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The global precast concrete market size was valued at USD 115.98 billion in 2019 and is projected to reach USD 162.72 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period.
Precast concrete is prepared by casting concrete in a reusable mold, which is cured off-site in a controlled environment, and then transported to the construction site. Precast concrete products such as walls, floors, columns, and beams are joined together to obtain a complete structure. The controlled condition allows this concrete to cure properly and be monitored closely. Production of precast type of concrete has various advantages including control over material quality, better workmanship, and safety, as the production is done at ground level. The molds for pre-casting of concrete are reusable and can be used several times before getting replaced, thereby making it cost efficient than on-site casting. The popularity of this type of concrete is increasing with the rising urbanization and construction activities. The shift of construction industry towards the incorporation of sustainable, eco-friendly, cost-effective, and modern construction techniques has resulted in the growth of the market. Therefore, the rising construction projects in developing countries to update their existing infrastructure will further boost the demand for precast concrete.
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Incorporation of Precast Concrete Products in Residential Buildings to Add Impetus
Precast concrete products such as walls, beams, columns, and stairs are incorporated in residential buildings. The ease and speed with which these products can be built has made precast concrete popular in the building & construction industry. This type of concrete products offers efficient and economical construction in varied weather conditions. These products are manufactured off-site, in a meticulous manner, which improves its overall quality. The use of pre-casted products significantly reduces overall cost, construction time, and waste reduction.
Rapid Urbanization Activities and Increase in Population To Fuel The Demand
Rapid urbanization and the exponential rise in population are the key factors promoting the market growth. The rising need for non-residential establishments such as airports, sports complexes, malls, and commercial spaces will effectively influence an escalated supply chain owing to the reduced construction time, and cost effectiveness. The rising demand for residential spaces due to growing population, coupled with the initiatives by government to provide housing for the Economically Weaker Section (EWS) will further boost the demand for this product. Moreover, the pursuit of better career opportunities has led to more urbanization activities, thereby increasing its use in offices and other commercial spaces.
Rising Environmental Concerns Related Cement Manufacturing To Hinder The Market Growth
Cement is an important constituent of concrete. The production of cement is one of the major contributors to the global warming and several types of pollution. Cement manufacturing sites are significant sources of toxic gases such as nitrogen oxide, sulfur dioxide, and carbon monoxide. These gases are associated with health issues such as asthma, visual impairment, and cardiovascular diseases. The environmental impacts of these gases include acid rain, depletion in water quality, and global warming. The environmental concerns and health issues related to the manufacturing of cement will act as restraint for the precast concrete market. Additionally, regulations enforced by the governments to reduce emissions from cement production sites will further slowdown the CAGR of the market.
Building & Construction to occupy majority of share owing to the need for affordable construction projects
Based on product type, the Precast Concrete market is classified into structural building components, transportation, water & waste handling, and others. The building components segment holds the major share due to its widespread use in different construction and building projects. This includes product segment such as columns, beams, and joints which are used in constructions including manufacturing plants and industries. Moreover, growing population and high demand for cheap and affordable houses will augment growth in the coming years.
Transportation segment will register a significant growth during the forecast period. Pre-casted transportation products are used for the construction of tunnels, flyovers, metro pillars, and railways. The growing construction activities in the emerging economies to improve the connectivity will further boost the market.
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Non-Residential to Be the Fastest Growing End-Use Segment Owing to The Increased Investments in Commercial Spaces
In terms of end-use, the market is segmented residential, and non-residential. Amongst these, the non-residential segment accounted for the largest precast concrete market share attributed to the increased investments by countries on the construction of commercial spaces, flyover, roads, educational institutes, and hospitals. Moreover, high demand for sports complexes, stadiums, and airports will support the growth of the non-residential segment in the forecast period.
Residential segment witnessed significant growth during the forecast period. Rising global population and investments to develop real estate and infrastructure will contribute to the growth of the market. Initiatives by governments to develop affordable housing for the lower economic group of the society will lead to substantial growth of the market.
Asia Pacific Precast Concrete Market Size, 2016-2027 (USD Billion)
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The market size in Asia Pacific stood at USD 46.97 billion in 2019. The Asia Pacific to be the fastest-growing region in during the forecast period. Rising investments by countries such as China, India and Japan to develop infrastructure will increase the demand in Asia Pacific. Additionally, the growing residential sector in these countries will increase demand for precast concrete due to its cost efficiency, thereby adding impetus to the market. The growth of North America concrete market is attributed to the implementation of advanced and sustainable construction practices.
The market in Europe is to be governed by the increasing usage of these concrete products for non-residential and infrastructural development. Implementation of precast concrete products have reduced the time needed for construction and labor costs, thereby boosting the European market. The Latin America market will rise due to high demand for residential construction. The development of infrastructure in Latin America is another factor responsible for the regional market growth. The Middle East & Africa market is expected to witness and to show substantial growth during the forecast period. Investment by countries to develop commercial spaces such as malls, airports, hotels, and public places due to high demand from the tourism industry has propelled demand in this region. Additionally, upcoming projects of high-rise buildings and sports complexes will aid in the expansion of the regional market.
Key Players Adopting Organic and Inorganic Strategies to Maintain Dominance in Market
Key players in the market have invested a sizable amount for the development of sustainable precast concrete products. Partnerships with raw material suppliers and construction companies are the strategies used by the market players to increase their presence globally and maintain their mark in the competition.
The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, the compositions used to produce these products, and end-users of the product.
An Infographic Representation of Precast Concrete Market
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Besides this, the report offers insights into the market, current precast concrete industry trends, and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
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Value (USD Billion)
By Product Type
Fortune Business Insights says that the global precast concrete market size was USD 115.98 Billion in 2019 and is projected to reach USD 162.72 Billion by 2027.
In 2019, the market value stood at USD 115.98 Billion.
Growing at a CAGR of 4.4%, the market will exhibit steady growth in the forecast period (2020-2027).
Building components segment is expected to be the leading segment in this market during the forecast period.
Rapid urbanization activities and increase in population will drive the growth of the market.
Asia Pacific held the highest market share in 2019.
Demand for cost-effective, and sustainable concrete products will drive the adoption of these products.
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