Precast concrete is a construction technique where concrete is cast in a reusable mold or “form” that is then cured in a controlled environment, transported to the construction site and lifted into place. This construction method offers many benefits over site-cast concrete, including reduced construction time, higher quality, increased sustainability, and lower life-cycle costs. Precast components include walls, floors, roofing elements, utility vaults, stairs and landscape retaining walls. Precast is commonly used in the construction of parking structures, commercial buildings, apartments, schools, stadiums, and even entire multi-story residential subdivisions.
The global precast concrete market is estimated to be valued at US$ 106.12 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for sustainable construction solutions and green building materials is a key driver fueling growth of the global precast concrete market over the forecast period. Precast concrete offers various sustainability advantages including reduced waste production, lower carbon footprint, higher material reuse rates, and lower life-cycle costs compared to site-cast concrete. Precast components are cast under controlled plant conditions and require less skilled labor for installation compared to site-cast construction, thereby reducing project timelines significantly. This demand for faster construction is another driver boosting adoption of precast concrete solutions globally. Furthermore, precast construction results in strong, durable buildings and infrastructure that requires little maintenance and has a significantly longer lifespan compared to traditional construction methods. This improves the overall sustainability and reduces lifecycle costs of projects.
Segment Analysis
The precast concrete market can be segmented into structural building components, architectural building components and transportation products. The structural building components segment is currently dominating the market due to rapid investments in infrastructure projects across developing nations. This segment deals with structural elements like beams, columns, slabs, stairs and others which are used majorly in buildings, bridges and other construction projects.
PEST Analysis
Political: The governments across various countries are investing heavily in development of roads, railways and other infrastructure facilities which is positively impacting the demand for precast concrete.
Economic: With steady economic growth in developing nations like India and China, investments in construction sector are rising creating opportunities for precast concrete manufacturers.
Social: Rapid urbanization and growing population is fuelling construction of residential and commercial buildings thus driving usage of precast concrete elements for speedy construction.
Technological: Advanced technologies like 3D printing, robotics and automation are being used in precast industry to improve production capacity and efficiency.
Key Takeaways
The Global Precast Concrete Market Growth is expected to witness high over the forecast period owing to rapid infrastructure development activities across the globe. The global precast concrete market is estimated to be valued at US$ 106.12 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Asia Pacific region currently dominates the global market and is expected to continue its dominance over the forecast period. This can be attributed to ongoing infrastructure projects and housing construction in countries like China and India. Rapid economic growth in the region is supporting the expansion of construction sector.
Key players
Key players operating in the precast concrete market are Curia, Genscript, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings, among others. Key players are focusing on capacity expansions and adoption of innovative production technologies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
