The global precast concrete demand is anticipated to register a CAGR of 5.7%. The market revenue is likely to be valued at USD 134 billion in 2023 and forecasted to exhibit a revenue growth of USD 234 billion by 2033.
Global Trends & Opportunities Revamping the Precast Concrete Market
Key players have substantial expertise in supplying specialty concrete. It helps broaden their product offering for precast producers. Early strength, an excellent off-form finish, and longevity are all prerequisites for precast concrete.
As a result, key players ensured that their concrete mixes met these demanding specifications when it came to supplying materials for use in concrete products, residential walling systems, and big infrastructure projects. Furthermore, they may provide low CO2 and green star compliance blends. They do this while retaining early strength performance with their unique product line. These steps to enhance output are likely to boost the market.
Key players also include transmission line fit-out, road management and maintenance, utility upgrading and maintenance, and professional and technical services. Their engineers are capable of designing a wide range of bridge girders, from precast concrete NU girders to precast concrete box girders.
Furthermore, because of the scale and adaptability of their precast facility, their pre-stressing techniques offer longer spans and higher loading capacity which are positive for the growth of the market. This implies they can manufacture many bridge girders at the same time. As a result, they can operate within the strict time limits that modern infrastructure projects need.
For excellent design, application, and technology in sanitary and storm drainage systems, engineers, contractors, municipal authorities, and specifiers focusing on underground infrastructure look to leading brands.
Key players also manufacture engineered architectural and structural elements such as columns and wall panels for buildings, and tunnel liners, rail goods, and bridge solutions for infrastructure. Concrete pavement for landscaping, concrete masonry blocks for structures, and concrete pipes and culverts for water management are all part of their typical catalogue.
When compared to the conventional procedure, the automated production process employs a mixture of dry mix concrete and shear compaction, which significantly minimizes the consumption of water and concrete, thus proving beneficial and uplifting the market. Their asphalt materials are developed for consistency and dependability, and they can endure a variety of weight loads, traffic volumes, and weather conditions.
Precast concrete outperforms more traditional building technologies at every turn, thanks to more design freedom, speedier schedules, and unsurpassed robustness. The 'Precast Advantage,' as key players describe it, is the only basis for the tremendous demand for precast concrete among builders and contractors worldwide.
Aside from faster building speed, they argue that precast technology offers higher quality and longevity since it is manufactured in a factory in a controlled environment. Furthermore, prominent firms have created a plethora of precast concrete centres and fabrication yards around prominent cities and project locations. This enables these businesses to deliver cost-effective solutions while meeting tight deadlines.
They can also collaborate with other contractors to correctly design and cast conduits for electrical installation, underfloor heating mats, and piping into precast modules. Several significant firms have found success in the development of both precast solutions and industrial equipment. They are now concentrating their efforts on expanding the firms in order to gain a larger market share.
| Attributes | Details |
|---|---|
| Precast Concrete Market HCAGR (2017 to 2022) | 9.2% |
| Precast Concrete Market CAGR (2023 to 2033) | 5.7% |
| Market Size for Precast Concrete (2023) | USD 134 billion |
| Market Size for Precast Concrete (2033) | USD 234 billion |
| Market Size for Precast Concrete - Absolute Dollar Growth | USD 100 billion |
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The global market for precast concrete has shown tremendous expansion recently, according to a Future Market Insights report. The market's top rivals are partnering to meet the rising demand for precast concrete. In the projected period, due to certain factors, the CAGR, which was 9.2% from 2017 to 2022, is anticipated to drop to 5.7%.
With ongoing advancements in material science and reusability of molds, precast concrete is gaining immense popularity among end users. Subsequently, growth in the construction of new commercial and residential spaces and need for cost-effective building products is likely to spur the sales in the market.
Additionally, rising concerns regarding the work-zone safety for building bridges, buildings, and other construction projects are expected to fuel the demand for precast concrete components. As precast concrete slabs and other components are usually made of natural raw materials such as cement, gravel, sand, and stones, they have longer life cycle, reducing the risk of accidents on-site.
Several governments in developing economies are actively focusing on building modern infrastructure and improving the industrial infrastructure. Consequently, increasing remodelling and reconstruction projects in countries such as India, China, and others are expected to drive the demand for precast concrete.
Regionally, East Asia is expected to dominate the global precast concrete market, accounting for over 47.7% of demand share in 2023. Growth in the region is underpinned by growing construction activities and remodelling of industrial spaces across China and South Korea.
Precast concrete building necessitates the use of sophisticated infrastructure development processes. Lack of expertise and knowledge regarding improvements in precast concrete might hinder the market's growth pace. With fewer demand, this might have an impact on the precast concrete industry. Additionally, a significant barrier to the market for precast concrete is its high cost for small-scale projects.
The development of precast concrete is being actively supported by governments from various areas. Precast concrete is increasingly being used in infrastructure because of more sophisticated technology. In addition, it is projected that emerging technologies like 3D printing and Building Information Modeling (BIM) would offer prospects for the industry under evaluation.
Principal Consultant
| Country | United States |
|---|---|
| CAGR (2023 to 2033) | 5.5% |
| HCAGR (2017 to 2022) | 8.8% |
| Country | United Kingdom |
|---|---|
| CAGR (2023 to 2033) | 4.8% |
| HCAGR (2017 to 2022) | 7.8% |
| Country | China |
|---|---|
| CAGR (2023 to 2033) | 5.1% |
| HCAGR (2017 to 2022) | 8.4% |
| Country | Japan |
|---|---|
| CAGR (2023 to 2033) | 4.3% |
| HCAGR (2017 to 2022) | 7.3% |
| Country | South Korea |
|---|---|
| CAGR (2023 to 2033) | 4% |
| HCAGR (2017 to 2022) | 6.7% |
| Attributes | Details |
|---|---|
| United States Market Size (2033) | USD 82.9 billion |
| United States Market Absolute Dollar Growth (USD million/billion) | USD 34.5 billion |
The United States accounts for 5.5% of total North American sales, making it the market leader in precast concrete. In the United States, the precast concrete market is predicted to reach a peak of USD 82.9 billion. This is owing to improved and sustainable building techniques, which are driving demand for innovative materials. Furthermore, residential buildings in the United States climbed by 21.1% from USD 596.73 billion in January 2020 to USD 722.38 billion in January 2021.
To improve infrastructure, key players strive to provide durable precast concrete goods. The expansion of the construction sector is a result of an increase in infrastructure transformation projects across the United States. This is due to urbanization, which has increased demand for precast concrete, consequently positively impacting the market.
There is no need for an extra bracing system when employing precast concrete for load-bearing walls, floors, replacement frames, and skeleton structures, resulting in considerable cost savings. As a result, lower economic expenses are another element driving the industry.
Key players claim that each of their products is handcrafted to meet the exact project design parameters that their customers demand. They have contributed to the growth of their community by providing manholes, catch basins, and other precast concrete products on projects ranging from federal, state, and county highways to retail malls and local housing complexes. They give their clients the certainty of a devoted partner when it comes to their precast needs, from the factory floor to the project site location.
| Attributes | Details |
|---|---|
| United Kingdom Market Size (2033) | USD 9.8 billion |
| United Kingdom Market Absolute Dollar Growth (USD million/billion) | USD 3.7 billion |
With an expected value of USD 9.8 billion and a revenue growth rate of 4.8% throughout the projected period, the United Kingdom is a considerable precast concrete market. Key players in the United Kingdom provide rapid turnaround from sign-off and collaborate closely with project teams to guarantee that the product arrives on time.
Furthermore, they deliver the goods with minimum disturbance to other site operations. Their manufacturing facilities may produce in excess. Around 1,500 tonnes of concrete are delivered each week, with up to 7,000m2 of concrete floors and a variety of additional conventional and bespoke concrete solutions.
Precast concrete producers in the United Kingdom work hard to assure product quality. Since precast concrete panels, blocks, and walls are manufactured inside, they may be cured under ideal circumstances, resulting in a high-quality finished product. Precast concrete is also ideal for the lovely unpredictability of English weather. These items are mostly made indoors, so they may be built even when the wind and rain are howling, which is technically infeasible on open construction sites.
Key players with decades of expertise in supplying concrete materials for projects of various sizes have successfully collaborated on a wide range of projects with many of the United Kingdom's contractors and builders, thanks to a diverse product offering, efficient service, and modern design and manufacturing skills.
Furthermore, they uphold the high standards of quality and service in all they do. As a result, continuous product development, system development, and personnel training are top priorities.
| Attributes | Details |
|---|---|
| China Market Size (2033) | USD 16.8 billion |
| China Market Absolute Dollar Growth (USD million/billion) | USD 6.6 billion |
With a revenue growth rate of 5.1% and a predicted value of USD 16.8 billion throughout the projection period, China is a very successful precast concrete market. Stringent laws that limit CO2 gas emissions are expected to increase product demand, resulting in reduced pollution. The higher pace of expansion in the industrial sector is expected to boost product demand in China throughout the forecast period.
Modern plant technology is offered by key players, concrete plant professionals, with an emphasis on China's hot themes. Resource efficiency, environmental preservation, and prefab architecture as a sustainable construction system are examples of these. Affordable housing is also in high demand on the fringes of China's expanding cities of Shanghai and Beijing, as well as in other rapidly rising urban regions.
