Precast concrete is a construction product that’s manufactured by casting concrete in a recyclable form. The available mold is again healed in a precise environment, conveyed to the building site, and utilized. There has been an extraordinary demand for pre-cast concrete in the construction sector in western countries due to time saved during the construction resulting in lesser expenses.
According to Ken Research Analysis, the Global Precast Concrete Market is expected to record a positive CAGR of ~6% during the forecast period (2022-2028) and is expected to reach approximately US$ 155 billion by 2028.
Factors like increasing investments by industry players, rise in construction activities across the globe, and high adoption of precast concrete over on-site cast concrete are positively impacting the market growth.
- Precast concrete is superior to on-site cast concrete in several ways in terms of building infrastructure. It offers a superior level of quality than conventional techniques which is mainly due to proper technical management. One of the primary advantages of precast concrete over traditional concrete is the speed of construction as it cuts down one-third of the construction time. As a result, Precast Concrete Market is rising due to less time and effort needed as well as the high level of durability of precast concrete structures.
Concerns about high capital costs, handling difficulty, transportation, and modification limitations are to limit market growth, especially in developing countries
- Precast concrete has several advantages over conventional concrete, but its use in developing nations is limited by the considerable investment needed. Precast concrete things must be manufactured using expensive tools and molds that must be made using cutting-edge technology by highly skilled labor, which looks to be quite demanding for developing regions.
- The high upfront cost is anticipated to restrict expansion shortly. Even though the cost of producing precast concrete is decreasing, there are still costs that could limit the market.
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The COVID-19 outbreak caused worldwide lockdowns, disruptions in supply chains and industrial processes, and production shuts down, all of which hurt the market in 2020. However, the market had a strong recovery in 2021 as a result of the start-up of major end-user sectors. Precast concrete is anticipated to have rapid market expansion shortly due to rising demand for environmentally friendly building techniques, increased dependency on current construction methods, urbanization, and industrialization in emerging nations.
Scope of the Report
The Precast Concrete Market is segmented by product, application, and end-user. In addition, the report also covers market size and forecasts for the four major regions’ Precast Concrete Market. The revenue used to size and forecast the market for each segment is US$ billion.
Key Trends by Market Segment
By Product: The beam and column system segment held the largest market share in the Global Precast Concrete Market in 2021.
- Beams and columns are being demanded as it speeds up construction as well as provide several benefits including quality assurance, increased production, and cost-effectiveness.
- Furthermore, it is being increasingly adopted by both, household and business sectors for its qualities including architectural flexibility, environmentally friendly building, extended life, durability, low maintenance, and water resistance.
By Application: The structural building components application segment held the largest share of the Global Precast Concrete Market in 2021.
- The structural building components segment is anticipated to see growth due to the strong demand from the construction sector. The category includes several precast products used as columns, pillars, and joints in the building of residential and commercial constructions.
- Furthermore, Precast Concrete Market is anticipated to be significantly influenced by the growing use of structural construction components in affordable housing along with global industrialization including an increase in shopping centers, hotels, and hospitals.
By End-User: The infrastructure end-user segment held the largest share of the Global Precast Concrete Market in 2021.
- Precast concrete demand is expected to rise as energy efficiency and life-cycle management are given more attention. To improve building structure quality, reduce overall construction time, and lower labor costs, major industry participants are increasingly using precast concrete structures for the construction of infrastructure projects.
- Apart from that, infrastructure development initiatives in developing countries are also projected to positively impact the market. The post-pandemic recovery of the construction sector is anticipated to open up new development opportunities for the precast concrete sector.
By Geography: North America accounted for the largest market share in 2021 within the total Global Precast Concrete Market.
- The positive growth trends in countries such as USA and Canada, have boosted the demand for precast concrete products and applications in recent years. The demand for precast concrete in the construction industry has been growing rapidly as demand for dynamic building materials and concern for strong construction has increased.
- In Canada, infrastructure and construction have seen phenomenal growth in the last decade, with around 50 skyscrapers completed in major cities such as Vancouver, Toronto, and Calgary. Infrastructure Canada provided funding for 6,500 projects to build and maintain thousands of kilometers of expressways and highways.
- The region’s industrial development, combined with favorable government policies, has attracted several manufacturers to establish plants in the particular region, which is expected to boost demand for precast concrete.
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The Global Precast Concrete Market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players.
Large global players hold the highest market share of 40% which is followed by the regional players holding a 35% share. Some of the major players in the market include LafargeHolcim, ARTO, Sauereisen, Kijlstra precast Ltd, Carlow Precast Concrete Engineering, Qingdao Qingde Precast Accessories Co., Ltd., Great Magtech (Xiamen) Electric Co., Ltd, Tindall Corporation, Oldcastle Infrastructure, Boral Limited, Forterra, and others.
Recent Developments Related to Major and Emerging Companies
- In January 2021, LafargeHolcim signed an agreement to acquire Firestone Building Products a commercial roofing and building envelope solutions company for US$ 3.4 Bn. The acquisition is estimated to expand the company’s roofing portfolio and increased its presence in the USA.
- In April 2020, Tindall Corporation announced plans to expand operations in Spartanburg, County, South Carolina, USA. The expansion requires an investment of around US$ 27.9 million. Expanding existing industries in Spartanburg County is an indication of healthy economic development conditions. Tindall Corporation has been a solid corporate partner in Spartanburg, providing great jobs and excellent products for over five decades. This expansion will allow for increased production capacity, market diversification, and new automation solutions.
- In July 2021, Fortera Inc., acquired Barbour Building Systems and Barbour Concrete Company. The company itself is a leading manufacturer of water and drainage infrastructure pipe and precast products and aims to expand its product portfolio through this acquisition.
Key Topics Covered in the Report
- Snapshot of the Global Precast Concrete Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Precast Concrete Market
- Historic Growth of the Overall Global Precast Concrete Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Precast Concrete Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Precast Concrete Market
- Future Market Forecast and Growth Rates of the Total Global Precast Concrete Market and by Segments
- Market Size of Product / Application Segments with Historical CAGR and Future Forecasts
- Analysis of the Precast Concrete Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
- Kijlstra precast Ltd
- Carlow Precast Concrete Engineering
- Qingdao Qingde Precast Accessories Co., Ltd.
- Great Magtech (Xiamen) Electric Co., Ltd
- Oldcastle Infrastructure
- Boral Limited
Notable Emerging Companies Mentioned in the Report
- Atlas Group
- Bex technology
- Cuby technology
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Precast Concrete Producers
- Precast Concrete Structures Providers
- Construction Equipment Companies
- Chemical Manufacturers
- Organic Building Materials Manufacturers
- Construction Sector Policy Makers
- Construction Regulation Authorities
- Architecture Firms
- Construction Tech Investors
- Chemicals Products Suppliers
- Precast Solution Providers
- Potential Investors in Construction Industry
- PE and VC Firms focused on Construction Industry
For more information on the research report, refer to below link:
Global Precast Concrete Market