The Precast Concrete Market size is expected to reach USD 189.25 billion in 2028 and register a revenue CAGR of 5.7% over the forecast period, according to the latest report by Reports and Data. Rising investments in smart cities in emerging countries is driving precast concrete market revenue growth. In addition, rapid urbanization and industrialization will also boost demand for precast concrete worldwide. At present, the construction industry is booming and it is expected to remain so, owing to continuation of the development process, especially in developing countries.
Precast concrete is a highly efficient and practical method of concrete construction to build aesthetic buildings at lower costs. It also offers a suitable delivery model for construction projects, thereby allowing to proceed while the design is under development. This type of concrete can be manufactured in a wide variety of colors and finishes and can take nearly any shape or size. These products are delivered at ready-to-install stage, when needed and are manufactured off-site, under roof. Precast concrete is also considered environmentally friendly as it is entirely recyclable. It provides various benefits such as compression of project schedules and reduction of safety concerns, site disruption, and overall cost of projects, as it requires lesser trades for construction and fewer workers on sites.
However, increasing concerns regarding effects of cement on the environment is hampering market revenue growth. Cement production is a major contributor to global warming and various types of pollution. Cement industries release toxic gases such as sulfur dioxide, nitrogen oxide, and carbon monoxide. These gases can result in visual impairment, asthma, and cardiovascular diseases. Development of eco-friendly and sustainable construction methods will positively impact precast concrete market growth in the upcoming years.
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Market Overview:
As a result of steady revenue growth over the past few years, the manufacturing and construction industry is expected to achieve a robust annual revenue growth rate between 2021 and 2028. In addition to the rapidly growing construction industry, rapid urbanization and industrialization, and technological advancements in manufacturing techniques, this can also be attributed to these factors. Green construction and energy efficient buildings have become increasingly popular in recent years as awareness of environmental impact and carbon emissions has increased. Over the forecast period, key factors are expected to boost global market growth, including the rapid growth of global populations, changing lifestyle preferences, the increasing demand for smart buildings, an increase in renovation and reconstruction activities, and an increase in eco-friendly construction activities. Other factors that will contribute to market growth in the future include an increase in disposable income, government schemes, and investments by private organizations.
Some of the Leading Market Players Are Listed Below:
- LafargeHolcim Ltd.,
- Cemex S.A.B de C.V.,
- Larsen Toubro Construction,
- Balfour Beatty PLC,
- Oldcastle Infrastructure Inc.,
- Forterra,
- Tindall Corporation,
- Laing O'Rourke,
- Atco Concrete Products N.V.,
- Balfour Beatty
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as license agreements, partnerships, merger and acquisitions, collaborations, RD investments, and joint ventures to gain robust footing in the market.
Market Segmentation:
By Product Type Outlook
- Floors Roofs
- Walls Barriers
- Columns Beams
- Pipes
- Paving Slabs
- Others
By Construction Type Outlook
- Elemental Construction
- Permanent Modular Buildings
- Re-locatable Buildings
By Application Outlook
- Structural Building Components
- Water Waste Handling Products
- Transportation Products
- Architectural Building Component
- Others
By End-use Outlook
- Industrial
- Commercial
- Residential
The Global Precast Concrete Market Is Segmented Into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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