by Precast concrete products are widely used in the construction of buildings, residential complexes, bridges, tunnels, and other infrastructure projects owing to advantages such as durability, sustainability, affordability, and reduced construction timelines. Precast concrete is a construction product manufactured by casting concrete in a reusable mold or “form” which is then cured in a controlled environment, transported to the construction site and lifted into place.
The global Precast Concrete Market is estimated to be valued at US$ 106.12 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid urbanization has been propelling the demand for residential and commercial properties over the past few years. According to the United Nations, presently 55% of the world’s population lives in urban areas, a proportion that is expected to increase to 68% by 2050. Rapid infrastructure development is also leading to escalating demand for bridges, tunnels, roads and other construction projects globally. The construction industry relies heavily on precast concrete as it helps accelerate construction processes and delivers standardized, durable and economical construction. Precast concrete panels and elements can be manufactured in a controlled factory environment simultaneously with site preparation works, reducing overall construction timelines substantially. This trend is expected to continue driving market growth over the forecast period.
SWOT Analysis
Strength: Precast concrete is durable, requires less on-site construction time, and produces less construction waste compared to cast-in-place concrete. It allows construction to continue during inclement weather.
Weakness: Architectural designs may be limited with precast modules. Changes later in the construction project can be difficult and expensive to implement. Transportation and logistics of precast elements require careful planning.
Opportunity: Growing construction industry in emerging economies boosts demand. Precast systems allow accelerated construction timelines particularly for large commercial and infrastructure projects. Hybrid construction combining precast and other materials opens new opportunities.
Threats: Volatility in raw material prices especially cement and steel can impact project costs. Strict environmental regulations on CO2 emissions during concrete production may impede market growth to some extent.
Key Takeaways
The Global Precast Concrete Market Size is expected to witness high growth. The global Precast Concrete Market is estimated to be valued at US$ 106.12 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Regional analysis reveals Asia Pacific currently dominates the market and is expected to continue its leadership through the forecast period on account of strong growth in building & construction spending in China, India.
Key players operating in the precast concrete market are Curia, Genscript, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings, among others. Increased investments by private equity firms in precast construction technology start-ups points towards ongoing innovation. Hybrid construction methods leveraging structural efficiencies of precast and other materials are gaining popularity.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
