Precast Concrete Market Size Report | Industry & Forecast 2028

Precast Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Structure System (Beam and Column System, Floor and Roof System, Bearing Wall System, Façade System, and Others); and End use (Residential, Commercial, and Others)

Publication Month : Dec 2022

  • Report Code : TIPRE00022069
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 184
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[Research Report] The precast concrete market size is expected to grow from US$ 151.84 billion in 2022 to US$ 234.66 billion by 2028; it is estimated to grow at a CAGR of 7.5% from 2022 to 2028.

Market Insights and Analyst View

Precast concrete is defined as construction material, which is manufactured by casting concrete in a reusable or moldable framework, following which it is then cured in controlled environment. Such materials are precasted and prefabricated at the time of manufacturing and are then assembled and molded at the construction site. Such structures are responsible to enhance construction speed, improve productivity and helps to significantly monitor cost and quality. Hence, with the growing demand for cost-effective and safe material, the demand for precast concrete is expected to rise. Further, such form of structures is categorized as sustainable building materials as they can significantly be reused or remolded, thereby, reducing their impact on environment. The growing adoption of green and modular construction material is expected to proliferate the demand for precast concrete products in global market. This factor is significantly driving the precast concrete market globally.

Growth Drivers and Challenges:

Precast technology is often correlated with performance, protection, and durability, all of which are good advantages over traditional building methods. However, one of the essential advantages of precast is its potential to reduce construction costs and provide substantial savings before, during, and after the project. Moreover, unlike other materials used in conventional building components, precast components are usually made of locally available natural raw materials such as cement, stones, sand, and gravel, and they can be reused or recycled completely, which helps to reduce the environmental impact of raw materials over their life cycle. In addition to this, focus have been made to promote safe and digitized construction which could lessen the number of fatalities at the site. Furthermore, renovation involves reconstructing infrastructural facilities with modern and advanced construction materials with an aim to promote the structural properties of the building along with improving its life span and contributing to minimal environmental impact. Renovation and remodeling activities help to align infrastructural facilities which are compatible to present and future needs. With the rapid urbanization and industrialization, the demand for better residential and commercial facilities have risen. For instance, according to the World Economic Forum, the world's urban population is growing by 200,000 people every day, many of whom need affordable housing as well as social, transportation, and service infrastructure. In the face of such obstacles, the industry is almost morally obligated to transform. However, the precast concrete market is being impacted by volatile raw material prices. Sudden price increase or decrease often impacts the manufacturers' profit margins. Cement, aggregates, and sand are among the primary raw materials used in the production of precast concrete products. The key cause of raw material price fluctuations is volatility in the prices of energy and crude oil, which are used in producing and transporting these products. These fluctuations, in turn, trigger volatility in the prices of finished goods. The volatility of petroleum and crude oil prices could cause the price of raw materials to rise, increasing the cost of raw materials used in precast concrete. These factors are expected to negatively impact precast concrete consumption, hampering the demand for precast concrete over the forecast period.

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Precast Concrete Market: Strategic Insights

Market Size Value inUS$ 151.84 Billion in 2022
Market Size Value byUS$ 234.66 Billion by 2028
Growth rateCAGR of 7.5% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Report Segmentation and Scope:

The “Global Precast Concrete Market” is segmented based on structure system, end-use, and geography. Based on structure system, the precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. Based on end-use, the precast concrete market is segmented into residential, commercial, and others. The precast concrete market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

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Segmental Analysis:

Based on structure system, the precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. The beam and column system segment held the significant share in the precast concrete market and is expected to register the fastest growth over the forecast period. Precast structure systems primarily made up of various shapes and components including beams and columns. Beams are the structural components that are formed in one of three fundamental shapes, including rectangular, inverted tee beams, and L-beams. Beams are primarily utilized to support deck members such as solid slabs, double tees, hollow-core, and sometimes other beams. Columns consist of multilevel components which support beams and spandrels in applications such as parking structures and precast concrete structure systems of all types. Based on end-use, the precast concrete market is segmented into residential, commercial, and others. The commercial segment held the significant share in the precast concrete market and is expected to register the significant growth over the forecast period. The commercial sector includes sports facilities, schools, colleges, government institutions, hospitals, schools, offices, and other commercial spaces. Precast concrete is used for the construction of sports facilities worldwide. Precast sport specialized components allow general contractors and architects the flexibility to achieve innovative and complex designs with maximized seating. All these factors are potentially boosting the precast concrete market worldwide.

