aims at aiding the penetration in mid-South U.S. market.
- In February 2023, Holcim acquired Poland-based HM Factory, a precast concrete solutions provider. HM Factory exports to Scandinavian markets and supplies the Polish construction markets. This acquisition aids Holcim’s goal to expand business of its Solutions & Products segment to 30% of the overall net sales of the company by 2025.
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Key Precast Concrete Companies:
- Boral Ltd.
- LafargeHolcim
- Gulf Precast Concrete Co. LLC
- Olson Precast Company
- CEMEX S.A.B. de C.V
- Forterra Pipe and Precast LLC
- Tindall Corporation
- Spancrete
- Elementbau Osthessen GmbH & Co., ELO KG
- GÜlermak A.S.
- STECS
- LAING O’Rourke
- Larsen & Toubro Ltd.
Precast Concrete Market Segmentation
Grand View Research has segmented the global precast concrete market report on the basis of element, construction type, product, application, end-use, and region:
Precast Concrete Element Outlook (Revenue, USD Billion; 2018 - 2030)
- Girders
- Columns & Beams
- Walls & Barriers
- Floors & Roofs
- Utility Vaults
- Pipes
- Paving Slabs
- Others
Precast Concrete Construction Type Outlook (Revenue, USD Billion; 2018 - 2030)
- Elemental Construction
- Permanent Modular Buildings
- Relocatable Construction
Precast Concrete Product Outlook (Revenue, USD Billion; 2018 - 2030)
- Wet Concrete
- Dry/Semi-dry Concrete
Precast Concrete Application Outlook (Revenue, USD Billion; 2018 - 2030)
- Structural Building Components
- Architectural Building Components
- Transportation
- Waste & Water Handling
- Others
Precast Concrete End-Use Outlook (Revenue, USD Billion; 2018 - 2030)
- Residential
- Commercial
- Infrastructure
- Tunnels
- Bridges
- Wind Towers
- Industrial
Precast Concrete Regional Outlook (Revenue, USD Billion; 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Czech Republic
- Croatia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Arabia
- Israel
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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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