The global precast concrete market is expected to grow at a compound annual growth rate (CAGR) of 6.6% during the forecast year, from USD 144.6 billion in 2022 to USD 198.9 billion in 2027. Precast concrete refers to construction products made in reusable moulds away from the construction site. These building materials are delivered to the job site and assembled. Precast concrete has several advantages, including speed of construction, quality, and lower overall manufacturing costs.
Precast concrete market growth is attributed to shorter construction times, increased productivity, lower construction costs, and less environmental impact. The growing demand for cost-effective, safe, and environmentally friendly building materials is expected to drive demand for precast concrete.
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There are thousands of companies in the precast concrete market that thrive in their home market. Cemex S.A.B de C.V. (Mexico), Boral Limited (Australia), LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), CRH Plc (UK), Skanska AB (Sweden), Forterra, Inc. (US), DeVinci Precast (US), Atco Concrete Products N.V. (Netherlands), Beaver Gulf Precast Concrete (Dubai), and others are among the major players. To increase their market shares and product portfolios, these players have used various growth strategies such as acquisitions, expansions, contracts, agreements, partnerships, and new product development.
“The precast concrete market is expected to be led by the beams segment during the forecast period.”
Columns and Beams had the largest market share in the precast concrete market by element. Precast columns and beams are widely used in the residential and non-residential sectors, as well as in building and non-building structures. Factors such as rising public and private infrastructure spending, particularly in emerging economies such as APAC, South America, and the Middle East, and rising demand for residential construction due to rapid urbanisation have all contributed to the rise in demand for precast columns and beams.
Collaboration, acquisition, and joint venture accounted for the majority of precast concrete market strategic developments between 2018 and 2022. These strategies were adopted by key players such as Cemex S.A.B de C.V. (Mexico), Boral Limited (Australia), LafargeHolcim Ltd (Switzerland), Balfour Beatty plc (UK), CRH Plc (UK), and Skanska AB (Sweden) to improve their business, market presence, develop new products, and meet consumer demand.
“During the forecast period, elemental construction is expected to be the largest segment in the precast concrete market.”
In terms of value and volume, elemental construction accounted for the highest demand for precast concrete in 2021. Columns and beams, as well as floors and roofs, are precast concrete elements that are used in a variety of residential, non-residential, and infrastructure applications. This expansion can be attributed to factors such as increased interest from contractors and builders in using individual precast elements to build an entire structure across residential and non-residential construction sectors, as well as an increase in public and private investment in global infrastructure development, particularly in Asia Pacific and South American emerging economies.
