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Global Precast Concrete Market size is estimated to grow by USD 19.61 billion between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 3.83%. The growth of the precast construction market depends on several factors, such as growing urbanization and industrialization, the need for reduced construction time and cost-effective products, and cities evolving into megacities.
This precast concrete market research report extensively covers market segmentation by end-user (non-residential and residential), product (building components, transportation, water and water handling, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
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The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Precast Concrete Market Customer Landscape
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing urbanization and industrialization is the key factor driving the global precast concrete market growth. Rapid industrialization and urbanization in developing countries are greatly accelerating the demand for precast concrete products. Global economic growth, rising disposable incomes, and changing lifestyles are driving rapid urbanization. Rapid industrialization and urbanization are increasing the demand for roads, housing, water storage structures, tunnels, and bridges. The development of new roads and increased investment in transportation and highway infrastructure projects, as well as smart cities, are driving the growth of the market.
China, India, Italy, Russia, Germany, and the United States have invested heavily in road/highway infrastructure projects. Demand for precast concrete is likely to be in developing countries that lack adequate road and transportation networks and infrastructure. These countries are investing heavily in their transport networks to boost their economic and industrial growth. However, regular investments in technological advancements in infrastructure projects in developed countries are also boosting the growth of the precast construction market during the forecast period.
Increasing investments in the construction industry will fuel the global precast concrete market growth. Construction activity is on the rise around the world due to growing interest in developing infrastructure that will drive economic growth and improve people's living standards. Developed countries like the US are looking to improve their existing infrastructure. The construction industry in developing countries such as China and India is also growing as the populations of these countries move into the middle-income bracket. The global construction industry is growing due to the increasing number of construction projects across the world.
Global investment in roads and highways continues to grow due to rising safety standards and an increase in accidents around the world. As the number of passenger and commercial vehicles in the world continues to grow, congestion on city roads and highways will increase in the coming years. This has forced the government to modernize and expand existing highways. Apart from that, new roads and highways are also being built to minimize travel times between major cities. Such initiatives will increase the demand for ready-mixed concrete and subsequently support the growth of the precast construction market during the forecast period.
A lack of awareness regarding precast concrete can majorly impede the growth of the market. End users often exhibit a lack of awareness of precast concrete. This can lead to misunderstandings and missed opportunities to use this versatile building material. Precast concrete is a type of building material poured into reusable forms, allowed to harden, and transported to a construction site for installation. One of the main reasons is the persistent belief that only traditional building materials such as brick, stone, and wood are suitable for building construction. This misconception often stems from resistance to change and a lack of understanding of the many benefits of precast concrete, such as durability, economy, safety, and design flexibility. End users with this belief may be unaware of the significant advances in precast concrete technology in recent years, such as the development of high-performance concrete that can withstand harsh weather conditions and extreme temperatures.
Another factor is the lack of exposure to the material. This may be due to a lack of education in building materials and techniques, as well as a lack of access to information on precast concrete suppliers and manufacturers. End users unfamiliar with precast concrete may be put off by the perceived complexity and expense of the manufacturing and installation process and may prefer a more familiar building material. Therefore, such factors may impede the growth of the precast construction market during the forecast period.
The non-residential segment will contribute a major share of the market, as it saves time and reduces costs. The non-residential segment showed a gradual increase in market share with USD 62.81 billion in 2017 and continued to grow by 2021. The non-residential segment includes commercial buildings, offices, hospitals, schools, warehouses, and industrial facilities. This segment represents a large and diverse precast concrete market, offering manufacturers and suppliers an opportunity to serve a wide range of customers with diverse needs and preferences. Precast concrete elements are manufactured externally under controlled conditions to ensure consistent quality and minimize on-site construction time. This speeds up the construction process and reduces labor costs and project schedules.
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The precast concrete offers high levels of durability, strength, and weather-withstanding ability, making it ideal for use in non-residential buildings that require a long service life and can withstand frequent use and frequent environmental exposures. The use of precast concrete in non-residential construction also offers a variety of design options, including custom shapes, colors, and finishes that can be tailored to the client's specific needs and preferences. Whether it's a modern office building or an industrial hall, precast concrete elements can be used to create functional and aesthetic designs that meet the architectural needs of your project. Additionally, non-residential construction projects often require large amounts of building materials, making precast concrete a cost-effective solution. Manufacturers can produce precast concrete bulk and ship it to the site as needed, reducing transportation costs and minimizing waste. Therefore, the above factors are expected to drive the growth of the non-residential segment of the market during the forecast period.
