Global Precast Concrete Market Size, Share, and COVID-19 Impact Analysis, By Product (Building Components, Transportation, Water & Waste Handling, & Others), By End-Use (Residential, Non-Residential), and by Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Analysis and Forecast 2022-2028

KEY MARKET INSIGHTS

The precast concrete market was valued at US$ 146.38 Bn in 2022 and is projected to reach US$ 229.86 Bn by 2030, at a CAGR of 5.8%. Precast concrete is made by pouring concrete into a reusable mold, curing it in a controlled environment before transporting it to the job site. This procedure is more efficient than on-site casting because the molds are reused numerous times before being changed. The cast concrete products can cure properly and be continuously monitored in the controlled atmosphere. Because the casting is done at ground level, it has a number of advantages, including improved material quality control, better workmanship, and safety. With expanding urbanization and construction activities, this product of concrete is becoming more popular. The construction industry's shift toward adopting sustainable, environmentally friendly, cost-effective, and modern construction practices has resulted in market growth.

Precast columns and beams are widely employed in both residential and non-residential construction, and they can be used in both building and non-building structures. Increased public and private investment in infrastructure projects, particularly in emerging economies such as APAC, South America, and the Middle East, as well as rising demand for residential constructions as a result of rapid urbanization, have all contributed to the demand for precast columns and beams.

COVID-19 ANALYSIS

The global precast concrete market is significantly impacted with the outbreak of COVID-19. The outbreak's consequences and impact are expected to intensify in the coming months as the virus spreads. The impact of the COVID-19 pandemic on the building and construction industry is expected to be significant. Building and construction, as well as infrastructure development, came to a halt as a result of the pandemic. Slowed raw material production, supply chain disruptions, restrictions on man and material mobility, and trade movement disruptions all affected the market. As a result of the pandemic, demand for precast products has decreased, leading in overcapacity. Due to COVID-19, the market grew nominally in 2020, but demand fell somewhat in the following year. Slowing raw material output, supply chain disruption, impeded trade movements, decreased construction demand, and lower demand for new projects are all hampered by COVID-19. However, due to an increase in the number of COVID-19 cases and the need for healthcare and quarantine facilities/units, demand for modular buildings has skyrocketed.

LATEST TREND                                    

Implementing of Precast Concrete Products in Residential Infrastructure

Walls, beams, columns, and staircases made of precast concrete are used in residential construction. The ease and speed with which these goods can be constructed has resulted in a strong demand in the construction industry. In a variety of weather situations, cast concrete products provide efficient and cost-effective construction. These products are meticulously created off-site, which improves their overall quality. The use of pre-cast products lowers total costs, reduces construction time, and reduces waste.

DRIVING FACTORS

Rising Demand for Smart City Projects

The increased demand of smart city projects is likely attributable to technological advancements that meet the growing demand for the growth of the global precast concrete market. The precast concretes offer superior accuracy, performances, flexibility and high quality required to satisfy Industry 4.0 requirements. Moreover, also saves power and multi-activated functions play crucial role for the growth of the global precast concrete market. During the forecast year, demand for precast concrete would be boosted by increased remodeling and renovation activities in non-residential buildings.

Surging Urbanization and Industrialization Across Developed Countries

Expanding urbanization and industrialization, as well as increased power generation capacity, are all driving expansion in this market. Rising urbanization and digitalization across emerging countries is creating demand of commercial and non-residential infrastructures. Due to these factors, the global precast concrete market is growing. Increased investments in non-residential development from industry participants are projected to accelerate the adoption of precast concrete and open up new market prospects.

RESTRAINTS

Concerns Pertaining to Rising Environmental Issues May Hinder the Market Growth

Cement is a crucial component of concrete. Cement manufacturing is a major source to global warming and several forms of pollution. Toxic gases such as nitrogen oxide, sulphur dioxide, and carbon monoxide are abundant at cement manufacturing facilities. These gases have been linked to health problems include asthma, vision loss, and cardiovascular disease. Furthermore, these gases have environmental consequences such as acid rain, water quality deterioration, and global warming. The precast concrete market is projected to be restrained by environmental concerns and health risks associated to cement manufacture.

SEGMENTATION

The global precast concrete market is segmented by Product (building components, transportation, water & waste handling, & others), by End-Use (residential, non-residential) and region. Based on the product, the market is categorized into building components, transportation, water & waste handling, & others. Based on end-use, the market is categorized into residential, non-residential. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

Product Insights

Based on the product segment, the global precast concrete market is categorized into building components, transportation and water & waste handling. The building components segment accounted largest market share in 2020 due to widely used in a variety of construction and building projects. Columns, beams, and joints utilized in construction, including manufacturing plants and industries, are included in this segment. Furthermore, in the next years, growth will be aided by a growing population and a high demand for low-cost and accessible housing.

The transportation segment will register significant growth during the forecast period. Tunnels, flyovers, metro pillars, and railways are all built with precast transportation items. The market for precast concrete would be boosted even more by the expanding construction activity in emerging nations to improve connectivity.

End-Use Insights

Based on the end-use segment, the global precast concrete market is categorized into Residential, non-residential. The non-residential segment accounted largest market share in 2020 due to the growing demand for commercial end-uses among the population. Increasing investments in commercial areas, flyovers, roadways, educational institutions, and hospitals have expanded. Furthermore, during the forecast period, the increasing demand for sports complexes, stadiums, and airports will assist the non-residential segment's expansion.

The residential segment witnessed significant growth during the forecast period. The market's growth would be aided by expanding global population and investments in building real estate and infrastructure. Government initiatives to provide affordable homes for the lower economic groups of society will result in significant market growth.

REGIONAL INSIGHTS

The global precast concrete market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia Pacific is expected to dominate the market share of global precast concrete market owing to the region's industry flourishing is being fueled by a growing population, expanding urbanization, and the construction sector. In various APAC countries, new building developments with better energy-efficient solutions for residential and commercial sectors are boosting demand for precast concrete. Demand for the goods will rise as countries like China, India, and Japan invest more in infrastructure development. Furthermore, due to its cost effectiveness, the increasing residential sector in these countries will enhance demand for precast concrete, giving the industry a boost. However, North America is anticipated to emerge as the fastest-growing region over the forecast period. Due to the presence of major key players and advanced technologies is propelling the growth of the global precast concretes market.

KEY INDUSTRY PLAYERS:

• Boral
• LafargeHolcim
• Gulf Precast
• Olson Precast Company
• Larsen & Toubro Limited
• CEMEX
• Forterra
• Tindall Corporation
• Spancrete
• Elementbau Osthessen GmbH & Co., ELO KG
• Bouygues Construction
• Balfour Beatty
• Oldcastle Precast
• Others

KEY INDUSTRY DEVELOPMENTS:

July 2021- Forterra acquired Barbour Concrete Company & Barbour Building Systems to expand its product portfolio and have large customer base.

January 2021- LafargeHolcim acquired Firestone Building Products, a commercial roofing and building envelope solutions company, for US$ 3.4 billion. The acquisition is estimated to expand the company’s roofing portfolio and increase presence in the U.S.

April 2020- Tindall Corporation, planning to expand operations in Spartanburg County, South Carolina, U.S. The expansion will require an investment of around US$ 27.9 million. The new facility will increase production capacity and expand product offerings.

SEGMENTATION

By Product

• Building Components
• Transportation
• Water & Waste Handling
• Others

By End-Use

• Residential
• Non-Residential

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa