The Precast Concrete Market generated a revenue of USD 125.4 billion in 2021 and is expected to reach USD 196.9 billion in 2029, expanding at a CAGR of 5.8% over the forecast period.
The factors driving the growth of Precast Concrete Market includes increasing application of precast concrete in the construction of bridges, dams, and stadiums, growing focus on developing high-quality infrastructure and rise in the number of green buildings projects across the globe. Moreover, increase in road accidents at construction sites, growing preference for modern construction methods, rising adoption of advanced technologies by manufacturers and rapid urbanization, are some of the additional factors supplementing the Precast Concrete Market size. In addition, the increasing investments by leading players on research and development, strategic mergers, and acquisitions between key industry players and rising disposable incomes, are further contribution towards the market growth.
However, growth of the Precast Concrete Market is hindered due to insufficient knowledge about precast concrete method.
The prominent players operating in the market are Julius Berger Nigeria Plc., Boral, Gulf Precast Concrete Company L.L.C, Balfour Beatty, Holcim, Skanska, Olson Precast Company, CRH plc, CEMEX S.A.B. de C.V. and LAING O’ROURKE, among others.
Based on End-Use, the Non-residential segment is predicted to expand at a significant CAGR during the forecast period
Rise in the infrastructure projects across India, South Africa, and Middle Eastern Countries, is propelling Global Precast Concrete Market.
As per Precast Concrete Market Report, the Residential segment is projected to expand at a remarkable CAGR during the forecast period attributed to easy availability of home loans, rapid growth in the real estate sector and Government schemes providing affordable houses.
Based on Region, the Asia-Pacific region is projected to grow at a robust CAGR over the forecast period
Rise in Government’s expenditure on infrastructure projects, growing adoption of advanced technologies by manufacturers, rapid industrialization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
- In 2021, Skanska started an international project “ReCreate” to examine different reusing parts of a condemned building in Tampere, Finland, this project focuses on detecting new ways to remove concrete elements without damage for cost-effective reuse in new buildings.
- In 2021, Holcim completed the acquisition of Firestone Building Products from Bridgestone Americas for USD 3.4 billion.
- In 2020, Holcim and its subsidiary Vetra Betonverbindteilwerke GmbH signed an agreement with The Swiss CPC AG, to produce better performing thin concrete slabs with high-strength concrete in the Dutch, German, and Scandinavian markets.
Segmentation by Element
- Columns Beams
- Floors Roofs
- Walls Barriers
- Paving Slabs
- Utility Vaults
Segmentation by Construction Type
- Elemental Construction
- Permanent Modular Buildings
- Relocatable Buildings
Segmentation by End-Use
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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