Global Precast Concrete Market Research Report: Forecast (2023-2028)

Market Definition

Precast concrete is made by casting concrete using a reusable mold, i.e., cured off-site in a controlled environment to allow the concrete to be cured adequately & monitored closely. These molds are utilized multiple times before they get replaced, which basically makes the process much more efficient than on-site casting and offers various benefits like enhanced control over the material quality, better workmanship, & optimum safety.

Market Insights & Analysis: Global Precast Concrete Market (2023-28)

The Global Precast Concrete Market is expected to grow at a CAGR of around 5.6% during the forecast period, i.e., 2023-28. Most of the market expansion would be propelled by the flourishing building & construction industry, massive investments in infrastructure development projects across various developing countries, various government initiatives for developing their respective economies by enhancing the construction sector, and improving disposable income in developing regions.

Besides, rapid industrialization & urbanization in emerging countries, which are increasingly focusing on high-quality infrastructure development & green building projects, coupled with the ever-increasing number of commercial & residential spaces worldwide, are other prominent aspects projected to drive the market in the forecast period. Additionally, ongoing advancements in material science & reusability of molds and growing concerns over the work-zone safety for building bridges, buildings, & other construction projects shall also bode well for the market expansion in the future.

As precast concrete is more durable & stronger, has a significantly high span-to-depth ratio, and can be constructed easily in lesser time than its alternatives, it finds various applications in the production of numerous building components like wall panels, sound walls, manholes, highway barriers, & building foundations. Its extensive utilization worldwide in large-scale projects like concert halls & arenas is a crucial factor likely to contribute significantly to the overall market growth in the coming years.

Furthermore, favorable policies regarding the use of eco-friendly & advanced building materials in construction activities, coupled with the increasing number of remodeling & renovation projects, especially in India & China, and the active focus of governments of various emerging countries on building modern infrastructure also project remunerative prospects for the market through 2028.

Global Precast Concrete Industry Recent Developments 

• On 1 May 2022, Boral Limited, in collaboration with Calix Limited, announced exploring the feasibility of developing a carbon capture plant in the Southern Highlands using Calix's innovative carbon technology. For this, Boral has been awarded a $30m Commonwealth Grant, which will support both leaders in assessing the viability of a commercial-scale plant that captures & compresses up to 100ktpa of unavoidable CO2 emissions that arise from the limestone decomposition in cement manufacturing.
• On 1 July 2021, Forterra completed the acquisition of Barbour Concrete Company & Barbour Building Systems, a manufacturer of precast concrete products used in drainage, stormwater, utility, and other infrastructure applications.
• The same year on 7 January, LafargeHolcim announced acquiring Firestone Building Products (FSBP), a leader in commercial roofing & building envelope solutions based in the US, for US$ 3.4 billion, i.e., in line with its plans to become the global leader in innovative & sustainable building solutions.

Global Precast Concrete Market (2023-28): Segmentation Analysis

The Global Precast Concrete Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the Application, and End-User the market has been further classified as:

Based on Application:

• Structural Building Components
• Architectural Building Components
• Transportation Products
• Waste & Waste Handling Products

Here, Structural Building Components are anticipated to demonstrate the fastest market growth during the forecast period. This growth attributes to the swift expansion of the construction sector, showcasing a high demand for this concrete for the application of structural buildings. In addition, the acceleration of the construction of hotels, malls, and hospitals is playing a significant role in propelling the demand for precast concrete for Structural Building Components throughout the world. Moreover, since structural building components are affordable, it is likely to showcase a peaking demand, driving the overall market growth through 2028.

On the other hand, Architectural Building Components shall also make significant contributions to the overall market expansion in the coming years. Backed by the swift improvement in the economic conditions of people and their inclination toward home renovations and designing, the demand for precast concrete for architectural buildings is escalating rapidly. Besides, because these concrete offer perks like design flexibility & improved profitability, it shall further augment the demand for these materials throughout the world during the forecast period. Its peaking demand is particularly seen across office buildings, hospitals, schools, shopping centers, apartments, and parking garages, among others.

Nonetheless, Transportation Products shall also witness a high demand for precast concrete in the coming years and boost the overall market growth. This expansion is set to be influenced by the growing awareness among contractors about the perks of this concrete like high durability, low maintenance cost, and improved track elasticity. Furthermore, other advantages like improved ride quality, minimum lifecycle cost, enhanced geometric retention of rail track, and greater weight capacity for heavy freight lines & speed, are also stimulating demand and driving the market.

Based on End-User:

• Residential
• Non-Residential

Here, the non-residential sector holds the largest market share, and the same trend is likely in the coming years. It owes to the increasing number of retail stores, the rapidly expanding industrial sector, substantial investments in the development of flyovers, roads, educational institutes, hotels, malls, corporate spaces, & hospitals, among others, and the growing demand for sports complexes, stadiums, & airports.

The quick & easy precast concrete is well-suited, particularly for applications where the construction materials are subjected to heavy loads. It absorbs pressure forces and, for instance, protects highways against vehicle penetration. Moreover, it is also being utilized increasingly wherever high-quality & environmentally friendly solutions are needed. It owes to its easy production and significantly higher quality & durability than traditional concrete, which, in turn, provides increased cost savings. Hence, these aspects indicate a swiftly surging demand for precast concrete across the residential sector, i.e., boding well for the overall market growth.

Global Precast Concrete Market Regional Projection

Geographically, the Global Precast Concrete Market expands across:

• North America
• South America
• Asia-Pacific
• Europe
• Middle East & Africa

Of all countries globally, Asia-Pacific is anticipated to demonstrate the fastest growth of the market during 2023-28. It attributes to the active participation of governments of different regional countries in promoting various construction activities for infrastructural developments. It, in turn, is boosting the demand for products like precast concrete in diverse applications owing to its cost-efficiency and, consequently, instigating the leading players in the regional market to expand their production & distribution capacities in order to cater to the burgeoning end-user requirements.

Moreover, favorable government initiatives undertaken by different countries, especially India, toward smart city development projects, alongside massive investments by other countries like Spain, Sweden, & Italy in such projects, are also amplifying the demand for precast concretes across the region. Besides, the excellent progress in the economic face of countries in recent years, coupled with the rapidly expanding residential sector, are also playing a significant role in nurturing the Asia-Pacific Precast Concrete Market growth.

Gain a Competitive Edge with Our Global Precast Concrete Market Report

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