Precast Concrete Market to Cross $243.52 billion Revenue by 2030
Precast Concrete Market (By Element: Columns & beams, Floors & roofs, Girders, Walls & barriers, Utility vaults, Pipes, Paving slab, others; By Construction Type: Elemental Construction, Relocatable buildings, Permanent building; By Type: Wet concrete, Dry/semi-dry concrete; By Application: Residential, Non-residential; By End-Use) - Global Market Trends, Regional Outlook, and Forecast till 2023-2030
Categories: Chemical & Material
Format : 
Precast Concrete Market Overview
“The Precast Concrete Market Predictable at $145.28 billion in 2022, is estimated to increase at a CAGR of 5% from $156.6 billion in 2023 to $243.52 billion by 2030.”
Precast concrete panels are used in construction sites to create concrete walls, beams, and other building components. These panels are made from a reusable mold and are then used to construct columns, beams, pipes, and staircases. As technology and innovations advance, the precast concrete market is expanding due to the increasing demand for contemporary infrastructure in diverse areas, urbanization, and new infrastructure. The market is expanding due to the increasing demand for residential and non-residential construction.
The Covid-19 pandemic has led to a shrinking precast concrete market, driven by increased demand due to increased construction sites and government-imposed norms, resulting in the cessation of coronavirus transport and the resulting increase in construction sites.
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Key Takeaways
Over the forecast period, the Asia Pacific market is expected to increase at a CAGR of 6.8%.
From 2023 through 2030, the non-residential segment accounted for 59% of all applications.
From 2023 to 2030, the structural building components market will expand at a CAGR of 6.2%.
Market Dynamics
Growth Factors
Precast concrete's growth is attributed to industrialization, urbanization, precast technology development, and emerging advances in various regions. As cities expand, precast concrete production and manufacturing methods are accepted, leading to significant increase in production due to population growth and infrastructure expansion.
Modern urbanization necessitates low-cost infrastructure development, and precast concrete's efficiency has increased. It enables faster and more efficient construction, benefiting the market. Government spending on construction improvements has increased alongside the industry's development rate, resulting in increased investment in structures with faster, lower-cost construction.
The precast concrete market is expanding due to innovative methods and ongoing research. However, COVID-19 has slowed construction activity and government regulations, affecting the market growth. The government's implementation of rules and regulations has reduced sales due to halts in manufacturing, transportation, and production, affecting the market growth during the forecast period. Major market participants are actively introducing innovative methods for creating infrastructure for homes or buildings.
The post-pandemic slowdown in precast concrete market growth hindered growth, but increased customer demand and new technologies expanded the market through increased production and development.
Trends & Opportunities
Key businesses hold significant competence in providing speciality concrete, broadening their product selection for precast makers. These companies ensure their concrete mixes meet stringent standards, including early strength, off-form finish, and longevity. They also offer mixes that comply with green star standards and low CO2 while maintaining early strength performance. These measures aim to increase output and stimulate the market, ensuring the success of their products in various industries.
The company, which specializes in the production of precast concrete bridge girders, has a wide range of services including transmission line fitting, road management, utilities upgrades, and technical services. Their engineers are skilled in creating various bridge girders, and their pre-stressing processes enable longer spans and higher loading capacities. This allows them to produce a large number of bridge girders simultaneously, allowing them to operate under time constraints for modern infrastructure projects.
Leading brands in underground infrastructure are trusted by engineers, contractors, and municipal authorities for superior design, application, and technology in sanitary and storm drainage systems. They also produce engineered architectural and structural components for infrastructure, including tunnel liners, rail products, bridge solutions, wall panels, columns, and buildings. Their standard catalog includes concrete paving, masonry blocks, and pipes for water management.
Automated production techniques use dry mix concrete and shear compaction, reducing water and concrete usage. This boosts the market and provides better performance than conventional building technologies. Precast concrete offers design flexibility, quicker schedules, and unrivaled robustness, making it a popular choice among builders and contractors worldwide. The 'Precast Advantage' is the main reason for the high demand for precast concrete.
Competitive Landscape of the Precast Concrete Market
- CEMEX S.A.B. de C.V.
- Olson Precast Company
- Gulf Precast Company Co. LLC
- Lafarge
- Boral Limited
- ACS Group
- Balfer Beatty plc
- Bouygues Construction
- ELO Beton
- Spancrete
- Tindall Corporation
- Forterra
- Red Sea Housing Services
- Taisei Corporation
- Forterra Pipe and Precast
- Skanska
- Julius Berger NIGERIA PLC
- Kiewit Corporation
- Komatsu Ltd
- Laing O'Rourke
- Larsen & Turbo Limited
Recent Developments in Precast Concrete Market
In the year 2021 February, Skanska acquired the contract from the Kanta-Hame hospital District for building a newly developed hospital in Hameenlinna, Finland.
