Precast Concrete Market Is Estimated To Expand Further At A CAGR Of 5.8% From 2024 To 2030
Precast Concrete Industry Overview
The global precast concrete market size was estimated at USD 105.72 billion in 2023 and is expected to register a compound annual growth rate (CAGR) of 5.8% from 2024 to 2030.
The market growth is expected to be driven by the expanding construction industry across major regions owing to increasing investments in infrastructure development. Increasing disposable income levels in developing as well as developed countries are expected to boost the residential construction segment.
Gather more insights about the market drivers, restrains and growth of the Precast Concrete Market
In addition, increasing initiatives by various governments for the development of their respective economies are also expected to boost the construction industry, augmenting demand for precast concrete in the years to come.
The construction industry is witnessing rapid technological & architectural innovation. Airports, transportation routes & even residential projects are undergoing an immense transformation to comply with transitioning standards & specifications. Increasing applications in flexible architectural design and renovations of old buildings are some other factors driving market growth. Rapid industrialization and urbanization in emerging economies focus on the development of high-quality infrastructure worldwide, which supports industry growth. Moreover, emphasis on green building projects will drive market growth.
The interest in new construction materials, such as precast concrete, has been growing mainly considering the skilled labor shortage, requirement for shorter construction time, and demand for better development quality & durability. The U.S. offers one of the major markets for precast concrete on account of its highly developed economy, growing construction spending combined with a highly skilled workforce, and R&D initiatives to encourage product innovation. Rising demand for expansion of floor space in various industries has led to growth in new construction & renovation projects in the country. In addition, a rising number of large-scale infrastructure investment projects, including hotels and hospitals in New York, Missouri, and Los Angeles, will boost construction industry growth and drive product demand.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
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Precast Concrete Market Segmentation
Grand View Research has segmented the global precast concrete market report on the basis of element, construction type, product, application, end-use, and region:
Precast Concrete Element Outlook (Revenue, USD Billion; 2018 - 2030)
- Girders
- Columns & Beams
- Walls & Barriers
- Floors & Roofs
- Utility Vaults
- Pipes
- Paving Slabs
- Others
Precast Concrete Construction Type Outlook (Revenue, USD Billion; 2018 - 2030)
- Elemental Construction
- Permanent Modular Buildings
- Relocatable Construction
Precast Concrete Product Outlook (Revenue, USD Billion; 2018 - 2030)
- Wet Concrete
- Dry/Semi-dry Concrete
Precast Concrete Application Outlook (Revenue, USD Billion; 2018 - 2030)
- Structural Building Components
- Architectural Building Components
- Transportation
- Waste & Water Handling
- Others
Precast Concrete End-Use Outlook (Revenue, USD Billion; 2018 - 2030)
- Residential
- Commercial
- Infrastructure
- Tunnels
- Bridges
- Wind Towers
- Industrial
Precast Concrete Regional Outlook (Revenue, USD Billion; 2018 - 2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Czech Republic
- Croatia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Arabia
- Israel
Key Companies profiled:
- Boral Ltd.
- LafargeHolcim
- Gulf Precast Concrete Co. LLC
- Olson Precast Company
- CEMEX S.A.B. de C.V
- Forterra Pipe and Precast LLC
- Tindall Corporation
- Spancrete
- Elementbau Osthessen GmbH & Co., ELO KG
- GÜlermak A.S.
- STECS
- LAING O’Rourke
- Larsen & Toubro Ltd.
Key Precast Concrete Company Insights
The industry exhibits a large number of players providing a range of product varieties leading to intense competitive rivalry. Major players have a strong presence in developed economies like North America, Europe, and some parts of Asia Pacific, including Australia. A high degree of forward and backward integration of dominant players persists in the global industry, which, in turn, has intensified market rivalry and competition, thus making entry of new players difficult.
- In October 2023, Fabcon Precast acquired Bristol Precast (a Bristol Group division), engaged in offering engineered precast and prestressed concrete products across various U.S. states. The acquisition aims at aiding the penetration in mid-South U.S. market.
- In February 2023, Holcim acquired Poland-based HM Factory, a precast concrete solutions provider. HM Factory exports to Scandinavian markets and supplies the Polish construction markets. This acquisition aids Holcim’s goal to expand business of its Solutions & Products segment to 30% of the overall net sales of the company by 2025.
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