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 | No. of Pages: 184 | Category: Chemicals and Materials | Status: Published
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.
Precast concrete is a construction material manufactured by casting concrete in a reusable or moldable framework, which is then cured in a controlled environment. Precasted and prefabricated at the time of manufacturing, these materials are then assembled and molded at the construction site. Enhanced construction speed, improved productivity, and significant cost and quality monitoring are a few benefits associated with the use of precast concrete structures. The growing adoption of green and modular construction material is expected to proliferate the demand for precast concrete products in the global market. Also, there is an increasing demand for residential constructions owing to accelerated urbanization that has surged the requirement for precast columns & beams in the residential sector.
In 2021, Asia Pacific held the largest revenue share of the precast concrete market. The dominance of the precast concrete industry in this region is primarily attributed to the presence of a strong industrial base; rising focus on sustainable and modular construction; significant investments in renovation activities across China, Japan, Indonesia, India, and so on; easy accessibility and availability of raw materials and cheap labor, and low production cost. Rapid urbanization, coupled with the growth of the residential and commercial infrastructure sectors, further favors the precast concrete market growth in the region.
Strategic Insights
Impact of COVID-19 Pandemic on Precast Concrete Market
In 2020, various industries had to slow down their operations due to supply chain disruptions caused by the shutdown of national and international boundaries. The deceleration of operations in raw material production plants, along with hampered trade movements, adversely affected the precast concrete market. In addition, a decrease in demand for construction materials with the suspension of construction projects and lowered number of new ones hindered the precast concrete market growth. However, the demand for modular buildings has risen due to an increase in the number of COVID-19 cases, which triggered the need for healthcare and quarantine buildings/units. This resulted in the growth of the market to some extent amid the global crisis. Further, as the economies revive their operations, the demand for precast concrete is expected to rise.
Global Precast Concrete Market Breakdown – by Region
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Market Insights
Need for Cost-Effective, Safe, and Eco-Friendly Products
Precast technology is often correlated with better performance, protection, and durability, compared to traditional building methods. One of the essential advantage of precast concrete 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 concrete is usually made of locally available natural raw materials such as cement, stones, sand, and gravel. This allows a complete reuse or recycling of the materials, thereby reducing the environmental impact of raw materials over their life cycle. Precast concrete structures are ecofriendly, earthquake resistant, and energy-efficient. Thu, the rising focus on cost-effective, safe, and environment-friendly products fuels the growth of the global precast concrete market.
Structure System Insights
Based on structure system, the global precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. The precast concrete market share for the beam and column segment was largest in 2021. Beams are defined as a horizontal form of structural components, which helps bear load perpendicular to their direction and offers support to deck materials, such as hollow-core and slabs. On the other hand, columns are the structural elements in which load is distributed parallel to the longitudinal axis in the form of compression. Both beam and columns are significantly used in residential and commercial purpose infrastructures.
Precast Concrete Market, by Structure System – 2021 and 2028
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A few players operating in the global precast concrete industry 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. Players operating in the precast concrete industry are focusing on providing high-quality products to fulfill customer demands. Players operating in the precast concrete market are also investing significantly in research and development activities, and mergers and acquisitions.
Report Spotlights
- Progressive industry trends in the market to help players develop effective long-term strategies
- Business growth strategies adopted by companies to secure growth in developed and developing markets
- Quantitative analysis of the precast concrete market from 2020 to 2028
- Estimation of global demand for precast concrete
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, and factors driving and restraining the market growth
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest
- The precast concrete market size at various nodes
- Detailed overview and segmentation of the market, as well as the precast concrete industry dynamics
- Size of the precast concrete market in various regions with promising growth opportunities
Global Precast Concrete Market
The global precast concrete market, by structure system, is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. Based on end use, the market is categorized into residential, commercial, and others.
Company Profiles
- 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.
- Tindall Corporation
Frequently Asked Questions
The List of Companies - Precast Concrete Market
- 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.
- Tindall Corporation
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global precast concrete market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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