According to a market research report, the “Precast Concrete Market by Element (Columns & Beams, Floors & Roofs, Girders, Walls & Barriers, Utility Vaults, Pipes, Paving Slabs), Construction Type, End-use Sector (Residential, Non-residential) and Region – Global Forecast to 2027”, size is projected to grow from USD 144.6 billion in 2022 to USD 198.9 billion by 2027, at a CAGR of 6.6% from 2022 to 2027.
Precast concrete is reinforced concrete constructed by industrialized methods. It is characterized by dividing the building into components, which are manufactured in a precast concrete plant, and transported by special transportation equipment to the site. Precasting reduces construction time because the manufacturing of the elements is carried out beforehand. Precast concrete is reinforced with either reinforcing bars, strands with high tensile strength, or a combination of both. The demand for precast concrete is increasing with the growing demand for low-maintenance and cost-effective products for commercial as well as infrastructure construction activities. However, the volatility in transportation charges may restrict the growth.
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A few of the key players in the precast concrete market are LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), Skanska AB (Sweden), CRH Plc (UK), Cemex S.A.B de C.V. (Mexico), Laing O’Rourke (UK), Julius Berger Nigeria Plc (Nigeria), and Boral Limited (Australia), amongst others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the precast concrete market.
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On the basis of element the market is segmented into columns & beams, floors & roofs, walls & barriers, girders, pipes, paving slabs, utility vaults, and others (includes staircases, lintels, manholes, door & window components, and water & sewer system products). The girders segment is projected to grow at highest CAGR during the forecast period. This is attributed to the benefits of using precast grinders in bridges such as rapid construction, minimal traffic disruption, and less environmental impact. High-performance concrete is used for the fabrication of precast girders, which offer tremendous strength and durability as well as are more competitive and economical in terms of repeatability.
On the basis of construction type, the market is segmented into elemental constructions, permanent modular buildings, and relocatable buildings. Permanent modular buildings is projected to grow at highest CAGR during the forecast period.This construction type saves time and labor required for construction, thus reducing the cost significantly. The demand for permanent modular buildings is growing due to lower construction costs and shorter building times, as well as a rise in demand for new buildings and rapid urbanization.
Based on end-use sector, the market is segmented into non-residential and residential. The non-residential segment is projected to grow at highest CAGR during the forecast period. is projected to be the larger segment in the precast concrete market. This is attributed to the increasing number of infrastructural and commercial construction projects coupled with growing non-residential construction spending by various countries. Moreover, the growth in the non-residential segment is due to the rising public and private investment in the infrastructural sector in emerging economies of Asia Pacific, the Middle East, and South America.
The precast concrete market is segmented on the basis of region into North America, APAC, Europe, Middle East & Africa and South America. The APAC region is projected to account for the largest market share during the forecast period both in terms of both value and volume. Growing population, rapid urbanization, and the construction sector are among the key factors propelling industry expansion in the region. New building constructions with improved energy-efficient solutions for residential and commercial sectors in several Asia Pacific countries are fueling the demand for precast concrete.
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