Precast Concrete Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.36 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Precast Concrete Market Analysis
The Precast Concrete Market size is expected to grow from USD 12,577.02 million in 2023 to USD 15,568.54 million by 2028, at a CAGR of 4.36% during the forecast period (2023-2028).
Due to the COVID-19 outbreak, nationwide lockdowns around the globe, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, with the resumption of operations in major end-user industries, the market recovered significantly in 2021.
- Over the short term, growing demand for sustainable construction methods, greater dependency on modern construction techniques, urbanization, industrialization in developing countries, and increasing demand for fast building materials are expected to boost the market growth of precast concrete.
- On the flip side, the risk of structural damage during transportation and substitutes like self-healing concrete is hindering the studied market's growth.
- New technology advancements like 3D printing and Building Information Modeling (BIM) will likely act as an opportunity for the studied market.
- North America is expected to dominate the market and will likely witness the highest CAGR during the forecast period.
Precast Concrete Market Trends
Residential Sector is Expected to Dominate the Market
- Precast concrete materials are precast and prefabricated during the manufacturing process. Such structures increase construction speed and productivity while helping cost and quality control.
- The demand for precast concrete is increasing due to a significantly larger need for cost-effective and safe materials.
- Furthermore, such structures are considered sustainable building materials because they can be reused or remolded repeatedly, reducing their environmental impact.
- With significant population growth, the demand for low-cost residential properties, higher efficiencies achieved through precast methods, and increased construction speed through precast technology drove the market in recent years. Furthermore, conversion and renovation of old buildings increase investment in the construction industry, increasing demand for prefabricated parts and thus positively contributing to the growth of the precast construction market.
- China includes the world's largest construction market, accounting for 20% of all global construction investments. China is expected to spend nearly USD 13 trillion on construction by 2030, which drives the demand for the precast concrete market in China during the forecast period.
- According to NITI Aayog, the Indian real estate sector will be worth USD 1 trillion by 2030, accounting for 13% of India's GDP by 2025.
- The United States boasts a colossal construction sector with over 7.6 million employees. According to US Census Bureau, in 2022, the value of construction was USD 1,792.9 billion, a 10.2% increase over the USD 1,626.4 billion spent in 2021.
- Further, as per further statistics generated by the US Census Bureau, the annual value for new construction in the United States accounted for USD 1,657,590 million in 2022, compared to USD 1,499,822 million in 2021.
- Moreover, the annual residential construction in the United States was valued at USD 849,164 million in 2022, compared to USD 740,645 million in 2021. The annual non-residential construction in the country was valued at USD 808,427 million in 2022, compared to USD 759,177 million in 2021. It is thereby decreasing the consumption of the market studied in the short term.
- The Precast concrete market will likely grow globally during the forecast period due to all these factors.
North America Region is Likely to Dominate the Market
- North America is expected to dominate the market owing to the increasing construction activity in the residential and commercial sectors in the region.
- The positive growth trends in countries such as the United States and Canada boosted the demand for precast concrete products and applications in recent years.
- The demand for precast concrete in the construction industry is growing rapidly as the demand for dynamic building materials and concern for strong construction increases.
- Infrastructure spending is also a key part of the Government of Canada's growth strategy, pledging more than USD 135 billion over the next 12 years. Projects include public transport connectivity, broadband, and energy infrastructure upgrades.
- According to the Canadian Construction Association, the construction sector is one of Canada's largest employers and a major contributor to the country's economic success. The industry contributes 7% of the country's Gross Domestic Product (GDP). Further, various government projects, such as New Building Canada Plan (NBCP) and Affordable Housing Initiative (AHI), are supporting the construction sector's growth.
- Canada is one of the richest countries in the world. Infrastructure and construction saw phenomenal growth in the last decade, with around 50 skyscrapers completed in major cities such as Toronto, Vancouver, and Calgary. Infrastructure Canada funded 6,500 projects to build and maintain thousands of kilometers of expressways and highways.
