Precast Concrete Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Abstract

The global precast concrete market size reached US$ 122.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 166.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.30% during 2022-2028. The rapid urbanization and infrastructure development, recent technological advancements, rising emphasis on environmental sustainability, and the imposition of supportive government policies are some of the major factors propelling the market.

Precast concrete refers to a construction product manufactured by casting concrete in a reusable mold, which is further cured in a controlled environment and transported to the construction site. It is widely used in walls, beams, columns, pavers, fencing, sewer pipes, cladding, bridge decks, railway sleepers, septic tanks, drainage systems, utility structures, and modular building systems. Precast concrete is a cost-effective, versatile, and highly durable product that provides excellent acoustic, thermal, and fire resistance properties. It also offers high quality and uniformity, allows for quicker installation, and reduces construction time.

The imposition of supportive government regulations to increase investment in infrastructure projects, such as highways, bridges, and public buildings, which often use precast concrete due to its durability and cost-effectiveness, is propelling the market growth. Furthermore, the increasing emphasis on green building construction to reduce environmental impact is acting as another growth-inducing factor. Additionally, the growing product utilization by architects, builders, and homeowners, owing to its resilience to natural disasters and extreme weather conditions, is positively influencing the market growth. Moreover, the widespread product adoption due to its cost-effectiveness and predictability, which allows better planning and project management, thus reducing risks associated with project delays and cost overruns, is contributing to the market growth. Other factors, including rising environmental concerns, extensive research and development (R&D) activities, and the increasing number of smart city initiatives, are anticipated to drive the market growth.

Precast Concrete Market Trends/Drivers:

The rapid urbanization and infrastructural development

The global shift towards urban living and subsequent infrastructural development is boosting the market growth. As rural populations migrate to urban settings, the need for housing, transportation infrastructure, and essential public amenities, such as hospitals and schools, increases exponentially. Precast concrete's ability to enable speedy and efficient construction makes it an ideal material for meeting this growing demand. Furthermore, the widespread product utilization to accelerate the construction process and reduce project timelines and costs is contributing to the market growth. This is particularly critical in burgeoning urban centers where delays can be costly and disruptive. Apart from this, the growing product demand owing to its versatility and applicability in a variety of structural and architectural applications, such as high-rise buildings and intricate bridges, is strengthening the market growth.

The recent technological advancements

Technological advancements in the production and application of precast concrete are significantly contributing to the market growth. In line with this, the innovations in production techniques, such as automation and digitization, which enhance product quality, allow customization, and improve efficiency, precision, and consistency in the manufacturing of precast elements, are positively influencing the market growth. Additionally, the recent advancements in material technology, which facilitate the development of high-performance concrete with improved strength, durability, and resilience, are acting as another growth-inducing factor. Apart from this, the utilization of advanced design software, which offers greater architectural freedom, allowing designers to create complex, aesthetically pleasing structures using precast elements, is boosting the market growth. These technological advancements have also expanded the potential applications of precast concrete and enhanced its appeal among customers.

The rising emphasis on environmental sustainability

The heightened environmental awareness and increasing regulatory pressure to reduce the construction industry's environmental impact is boosting the market growth. Precast concrete is produced using a highly resource-efficient process, which involves utilizing exact quantities of materials and reducing construction waste. Furthermore, the product's durability and long lifespan minimize the need for replacements or repairs, thus reducing the lifecycle environmental impact. Additionally, the product's thermal mass also contributes to energy efficiency in buildings, leading to reduced heating and cooling costs and lower greenhouse gas (GHG) emissions. Apart from this, the precast concrete elements can be crushed and recycled into aggregate for new concrete or other applications. This inherent recyclability promotes a circular economy in the construction sector, aligning with global sustainability goals and further propelling the market growth.

Precast Concrete Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global precast concrete market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on type, product and end use.

Breakup by Type:

Floors and Roofs

Columns and Beams

Stairs and Landing

Walls

Columns and beams dominate the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes floors and roofs, columns and beams, stairs and landing, and walls. According to the report, columns and beams represented the largest market segment.

Columns and beams are dominating the market due to their pivotal role in the construction sector. As core elements in the structural framework, columns and beams bear the load of a building, offering the necessary support for other structural components, such as slabs and walls. Furthermore, these products are manufactured under controlled conditions, ensuring high quality, uniformity, and precise dimensions, which aids in minimizing the risk of flaws that could compromise strength and durability. Apart from this, the widespread utilization of precast concrete columns and beams to accelerate the construction process, reduce labor costs, and minimize disruptions due to weather or other unforeseen circumstances is boosting the market growth. Moreover, precast columns and beams are widely used for commercial and residential construction, as they can withstand various environmental conditions and provide resistance to fire, moisture, and pests, which in turn is acting as a growth-inducing factor.

