Precast Concrete Market Trends

Global Precast Concrete Market Overview

Precast concrete market size was valued at USD 1,45,007.1 million in 2023. The precast concrete industry is projected to grow from USD 1,52,076.6 million in 2024 to USD 2,37,327.3 million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.62% during the forecast period (2024 - 2032). Need for cost-effective, safe, and eco-friendly products and rise in renovation and remodeling activities across the globe are the key market drivers enhancing the market growth.

Precast Concrete Market Trends

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  Need for reduced construction time to boost the market growth

  
  

Construction time may be greatly decreased by using precast concrete. Time reduction also reduces the need for human labor, which lowers costs. Precast components are made in controlled environments in factories, allowing for simple changes and real-time monitoring. Precast construction requires fewer resources, such as cement, steel, water, energy, and human labor, compared to cast-in-situ structures and produces less waste at the manufacturing facility and on the construction site. Precast construction enables the production of individual components of a structure even before the foundation for that building is finished. Modular structures may be finished and put up in four to eight weeks, but traditional on-site buildings take two times as long to create a similar-sized structure. This building process is more cost-effective and hence a better option for end users due to increased quality and productivity, decreased construction time, and less trash creation.

Additionally, the precast concrete building process is more cost-effective and hence a better option for end users due to increased quality and productivity, decreased construction time, and less trash creation. Therefore, the need for reduced construction time has enhanced the precast concrete market CAGR across the globe in recent years.

Furthermore, precast concrete slabs, block pavers, and other cost-effective raw materials are in high demand due to the expansion of commercial infrastructure. However, end users are using more natural raw materials due to an increase in workplace accidents brought on by using inexpensive raw materials. These concrete slabs and other parts may be completely reused and recycled because they are composed of natural resources. Additionally, precast concrete are built in a controlled environment, lessening the environmental effect of these materials across their life cycles. Thus, the rising work safety concerns associated with precast concrete is another factor driving the growth of the market revenue.

Precast Concrete Market Segment Insights

Precast Concrete Product Type Insights

The precast concrete market segmentation based on product type, includes floors & roofs, columns and beams, stairs and landing, and walls. The columns and beams segment held the majority share in 2021, contributing to the market revenue. In infrastructures for residential and commercial purposes, columns and beams are widely employed. The market for beams and columns is anticipated to grow due to the quickening pace of residential and commercial development, accompanied by a rapid urbanization pace worldwide.

Floors & roofs is the second fastest-growing segment, which accounts for a considerable share of the precast concrete market share is floors & roofs. It can be used for floors and roofs supported on suitable structures like brick/stone walls and RCC beams.

July 2023 - The board of directors of Dragon Rise Group Holdings Limited disclosed it has entered into (i) a non-legally binding framework agreement with a precast concrete manufacturer in the People's Republic of China, a consultancy agreement with an architectural design consultancy company in Hong Kong in collaboration to the cooperation of modular integrated construction on 31 May 2023 and 5 July 2023, respectively. Following the Framework Agreement, the organization agreed to collaborate with the Precast Concrete Manufacturer in (i) mutually planning the MIC works in Hong Kong and (ii) jointly performing and finalizing any projects involving MIC works for three years. The organization also agreed to develop and promote MIC works and other precast concrete components in Hong Kong. The Precast Concrete Manufacturer said yes to optimizing the design of precast concrete components and allot experts to do site visits in Hong Kong to guarantee the quality of MIC works and other precastcrete components. It is a state-owned enterprise established in Guangdong, the PRC, with limited liability. The fundamental businesses of the Precast Concrete Manufacturer consist of producing precast concrete components for the MIC.

June 2023- A supplier of innovative, high-quality proprietary and patented precast concrete products and systems, Smith-Midland Corporation, will start to produce architectural precast concrete building panels at their South Carolina plant for the BMW Hall 52 Expansion project in Greer, South Carolina. The nearly USD 2.1 million contract for Smith-Midland will generate and deploy custom precast panels, increasing ten new additions close to the present building, which will be utilized to manufacture electric BMW vehicles. The production process will start by the end of this year, with installation expected to be complete in mid-2024. The Chief Executive Officer and President of Smith-Midland, Ashley Smith, said that the BMW Expansion project is a huge undertaking, and the company is happy to be a part of it.

Figure 2: Precast Concrete Market, by Product Type, 2021 & 2030 (USD Million)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Precast Concrete Application Insights

The precast concrete market segmentation, based on application are structural components, architectural components, and bridge components. The structural components segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Connecting precast concrete components can create a full structure to other components. Typically, it is utilized for structural elements, including wall panels, beams, columns, floors, stairwells, pipelines, and tunnels. This may be more cost-effective and sometimes more useful than structural steel frames as an alternative to prefabricated structural components. Hence, owing to the mentioned features it positively impacts the market growth.

The second fastest growing segment in the precast concrete industry is architectural components. The size, purpose, and cost of precast concrete forming systems for architectural purposes vary. Precast architectural panels can also be used to make free-standing walls for security, landscaping, and soundproofing or to cover all or a portion of a building's front.

Precast Concrete End-Use Insights

The precast concrete market data, based on end-use are residential, non-residential, and agriculture. The non-residential segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The non-residential industry is anticipated to dominate the market. The American Institute of Architects (AIA) predicts that the market will rise optimistically in the future because of the manufacturing sector's recovery and the expansion of retail space. During the foreseeable term, this will fuel demand for non-residential markets. Hence, owing to the mentioned features it positively impacts the market growth.

