Precast Concrete Market worth $198.9 billion by 2027 Globally, at a CAGR of 6.6%, says MarketsandMarkets™

Chicago, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global Precast Concrete Market is projected to grow from USD 144.6 billion in 2022 to USD 198.9 billion by 2027, at a CAGR of 6.6% from 2022 to 2027, as per the recent study by MarketsandMarkets™. Precast concrete refers to the construction products produced at place away from the construction site in reusable molds. These construction products are transported to the construction site and assembled. The major advantages of precast conrete are speed of construction, quality, and reduced overall manufacturing cost.

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472 - Market Data Tables
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List of Key Players in Precast Concrete Market:

  1. Cemex S.A.B. de C.V. (Mexico)
  2. LafargeHolcim Ltd (Switzerland)
  3. Skanska AB (Sweden)
  4. CRH Plc (Ireland)
  5. Balfour Beatty Plc (UK)
  6. Boral Limited (Australia)
  7. among others

Drivers, Restraints, and Opportunities in Precast Concrete Market:

  • Driver: Need for reduced construction time and cost-effective products
  • Restraint: Volatility in raw material prices
  • Opportunity: Rise in renovation and remodeling activities globally
  • Challenge: Volatility in transportation charges leading to unpredictable business environment

Key Findings of the Study:

  • Based on element the market is segmented into columns & beams, floors & roofs, walls & barriers, girders, pipes, paving slabs, utility vaults, and others (includes staircases, lintels, manholes, door & window components, and water & sewer system products).
  • Based on construction type, the market is segmented into elemental constructions, permanent modular buildings, and relocatable buildings.
  • Based on end-use sector, the market is segmented into non-residential and residential. The non-residential segment is projected to grow at highest CAGR during the forecast period.

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The girders segment is projected to grow at highest CAGR during the forecast period. This is attributed to the benefits of using precast grinders in bridges such as rapid construction, minimal traffic disruption, and less environmental impact. High-performance concrete is used for the fabrication of precast girders, which offer tremendous strength and durability as well as are more competitive and economical in terms of repeatability.

Permanent modular buildings is projected to grow at highest CAGR during the forecast period. This construction type saves time and labor required for construction, thus reducing the cost significantly. The demand for permanent modular buildings is growing due to lower construction costs and shorter building times, as well as a rise in demand for new buildings and rapid urbanization.

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The precast concrete market is segmented on the basis of region into North America, APAC, Europe, Middle East & Africa and South America. The APAC region is projected to account for the largest market share during the forecast period both in terms of both value and volume. Growing population, rapid urbanization, and the construction sector are among the key factors propelling industry expansion in the region. New building constructions with improved energy-efficient solutions for residential and commercial sectors in several Asia Pacific countries are fueling the demand for precast concrete.

Boral is an international building product and construction material company. It operates through three divisions, Boral Australia, USG Boral, and Boral North America. The company offers a range of precast concrete products for its customers across residential and non-residential sector. The company’s wide product portfolio includes blocks, asphalts, bricks, concretes, cementitious materials, plasterboards, pavers & retaining walls, quarry materials, timbers, and roof tiles. Boral’s products are used for renovation, structural, and commercial markets worldwide.

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