Global Precast Concrete Market Report and Forecast 2024-2032

Global Precast Concrete Market Outlook

The global precast concrete market attained a value of nearly USD 109.98 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5%.

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Robust Growth of Construction Sector Aiding the Precast Concrete Industry

The robust growth of the construction sector owing to the rapid urbanisation and exponential population spurge is aiding the precast concrete industry. Moreover, the rising residential construction in the developing countries due to increasing per-capita income and favourable government policies is catalysing the market growth. As the demand for affordable housing increases, precast concrete is increasingly used to produce a large number of identical components, therefore lubricating the market growth. Precast concretes also offer high flexibility and precision, which aids in the creation of aesthetically pleasing and diverse production, which is consequently fuelling the market growth. It also reduces the construction time and skilled labour cost; hence, they are increasingly used in affordable construction, which is further accelerating the industry growth.

As precast concrete is made in a controlled environment, it is easier to control and monitor its quality, which is increasing its demand in the infrastructure sector and further catalysing the market growth. It also eliminates the demand for favourable weather conditions in the construction industry, therefore providing further impetus to the industry growth. Additionally, it reduces noise and dust pollution, and the use of technology in the production of precast concrete allows optimal utilisation of materials, such as cement, water, and construction steel; hence produces minimum waste output while providing an eco-friendly alternative, which is further augmenting the market growth.

Precast Concrete: Market Segmentation

Precast concrete refers to concrete that is prepared, cast, and cured, usually in a controlled factory environment using reusable moulds. It can be joined to other elements to form a complete structure and is typically used for wall panels, columns, beams, staircases, and tunnels, among others.

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The major products of precast concrete are:

• Structural Building Components
• Architectural Building Components
• Transportation Products
• Water and Waste Handling Products
• Others

Based on the end use, the market is segmented into:

• Residential
• Non-Residential
• Infrastructure

The EMR report looks into the regional markets of precast concrete like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Renovation Activities to Bolster the Growth of Precast Concrete Industry

Increasing renovation activities by the government in emerging economies, such as India and Brazil, are increasing the demand for precast concrete, further aiding the market growth. Moreover, renovations in the hospitality industry are also driving the market growth. An increase in public and private investments due to rapid industrialisation is also propelling the market growth. Precast concrete offers fire resistance and provides high protection environmental influences; hence, they are used in the construction of power stations with high safety hazards and highways, which are further propelling the market growth.

Precast concrete can resist high pressure forces and increase the tensile strength, which results in optimum protection against high loads. Moreover, with the advancement of technology, microchips are embedded in precast concrete to gather information about loads and forces and send out a signal to warn the inhabitants during seismic risk, consequently decreasing the risk for a collapse of the building during an earthquake; such developments are further invigorating the market growth. Low thermal conductivity and mass reactance of precast concrete cause a balance between the extreme temperature changes and slows down the cooling or heating of the space. Moreover, the use of intelligent precast concrete materials can isolate, heat or cool while producing extra energy. The use of precast concrete also reduces the cooling costs, which are expected to aid the market growth.

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Key Industry Players in the Global Precast Concrete Market

The report presents a detailed analysis of the following key players in the global precast concrete market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Boral Ltd.
• Gulf Precast Concrete Co. LLC
• Olson Precast Company
• Teemage Builders Pvt Ltd.
• Forterra Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

Precast Concrete Market Report Snapshots

Precast Concrete Market Size

Precast Concrete Market Growth

Precast Concrete Companies