Building components precast concrete elements have become integral to modern construction due to their durability, safety, and cost-effectiveness. First, wall panels are a common precast concrete product widely used in the construction industry. These panels are available in off-the-shelf sizes for easy installation, reducing construction time and costs. This wall panel is ideal for the construction of large buildings such as offices, high-rise condominiums, and commercial facilities. They provide excellent sound and thermal insulation and are available in a variety of textures and finishes. Second, precast concrete beams and columns are important components in the construction of buildings that require structural strength. These components can be prefabricated in a variety of shapes and sizes, making them suitable for a variety of architectural designs. Beams and columns are known to withstand extreme weather conditions and have a longer service life than traditional building materials. Third, stairs and elevator shafts are other important precast concrete elements in construction. These components are prefabricated off-site, reducing construction time and enabling a faster installation process. The materials used to manufacture stairs and elevator shafts are widely used in high-rise buildings as they are known for their strength and durability. Fourth, precast concrete panels are versatile and inexpensive structural elements that are widely used in the construction industry. These panels are prefabricated in various shapes and sizes and are suitable for flooring, roofing, and wall systems. Finally, precast concrete foundations are a staple in the construction industry as they provide a stronger and more stable foundation than traditional foundations. These foundations are prefabricated offsite and can be installed quickly on-site, reducing construction time and costs. Hence, the factors mentioned above are expected to drive the growth of the building components segment of the market during the forecast period.
APAC is estimated to contribute 32% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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APAC's construction industry is experiencing significant growth due to increased demand for industrial buildings, warehouses, and other infrastructure. Favorable government policies and initiatives attract investment in the construction industry from both public and private organizations. For example, in India, government initiatives such as the smart city mission and housing for all are driving growth in the construction and infrastructure sector. China's construction industry is also expected to grow at a staggering rate of 6-7% between 2021 and 2025. Growth in construction activity in the industrial, commercial, and residential sectors in the Asia-Pacific region has increased the need for cost-effective and rapid construction solutions, leading to a rapid increase in the adoption of precast concrete construction in the region. APAC's tourism sector is also contributing to the growth of the market. In the tourism industry, prefabricated products are mainly used for restaurants, hotels, and resorts. Rising per capita income and rising living standards have further increased the demand for prefabricated parts in the region. This is due to growth in the residential and commercial sector, including apartment complexes, shopping malls, technology parks, and retail stores. Hence, growth in the construction and industrial sector will boost the growth of the market during the forecast period.
COVID-19 hampered the growth of the market in 2020. Countries across the world imposed partial or full lockdowns. The lockdowns and strict social distancing norms halted a number of ongoing construction projects across the world, halting several construction projects and hampering the market. However, economic activity surged in 2021 as lockdowns were lifted in several countries and large-scale vaccination campaigns were launched. Several governments from across the world announced stimulus packages, changed some policies, and launched programs to support businesses and revitalize the economy. Such initiatives taken by the government are expected to boost the growth of the market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Boral Ltd: The company offers different types of precast concrete products for residential walling systems and major infrastructure projects.
CEMEX SAB de CV: The company offers different types of precast concrete admixtures for Block making, Artificial stone, Flooring, Paving, and Railway sleeper.
We also have detailed analyses of the market’s competitive landscape and offer information on 18 market vendors, including:
The report offers, clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the vendors. The analysis classifies vendors into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business which in turn can help a client make the best decision.
The precast concrete market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Precast Concrete Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.83% |
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Market growth 2023-2027 |
USD 19.61 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.3 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 32% |
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Key countries |
US, China, India, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Boral Ltd., CEMEX SAB de CV, Consolis Group SAS, EBAWE Anlagentechnik GmbH, Elematic Oyj, Elementbau Osthessen GmbH and Co. ELO KG, Gulf Precast Concrete Co. LLC, HeidelbergCement AG, Holcim Ltd., Julius Berger Nigeria Plc, Kiewit Corp., Larsen and Toubro Ltd., Olson Precast Co., Prilhofer Consulting GmbH and Co. KG, QUIKRETE Holdings Inc., Spiroll Precast Services Ltd., The Wells Companies, Weckenmann Anlagentechnik GmbH and Co. KG, CRH Plc, and Tindall Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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