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Regional Analysis:

The precast concrete market by region is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global precast concrete market was dominated by Asia Pacific which accounted for US$ 71.43 billion in 2022. Asia Pacific is a major contributor holding approximately 45% share in the global market. Asia Pacific accounts for the significant amount of precast concrete market share in global precast concrete market. Asia Pacific is expected to register the considerable growth at a CAGR of over 8.4% over the forecast period. The precast concrete market in North America is segmented into US, Canada and Mexico. In the North America region, the US is a major market for precast concrete in the North America region, followed by Canada and Mexico. The extensive use of precast concrete in the construction activities of residential and commercial buildings is anticipated to drive the precast concrete market growth in North America. The construction industry in North America is expanding tremendously due to a strong economy, combined with an increase in federal and state funding for public works and institutional buildings. Thus, the extensive use of precast concrete in the construction activities of residential and commercial buildings is expected to further boost the precast concrete market expansion in the coming years.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the precast concrete market are listed below:

  1. In January 2023, CEMEX have today announced the launch of their latest product innovation – a range of next-generation bio-sourced admixture solutions that utilize a natural, renewable, and locally sourced raw material to deliver a lower-carbon footprint.

Covid-19 Impact:

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the chemicals & materials industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Due to the pandemic-induced economic recession, consumers became more cautious and selective in their purchasing decisions. Non-essential purchases were significantly reduced by consumers due to lower incomes and uncertain earning prospects, especially in developing regions. Many manufacturers of precast concrete faced decline in profits due to reduced consumer demand during the initial phase of pandemic. However, by the end of 2021, many countries were fully vaccinated, and governments announced relaxation in certain regulations including lockdowns and travel bans. Construction activities initiated globally which increased the demand for precast concrete, boosting the precast concrete demand. All these factors had a positive impact in the growth of precast concrete market across different regions.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global precast concrete market include Betongindustri AB, Boral, Cemex S.A.B. DE C.V., Consolis Group SAS, Elementbau Osthessen Gmbh & Co., Elo Kg, Forterra, Gulf Precast, Lafargeholcim, Centrum Pile Ltd., and Tindall Corporation, among others. These  players offer high quality precast concrete and caters large number of consumers in the global market.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Structure System, and End Use

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What are the key factors influencing market growth?

The projected growth of the market during the forecast period is attributed to rise in renovation and remodeling activities across the globe and increasing need for cost-effective, safe, and eco-friendly products.

Which region is expected to register the highest CAGR in the global precast concrete market?

Asia Pacific is estimated to register the fastest CAGR in the global precast concrete market over the forecast period. This is mainly attributed to an increasing use of precast concrete in different application fields such as residential, commercial, and others.

Can you list some of the major players operating in the global precast concrete market?

A few players operating in the global precast concrete market include Betongindustri AB; Boral; Cemex S.A.B. DE C.V.; Consolis Group SAS, Elementbau Osthessen Gmbh & Co., Elo Kg; Forterra; Gulf Precast; Lafargeholcim; Centrum Pile Ltd.; and Tindall Corporation.

Based on structure system, which segment is leading the global precast concrete market during the forecast period?

The beams and columns segment held the largest share of the global precast concrete market in 2021. Beam and columns are significantly used in residential and commercial purpose infrastructures. With the rapid rise in residential and commercial construction backed by rapid urbanization across the world, the market for beams and columns is expected to rise.

Which region held the largest share of the global precast concrete market?

In 2021, Asia Pacific held the largest share of the global precast concrete market. The dominance of the precast concrete market in this region is primarily attributable to the presence of a strong industrial base with prominent manufactures significantly contributing to market growth.

Based on end use, which segment is leading the global precast concrete market during the forecast period?

The commercial segment held the largest share of the global precast concrete market in 2021. There is a high demand for precast concrete from the commercial sector, owing to the rising investment in commercial construction projects.

The List of Companies - Precast Concrete Market

  1. Betongindustri AB
  2. Boral
  3. Cemex S.A.B. DE C.V.
  4. Consolis Group SAS
  5. Elementbau Osthessen Gmbh & Co., Elo Kg
  6. Forterra
  7. Gulf Precast
  8. Lafargeholcim
  9. Centrum Pile Ltd.
  10. Tindall Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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