The second fastest growing segment in the precast concrete industry is residential. Precast concrete products provide outstanding quality assurance, design flexibility, and many other advantages that make them a prudent choice, so their extensive use in the residential market is a perfect match.

Precast Concrete Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific precast concrete market accounted for USD 27172.8212 million in 2021 and is expected to exhibit a 42.80% CAGR growth during the study period. It is likely in high demand in the region's emerging countries due to the expansion of the construction sector due to the region's fast economic growth and government measures to build the infrastructure. The precast concrete market is expanding rapidly in Asia-Pacific due to the rapid expansion of residential and non-residential buildings and cost-effective, time-efficient, and low-maintenance solutions.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.Figure 3: PRECAST CONCRETE MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America precast concrete market accounts for the second-largest market share. Precast concrete is expected to play a significant role in the construction of residential and commercial structures, propelling the market's expansion in North America. Due to a robust economy and increased federal and state financing for public works and institutional structures, the construction sector in North America is growing rapidly. Further, the US precast concrete market held the largest market share as the increase will be aided by rising construction activity in the United States and a growing trend of remodeling and renovating existing historical buildings. Additionally, the Canada precast concrete market was the fastest growing market in the North American region.

The Europe precast concrete market is expected to grow at the fastest CAGR from 2022 to 2030. The region's high vehicle output shows increased demand for precast concrete techniques and products. The majority of precast concrete is employed in the building of multi-story parking garages. Moreover, Germany precast concrete market held the largest market share, and the Australia precast concrete market was the fastest growing market in the Asia-Pacific region.

For instance, Australia precast concrete market is driven by more demand of precast manufacturing in Australia. In December 2021, the industry's governing body in Australia is called National Precast. Precast production is still expanding since it offers Australian builders sustainable alternatives. Still, the infrastructure boom will further burden the industry and increase the demand for trained labor. Precast manufacturing and building experts will be in great demand.

Precast Concrete Key Market Players & Competitive Insights

Major market players are spending a lot of capitals on R&D to enhance their product lines, which will aid the precast concrete market expand. Market players are also taking a range of strategic measures to expand their worldwide footprint, with prime market developments such as new product innovations & launches, contracts & agreements, mergers and acquisitions, better investments, and collaboration & strategic partnerships with other organizations in the precast concrete market. Competitors in the precast concrete industry must offer cost-effective items to extend and survive in an increasingly high competitive and expanding market environment.

One of the primary business strategies adopted by manufacturers in the precast concrete industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, precast concrete industry has provided with some of the most significant benefits. The precast concrete market major player such as Jensen Precast (US), Skanska AB (Sweden), CRH (US), Coreslab Structures (US), Tindall Corporation (US) and others are working to drive the market growth via investing heavily in research and development activities.

Tindall Corporation (US) is the precast industry leader in innovation, providing unmatched answers to challenging project needs via the design, production, delivery, and installation of high-performance building systems. In January 2022, one of the biggest suppliers of the products in North America, Tindall Corporation, pleased to announced that the company will soon be divided into two separate business groups: Tindall Building Systems Group and Tindall Infrastructure Group.

Also, Skanska AB (Sweden) is a leader in project planning and construction, Skanska constructs a better society. In May 2021, Skanska is participating in the worldwide project as a member of the Finnish research cluster and will be experimenting with ways to reuse components of a demolished building in Tampere.

Key Companies in the Precast Concrete market include

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  Jensen Precast (US)

  
  


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  Skanska AB (Sweden)

  
  


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  Molin Concrete Products Company Inc. (US)

  
  


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  Coreslab Structures (US)

  
  


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  Tindall Corporation (US)

  
  


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  CRH (US)

  
  


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  HeidelbergCement AG (Germany)

  
  


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  Coltman Precast Concrete Limited (UK)

  
  


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  Metromont Corporation (US)

  
  


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  Taiheiyo Cement (Japan)

  
  


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  SMEET (Qatar)

  
  

Precast Concrete Industry Developments

January 2022: One of the biggest suppliers of precast concrete products in North America, Tindall Corporation, pleased to announced that the company will soon be divided into two separate business groups: Tindall Building Systems Group and Tindall Infrastructure Group.

May 2021: Skanska is participating in the worldwide project as a member of the Finnish research cluster and will be experimenting with ways to reuse components of a demolished building in Tampere.

Precast Concrete Market Segmentation

Precast Concrete Product Type Outlook

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  Floors & Roofs

  
  


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  Columns and Beams

  
  


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  Stairs and Landing

  
  


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  Walls

  
  

Precast Concrete Application Outlook

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  Structural Components

  
  


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  Architectural Components

  
  


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  Bridge Components

  
  

Precast Concrete End-Use Outlook

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  Residential

  
  


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  Non-Residential

  
  


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  Agriculture

  
  

Precast Concrete Regional Outlook

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  North America

  
  
  
  
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    US

    
    
  
  
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    Canada

    
    
  
  
  
  


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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Russia

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    South Korea

    
    
  
  
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    Australia & New Zealand

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Latin America

  
  
  
  
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    Mexico

    
    
  
  
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    Brazil

    
    
  
  
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    Argentina

    
    
  
  
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    Rest of Latin America

    
    
  
  
  
  


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  Middle East & Africa

  
  
  
  
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    Turkey

    
    
  
  
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    GCC Countries

    
    
  
  
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    South Africa

    
    
  
  
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    Rest of the Middle East & Africa