The report “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. The growth of the precast concrete market is attributed to the reduced construction time, improved productivity, reduced construction cost and less environmental impact. The growing need for cost-effective, safe, and green construction material is expected to drive the demand for precast concrete.
Some of the prominent key players 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)
· Boral Limited (Australia)
Opportunity: Rise in renovation and remodeling activities globally,
Government organizations in emerging countries are actively investing and focusing on developing commercial and industrial infrastructures by implementing multiple programs & assigning projects escalating the precast concrete market expansion.
Increasing remodeling and renovation operations in non-residential spaces will accelerate the demand for precast concrete during the forecast year. Hotel and resort renovation activities are also growing. Rising investments from industry players in industrial construction are further expected to propel the adaptation of precast concrete and create opportunities in the market.
Elemental construction is estimated to be the largest segment in the precast concrete market during the forecast period.
Elemental construction, by construction type, accounted for the greatest demand for precast concrete in 2021 in terms of value and volume. Precast concrete elements such as columns & beams and floors & roofs are used in various residential, non-residential, and infrastructural applications. This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast elements to build an entire structure across residential and non-residential construction sectors and an increase in public & private investment in the global infrastructural development, especially in the emerging economies of the Asia Pacific and South American regions.
The APAC region is projected to account for the largest share of the precast concrete market during the forecast period:
The APAC region is projected to lead the precast concrete market in terms of value and volume from 2022 to 2027. 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 APAC countries are fueling the demand for precast concrete in the region.
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