In the year 2021 January, Firestone building products from Bridgestone Americas at an increased rate of USD 3.4 billion were acquired from company LafargeHolcim.
In the year 2021 January, Fortera, Inc. company with a leading company for precast concrete products with increased manufacturing water drainage and improving the pipelines and introduced the adoption of the Barbour Concrete Company and developing system.
In January 2021, a contract was reached for LafargeHolcim to pay US$ 3.4 billion to buy Firestone Building Products, a provider of commercial roofing and building envelope solutions. The company's roofing portfolio is expected to grow as a result of the purchase.
In April 2020, in Spartanburg County, South Carolina, the Tindall Corporation announced plans to increase operations there. Around US$ 27.9 million in investment would probably be needed for the project. The new facility is likely to boost manufacturing capacity and broaden the range of products available.
In December 2020, Vertua, a brand of low-carbon ready-mix concrete from CEMEX, was introduced in the United States following a successful debut in Mexico and Europe. Vertua Classic, Vertua Plus, and Vertua Ultra make up the collection.
In December 2021, the Minneapolis/St. Paul and broader Twin Cities (Million) metropolitan area's long-time and dependable provider of concrete goods and services, Marshall Concrete Products, was bought by Holcim US. Local Aggregate Industries activities, which are a member of the Holcim family of businesses in the United States are now more widely accessible thanks to this acquisition.
Regional Insights
Major American Companies Customize Products to Meet Client Project Design Requirements –
The precast concrete market in North America is dominated by the US, accounting for 5.5% of sales. The market is expected to reach $82.9 billion due to advanced construction methods and demand for advanced materials. Additionally, residential construction value in the US increased by 21.1% from $596.73 billion in 2020 to $722.38 billion in 2021.
The US precast concrete sector is expanding due to the growth of infrastructure transformation projects and urbanization. Urbanization has increased demand for precast concrete, which can be used for load-bearing walls, floors, replacement frames, and skeletal constructions without additional bracing systems. This has led to decreased economic costs, influencing the sector's growth and the development of long-lasting products for improving infrastructure.
Major players create precast concrete products to meet client design requirements, supplying manholes, catch basins, and other products on projects like highways, shopping centers, and housing complexes. They help communities thrive by providing a loyal partner for all precast needs, from manufacturing to the project site.
Segments Covered in the Precast Concrete Market
Precast Concrete Market By Element
- Columns & beams
- Floors & roofs
- Girders
- Walls & barriers
- Utility vaults
- Pipes
- Paving slab
- others
Precast Concrete Market By Construction Type
- Elemental Construction
- Relocatable buildings
- Permanent building
Precast Concrete Market By Type
- Wet concrete
- Dry/semi-dry concrete
Precast Concrete Market By Application
- Residential
- Non-residential
Precast Concrete Market By End-Use
- Structural building components
- Architectural building components
- Transportation products
- Waste & waste handling products
- Others
Precast Concrete Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Frequently Asked Questions:
What is the precast concrete market size?
The Precast Concrete Market Predictable at $145.28 billion in 2022, is estimated to increase at a CAGR of 5% from $156.6 billion in 2023 to $243.52 billion by 2030.
What will be the CAGR of global precast concrete market?
The global precast concrete market is poised to grow at a CAGR of 5% from 2023 to 2030.
Who are the prominent players operating in the precast concrete market?
The major players operating in the precast concrete market are ELO Beton, Spancrete, Tindall Corporation, Forterra, CEMEX S.A.B. de C.V., Olson Precast Company, Gulf Precast Company Co. LLC, Lafarge, Boral Limited, ACS Group, Balfer Beatty plc, Bouygues Construction, Julius Berger NIGERIA PLC, Kiewit Corporation, Komatsu Ltd, Laing O'Rourke, Larsen & Turbo Limited, Red Sea Housing Services, Taisei Corporation, Forterra Pipe and Precast, Skanska
Which are the driving factors of the precast concrete market?
Increasing strength and long-lasting concrete, improved quality of the precast concrete and growing construction site with reduced cost of the precast concrete these are driving the growth of the precast concrete market.
Which region will lead the global precast concrete market?
North America region will lead the global precast concrete market during the forecast period 2023 to 2030.
Base Year:2022
Historical Data:2018-2022
No of Pages:122
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