Breakup by Product:

Structural Building Components

Architectural Building Components

Transportation Products

Water and Waste Handling Products

Others

Structural building components dominate the market

The report has provided a detailed breakup and analysis of the market based on the product. This includes structural building components, architectural building components, transportation products, water and waste handling products, and others. According to the report, structural building components represented the largest market segment.

Structural building components, such as columns, beams, floors, walls, and foundations, are dominating the market due to their integral role in the construction industry and the inherent benefits that precast concrete offers for these applications. It provides superior strength and durability, which are essential characteristics for structural elements that are needed to support the loads of a building. Furthermore, the controlled manufacturing process of precast concrete, which allows consistent quality and precision, ensuring that components can bear the weight and stresses they are designed for, is boosting the market growth. Additionally, structural building components are manufactured off-site and transported to the construction site ready for installation, which aids in streamlining the overall construction process. Moreover, they offer excellent resistance to weather conditions and seismic activity, making them ideal for constructing buildings in disaster-prone areas.

Breakup by End-Use:

Residential

Non-Residential

Non-residential dominate the market

The report has provided a detailed breakup and analysis of the market based on the end-use. This includes residential and non-residential. According to the report, non-residential represented the largest market segment.

Non-residential applications are dominating the market owing to the scale and complexity of non-residential structures, such as commercial buildings, industrial facilities, and infrastructure projects, which often require the strength, durability, and precision that precast concrete provides. In addition, the product's uniformity and high quality play a critical role in large-scale projects where consistency is key to maintaining structural integrity. Furthermore, the ability to produce precast concrete elements off-site and transport them for rapid assembly is particularly advantageous in non-residential construction. This process significantly reduces construction time and associated labor costs, which is an important consideration for commercial and public projects that are often working within tight schedules and budgets. Moreover, precast concrete's excellent fire resistance and acoustic properties make it a preferred choice for non-residential structures, such as offices, hospitals, schools, and factories, where these characteristics are crucial for safety and comfort.

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Asia Pacific exhibits a clear dominance in the market, accounting for the largest precast concrete market share

The report has also provided a comprehensive analysis of all the major regional markets, which includes North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represented the largest market segment.

Asia Pacific is dominating the precast concrete market due to rapid urbanization, which requires significant infrastructural development, including housing, transportation, and public facilities. The speed, efficiency, and durability offered by precast concrete make it an ideal choice to meet this demand. In addition, the region is seeing substantial investment in infrastructure projects. Governments across the Asia Pacific are investing heavily in transportation networks, energy infrastructure, and urban development, leading to increased product demand. Furthermore, the easy availability of cheap labor and raw materials enables the economical production of precast concrete elements, which is further contributing to the market growth. Apart from this, the presence of several large construction and infrastructure companies in the region is driving the adoption of efficient construction materials, such as precast concrete.

Competitive Landscape:

The top companies are heavily investing in research and development (R&D) activities to create innovative, high-quality precast concrete products. They are exploring new materials and manufacturing techniques to enhance the strength, durability, and sustainability of their products. Furthermore, several key players are expanding their operations by increasing production capacity and geographical reach to strengthen market presence and meet rising consumer demand. Additionally, leading companies are focusing on sustainability. They are adopting environmentally friendly manufacturing processes, minimizing waste, and promoting the recyclability of their products. Moreover, top market players are providing tailored solutions to meet specific customer demands in order to differentiate themselves from the competition. Apart from this, the increasing collaboration and strategic partnerships between leading market players, construction companies, architects, and other stakeholders are supporting the market growth.

The report has provided a comprehensive analysis of the competitive landscape in the global precast concrete market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

Balfour Beatty plc

Boral Limited

CEMEX S.A.B. de C.V.

Elementbau Osthessen GmbH & Co. ELO KG

Forterra Inc.

Gulf Precast Concrete Co LLC

Holcim Group

Laing O'Rourke

Olson Precast Company

Spancrete Inc. (Wells Concrete)

Tindall Corporation

Recent Developments:

In June 2021, Boral Limited announced its plan to sell its North American portfolio comprising precast concrete veneer brands Cultured Stone and Eldorado Stone to Westlake Chemical.

In December 2021, CEMEX S.A.B. de C.V. released a statement announcing that it is joining ANDECE to continue developing sustainable solutions for the precast concrete industry.

In July 2021, Forterra Inc. announced that it is acquiring Barbour Concrete Company, a leading manufacturer of precast concrete used in drainage, utility, and stormwater systems.

Key Questions Answered in This Report

• 1. What was the size of the global precast concrete market in 2022?
• 2. What is the expected growth rate of the global precast concrete market during 2023-2028?
• 3. What are the key factors driving the global precast concrete market?
• 4. What has been the impact of COVID-19 on the global precast concrete market?
• 5. What is the breakup of the global precast concrete market based on the type?
• 6. What is the breakup of the global precast concrete market based on the product?
• 7. What is the breakup of the global precast concrete market based on the end use?
• 8. What are the key regions in the global precast concrete market?
• 9. Who are the key players/companies in the global precast concrete market?