Precast Concrete Market Size Report & Forecast 2030

Precast Concrete Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: 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 : Nov 2023

  • Report Code : TIPRE00022069
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 184
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[Research Report] The precast concrete market size was valued at US$ 150.93 billion in 2022 and is projected to reach US$ 263.71 billion by 2030; it is expected to record a CAGR of 7.2% from 2022 to 2030.

MARKET ANALYSIS

Precast concrete is a construction material manufactured by casting concrete in a reusable or moldable framework, which is then cured in controlled environment. Such materials are precasted and prefabricated at the time of manufacturing and are later assembled and molded at the construction site. Such structures have the ability to enhance construction speed and improve productivity and quality while being cost-effective. Thus, with the growing demand for cost-effective and safe material, the demand for precast concrete is expected to rise. Such form of structures are 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 the global market.

GROWTH DRIVERS AND CHALLENGES

Precast technology is often correlated with performance, protection, and durability, all of which are good advantages over traditional building methods. Apart from these advantages, one of the essential feature of precast is its potential to reduce construction costs and provide substantial savings before, during, and after the project. Unlike other materials used in conventional building components, precast components are usually made from locally available natural raw materials such as cement, stones, sand, and gravel. It can be reused or recycled completely, which helps in reducing the environmental impact of raw materials over their life cycle. In addition, there is prime focus on promoting safe and digitized construction that could lessen the amount of fatalities at the site. For instance, several reported incidents suggest the fatalities caused while lifting hollow-core slabs with clamps. The use of precast components in the construction work can ensure the safety and protection at construction sites.

Precast concrete is also a popular building material for office buildings. The building walls can be fabricated while the on-site foundations are being built, thereby saving time and ensuring early occupancy. Due to the speed and ease with which precast structures can be constructed, precast has gained immense popularity to be preferred as a building material in parking structures. Precast concrete allows for safe, cost-effective construction in all weather conditions. It also provides long clear spans and open spaces needed in parking structures. In addition, precast concrete saves time and money, and it has greater quality control than on-site concrete construction. Precast concrete construction has many benefits such as ecofriendly, earthquake resistance, and energy-efficient over cast-in-situ concrete structures, as well as steel, timber, and masonry structures. It allows for a faster and more reliable construction process. The rising focus toward cost-effective, safe, and environment-friendly products is expected to stimulate the growth of the global precast concrete market

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Precast Concrete Market: Strategic Insights

precast-concrete-market
Market Size Value inUS$ 150.93 billion in 2022
Market Size Value byUS$ 263.71 billion by 2030
Growth rateCAGR of 7.2% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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REPORT SEGMENTATION AND SCOPE

The "Global Precast Concrete Market Forecast to 2030" is a specialized and in-depth study with a major focus on the global precast concrete market trends and opportunities. The report aims to provide an overview of the market with detailed market segmentation based on structure system, end use, and geography. The global precast concrete market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the use of precast concrete worldwide along with their demand in major regions and countries. In addition, it provides a qualitative assessment of various factors affecting the precast concrete market performance in major regions and countries. The report also includes a comprehensive analysis of the leading market players and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative precast concrete market opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global precast concrete market, which helps understand the entire supply chain and various factors affecting the market growth.

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SEGMENTAL ANALYSIS

The global precast concrete market is categorized on the basis of structure system and end use. In terms of structure system, the market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. By end use, the market is segregated into residential, commercial, and others.

Based on structure system, the beam and column system segment held a significant global precast concrete market share in 2022. 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. By end use, the commercial segment led the global precast concrete market with the largest market share in 2022. 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.

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REGIONAL ANALYSIS

The report provides a detailed overview of the global precast concrete market with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South & Central America. Asia Pacific accounted for a significant part of the global precast concrete market share and was valued at around US$ 75 billion in 2022. The precast concrete market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China is a major contributor to the market growth in this region. The country has been the largest and fastest-growing construction industry for more than a decade. Europe is also expected to witness notable growth, reaching over US$ 45 billion by 2030. Furthermore, in North America, there has been a widespread usage of precast concrete. This has created lucrative opportunities in the precast concrete market. The precast concrete market in North America is expected to grow at a CAGR of ~7% from 2022 to 2030.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Partnerships, acquisitions, and new product launches are a few prominent strategies adopted by the players operating in the global precast concrete market.

  • In August 2023, Cemex SAB de CV acquired two quarries near Madrid. Through this acquisition, the company is better positioned to serve customers in the area, particularly for the infrastructure industry.
  • In May 2023, Holcim Ltd. acquired Besblock Ltd, a leading supplier of precast materials to the UK Midlands construction sector. The Besblock technology platform is dedicated to producing sustainable building blocks, with a capacity of around 2.5 million m² blocks per year.
  • In March 2022, Holcim acquired H.M. Factory, a manufacturer of precast concrete products and services, with net sales of US$ 196.98 million. Its solutions cover various needs, such as walls, staircases, and balconies. H.M. Factory is ideally positioned to capitalize on industrial and residential construction growth.

IMPACT OF COVID-19 Pandemic

Before the COVID-19 pandemic, the construction sector across the globe was expanding rapidly. The government initiated ambitious infrastructure projects, which included the construction of new cities, transportation networks, and entertainment complexes. This growth boosted the demand for precast concrete components in various construction applications.

During the COVID-19 pandemic in 2020, the precast concrete industry was the least affected. The manufacturers and contractors adopted different manufacturing methods, such as off-site construction, which led to the continuation of precast concrete production. The off-site construction techniques enabled most precast concrete manufacturers to operate their plants with 100% production capacity, strictly adhering to the COVID-19 norms. Thus, the precast concrete market is anticipated to grow strongly from 2022 to 2030.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Cemex SAB de CV manufacturer; Holcim Ltd; Consolis Group SAS; Elementbau Osthessen GmbH & Co., ELO KG; Forterra; Centrum Pile Ltd.; Balfour Beatty Plc; CRH Plc; Heidelberg Materials AG; and Boral are a few key players operating in the global precast concrete 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

This text is related
to country scope.

Frequently Asked Questions


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

In 2022, 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 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 2022. 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.

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 2022. There is a high demand for precast concrete from the commercial sector, owing to the rising investment in commercial construction projects.

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 Cemex SAB de CV manufacturer; Holcim Ltd; Consolis Group SAS; Elementbau Osthessen GmbH & Co., ELO KG; Forterra; Centrum Pile Ltd.; Balfour Beatty Plc; CRH Plc; Heidelberg Materials AG; and Boral.

The List of Companies - Precast Concrete Market

  1. CRH Plc
  2.  Heidelberg Materials AG
  3. Cemex SAB de CV manufacturer
  4.  Holcim Ltd
  5. Consolis Group SAS
  6. Elementbau Osthessen GmbH & Co., ELO KG
  7.  Forterra Plc
  8.  Centrum Pile Ltd
  9.  Balfour Beatty Plc
  10. Boral

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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