- The region's industrial development and favorable government policies lured several manufacturers to establish plants there, which is expected to boost demand for precast concrete.
- Due to all such factors, the market for Precast concrete in the region is expected to grow steadily during the forecast period.
Precast Concrete Industry Overview
The Precast concrete market is partially fragmented in nature. Some of the major players in the market include Holcim, Boral Limited, Tindall Corporation, Larsen & Toubro Limited (India), and Gulf Precast Concrete Co. LLC, among others (not in any particular order).
Precast Concrete Market Leaders
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Holcim
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Boral Limited
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Tindall Corporation
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Larsen & Toubro Limited (India)
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Gulf Precast Concrete Co. LLC
*Disclaimer: Major Players sorted in no particular order
Precast Concrete Market News
- March 2023: Holcim acquired HM Factory, which provided precast concrete solutions. This move will strengthen the company's positioning in the precast concrete market.
Precast Concrete Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Rising Government Initiatives for Infrastructure Development
- 4.1.2 Growing Demand in Contruction Industry
- 4.1.3 Increasing Demand for Fast Building Materials
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4.2 Restraints
- 4.2.1 Risk During Transportation of Precast Concrete Structure
- 4.2.2 Substitutes Like Self Healing Concrete
- 4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Product Type
- 5.1.1 Beams & Columns
- 5.1.2 Paving Slabs
- 5.1.3 Floors & Roofs
- 5.1.4 Pipes
- 5.1.5 Walls & Barriers
- 5.1.6 Others
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5.2 End-user Industry
- 5.2.1 Residential
- 5.2.2 Infrastructure
- 5.2.3 Commercial
- 5.2.4 Industrial and Institutional
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Balfour beatty
- 6.4.2 Boral Limited
- 6.4.3 CRH Plc
- 6.4.4 Elo Beton
- 6.4.5 Forterra
- 6.4.6 Gulf Precast Concrete Co. LLC
- 6.4.7 Holcim
- 6.4.8 Larsen & Toubro Limited (India)
- 6.4.9 Olson Precast Company
- 6.4.10 Skanska AB
- 6.4.11 Tindall Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 New Technology Advancements in Precast Concrete
- 7.2 Other Opportunities
Precast Concrete Industry Segmentation
Precast concrete is a type of construction material that refers to a piece of material made in one place, and then the cast structure is transferred to the construction site for installation. The structures used in a precast plant can be reused multiple times before they need to be replaced, making it often less expensive than onsite casting. The precast concrete market is segmented by product type, end-user industry, and geography. The market is segmented by product type into beams & columns, paving slabs, floors & roofs, pipes, walls & barriers, and others. The end-user industry segments the market into residential, infrastructure, commercial, industrial, and institutional. The report also covers the market size and forecasts for the precast concrete market in 15 countries across major regions. Each segment's market sizing and forecasts are based on revenue (USD).
| Product Type | Beams & Columns | |
| Paving Slabs | ||
| Floors & Roofs | ||
| Pipes | ||
| Walls & Barriers | ||
| Others | ||
| End-user Industry | Residential | |
| Infrastructure | ||
| Commercial | ||
| Industrial and Institutional | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Precast Concrete Market Research FAQs
What is the current Precast Concrete Market size?
The Precast Concrete Market is projected to register a CAGR of 4.36% during the forecast period (2024-2029)
Who are the key players in Precast Concrete Market?
Holcim , Boral Limited , Tindall Corporation, Larsen & Toubro Limited (India) and Gulf Precast Concrete Co. LLC are the major companies operating in the Precast Concrete Market.
Which is the fastest growing region in Precast Concrete Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Precast Concrete Market?
In 2024, the North America accounts for the largest market share in Precast Concrete Market.
What years does this Precast Concrete Market cover?
The report covers the Precast Concrete Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Precast Concrete Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Precast Concrete Industry Report
Statistics for the 2024 Precast Concrete market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Precast Concrete analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
