Precast Concrete Industry Overview
The global precast concrete market size is expected to reach USD 139.33 billion by 2028 registering a CAGR of 5.3%, according to a new report by Grand View Research Inc. Growing product utilization in the residential construction industry to reduce the overall cost of construction is expected to drive the market growth over the forecast period. China, India, Indonesia, and Vietnam are some of the major Asian economies that are witnessing an infrastructure boom. Thus, growing investments in the construction of underground and over the ground metro rail projects, bridges, tunnels, subways, and high-speed rail networks are anticipated to provide a major boost to the global market.
Precast Concrete Market Segmentation
Grand View Research has segmented the global precast concrete market on the basis of product, end-use, and region:
Based on the Product Insights, the market is segmented into Structural Building Components, Architectural Building Components, Transportation Products, Water & Waste Handling Products, Others.
- The structural building components segment led the market and accounted for over 36% of the total revenue in 2020 and will expand at the fastest CAGR from 2021 to 2028.
- Affordable housing structures and social infrastructure projects, such as hospitals, educational facilities, and community centers, are expected to be the major beneficiary of precast concrete. These projects often get delayed due to the lack of funds and paucity of labor.
- The transportation products segment is projected to register a significant CAGR over the forecast period. High investments in the development, renovation, and up-gradation of transportation infrastructures, such as roads, bridges, flyovers, tunnels, metro rails, and high-speed rail networks, are expected to be the primary factors driving the segment growth.
- The water & wastewater handling product segment is expected to garner a significant market share over the forecast period. Globally, there has been a growing focus on maximizing the recycling of municipal and industrial wastewater discharge.
Based on the End-use Insights, the market is segmented into Residential, Non-residential, Infrastructure.
- The residential end-use segment led the market and accounted for a share of 36.0% in 2020. The residential end-use segment includes single-family houses and multi-story residential buildings. The product is witnessing growing adoption in residential applications owing to its ability to significantly reduce the construction cost and time.
- In countries, such as Norway, Finland, Canada, and Sweden, extremely cold weather and shorter daytime bring the traditional construction activities to a halt. As a result, precast concrete has emerged as a logical alternative to conventional methods to ensure the continuation of the construction activities.
- The non-residential end-use segment is anticipated to grow at a CAGR of 5.5% from 2021 to 2028. High product adoption in the construction of warehouses and factory spaces is expected to drive the segment growth over the forecast period.
- The use of offsite construction helps in the early commissioning of the production facility. Tesla Inc., one of the leading Electric Vehicle (EV) manufacturers in the world, has been one of the early adopters of precast concrete products while constructing its ‘Giga Berlin’ factory.
Precast Concrete Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is highly competitive. Thus, market participants focus on reducing their product prices while improving the quality. Cast modules are very heavy, so it is desirable to have the casting yard within a 100-kilometer radius of the construction site. Thus, major players have established their castings yards near the construction sites.
Some prominent players in the global precast concrete market include
- Boral Ltd.
- Gulf Precast Concrete Co. LLC
- Olson Precast Company
- CEMEX S.A.B. de C.V.
- Tindall Corporation
- ELO Beton
- Gulermak A.S.
Order a free sample PDF of the Precast Concrete Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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