by The precast concrete market is estimated to be valued at US$ 106.12 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precast concrete refers to concrete products that are cast and cured off-site in a controlled environment and transported to the construction site for installation. It has various uses for residential and commercial construction including building foundations, structural beams, walls, floors, stairs, and other structural elements. Precast concrete offers benefits such as reduced construction timelines, higher quality control, lower construction waste and costs. It provides architects and builders flexibility to customize precast concrete designs for various building types and sizes.
Market Dynamics:
The growth of the precast concrete market is driven by rising construction activities globally and growing popularity of green and sustainable building materials. According to the World Bank, the global construction industry is estimated to grow at 3-4% annually through 2025. Additionally, rapid urbanization in developing economies has increased the demand for affordable and quick construction methods like precast concrete. Also, precast concrete has better structural integrity than site-cast concrete and has lower environmental footprint which has increased its preference compared to other materials. These factors are expected to propel the demand for precast concrete over the forecast period.
Segment Analysis
The global precast concrete market is dominated by residential sub-segment. Residential construction accounts for around 54% of the total market share owing to the cost advantages and speed of construction associated with precast concrete in residential projects. Precast concrete finds increasing usage in foundations, floors, walls, utility shafts, bathroom modules and staircases in residential construction as it reduces construction time significantly.
PEST Analysis
Political: The government’s support for infrastructure development and affordable housing programs in various countries is promoting the growth of precast concrete market. Economic: The cost savings achieved through use of precast concrete and quicker construction time is driving its increased adoption across industrial, commercial and residential sectors. Social: Precast concrete reduces noise, dust and disturbance at construction sites leading to less complaints from local communities. Technological: Technologies like 3D printing and structural design software are helping in mass customization and efficient production of complex precast concrete components.
Key Takeaways
The global Precast Concrete Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing investments in infrastructure development and public works globally. Regionally, Asia Pacific dominates the global market accounting for over 35% share owing to rapid urbanization and growth in construction output in major economies like China and India. Key players operating in the precast concrete market are Oldcastle Inc., Cemex Inc., Lafarge North America, HeidelbergCement, Holcim Inc., Vulcan Materials Co., Colas S.A., Martin Marietta Materials, MDU Resources, and Buzzi Unicem. Regional analysis Key players like Oldcastle Inc. and Cemex Inc. are investing heavily in India and Southeast Asian markets to capitalize on opportunities arising from government-backed infrastructure development programs in these fast growing regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