Precast concrete elements are expected to lower the construction costs in China by 10 to 15% while also producing much-needed residential units. As a result, industrially precast concrete pieces have acquired pace and widespread acceptance in China during the last 2-3 years.
Consulting services for the precast concrete industry are provided by key companies. They include precast technology from on-site casting to the Industry 4.0 standard, as well as improvements to existing facilities. Certain market participants in mainland China provide 'Steel Fiber Reinforced Concrete (SFRC)' for usage in industrial flooring, concrete slabs, and precast concrete products. These fibers are tailored and mixed into the concrete mix. This is done to accommodate the concrete end-product, which has several advantages.
| Attributes | Details |
|---|---|
| Japan Market Size (2033) | USD 13.7 billion |
| Japan Market Absolute Dollar Growth (USD million/billion) | USD 4.7 billion |
Japan is a strong precast concrete market, accounting for 4.3% of total sales. The Japan precast concrete market is expected to be valued at USD 13.7 billion. Key players in Japan seek to develop time-efficient, high-quality solutions that help construct a brighter tomorrow.
They have a diverse variety of goods and building services based on research and development efforts centered on societal demands. These are offered for a variety of applications, supplying goods, and building services that meet the demands of their customers.
In Japan, anti-earthquake precast concrete piles are widely employed in the foundations of large structures. Key players have been trying to improve the technology and quality of concrete products. They continue to contribute to a secure and prosperous community. Furthermore, their engineers have successfully built piles that are far stronger than the prior line-ups. They make and supply a wide range of precast goods as a complete concrete product company.
Prefabricated houses are supposed to endure between 50 and 100 years, Japanese households that utilize them frequently remodel their homes every 30 years because they view them to be depreciating. While prefabricated building adoption varies by country, it has become mainstream in areas such as Japan, which has profited from synergies with other manufacturing industries. Furthermore, inspections performed by industry-specific qualified personnel rather than a general building code have contributed to the growth of the Japanese precast concrete market size.
In terms of product type, the structural and architectural building components collectively accounts for over 69% of market share throughout the forecast period. However, the structural building components segment is projected to witness significant growth at 5.6% CAGR throughout the forecast period.
In terms of end use, the residential sector is estimated to dominate the market, holding more than 40% of market share. Growing focus on modern infrastructure and increasing use of energy-efficient solutions and materials is likely to spur the demand for precast concrete products.
Increasing development of residential infrastructure in the United States, India, and China is expected to propel the demand for components such as precast concrete walls, panes, garden edging, and others.
As per the study, infrastructure segment is projected to remain the key revenue generator, with a CAGR of over 5.4% during the forecast period.
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Start-up companies are primarily offering precast concrete and advanced technologies to contribute to the global precast concrete market growth:
ECOncrete - It is a manufacturer of environmentally friendly bio-enhancing concrete materials for the building sector. ECO Amor block, Tidepool armor, ECO Mats, BioActive wall systems, precast cement, and other products are included in this category. To make its goods, the business uses bio-enhancing concrete admixtures.
Sonocrete - It is a producer of low-carbon concrete. In the manufacture of concrete, the business employs ultrasonic technology, which awakens the latent qualities of cement. The 'sonocrete' equipment may be coupled with cement manufacturers and tailored to produce precast concrete.
e.construct - It offers construction professionals with AI-powered building information modeling software. Value engineering, structural engineering, precast engineering, post-tensioning service, geotechnical engineering, MEP engineering, geotechnical laboratory, and unique services such as 3D concrete printing are all available to consumers.
Due to the presence of multiple established competitors, the precast concrete market share is quite competitive. These firms are focusing on increasing their reach through acquisitions, expansions, product approvals, and launches in order to capitalize on market growth prospects.
Recent Developments:
The global precast concrete market valuation is likely to be around USD 134 billion in 2023.
The global demand for precast concrete expanded at 9.2% CAGR between 2017 and 2022.
The United States market is predicted to generate USD 82.9 billion through sales of precast concrete by 2033.
Collaboration of the regional players to drive the market at 4.8% CAGR through 2033.
Increasing infrastructure spending are projected to drive this regional market at 8.4% CAGR.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product 5.1. Structural Building Components 5.2. Architectural Building Components 5.3. Transportation Products 5.4. Water & Waste Handling Products 5.5. Others 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Residential 6.2. Non-Residential 6.3. Infrastructure 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. Middle East and Africa 8. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Boral Limited 17.2. Lafarge 17.3. Gulf Precast Concrete Co. LLC 17.4. Olson Precast Company 17.5. CEMEX S.A.B. de C.V. 17.6. Forterra 17.7. Tindall Corporation 17.8. Spancrete 17.9. ELO Beton 18. Assumptions & Acronyms Used 19. Research Methodology
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Precast Concrete Market
