Precast Concrete Market to Reach USD 268.35 Billion by 2032; Rapid Expansion in Construction Industry to Propel Growth

The precast concrete market size is anticipated to grow from USD 146.91 Billion in 2022 to USD 268.35 Billion in 10 years. The market should witness a moderate growth rate owing to the increasing demand for precast concrete in several applications. Innovation in development technology will lead to a rise in product efficiency.

Newark, June 10, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the precast concrete market will grow from USD 146.91 Billion in 2022 to USD 268.35 Billion by 2032. The precast concrete market is expanding due to the increasing investment in infrastructure development. The increasing initiatives by regional governments will augment the demand for precast concrete shortly.

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Key Insight of the Precast Concrete Market

Asia Pacific region will account for the largest market size during the forecast period.

Asia Pacific region will hold a significant market share due to the rising number of manufacturers involved in the development of precast concrete. One of the main factors propelling the regional precast construction market is the expansion of building infrastructure due to rising urbanization and expanding infrastructure construction in developing countries like China, India, and Japan. Precast construction market growth is expected to be bolstered by the immediate increase and development of urban dwelling supply in the regional countries.

The waste & water handling products segment is expected to augment the market during the forecast period.

The product type segment is divided into architectural building components, waste & water handling products, transportation products, structural building components and others. The waste & water handling products segment is expected to augment the market during the forecast period. Wastewater treatment is an essential procedure that aids in purifying wastewater produced by various sources, including businesses, residences, and industries. The main goal of wastewater treatment equipment is to remove impurities from the water and ensure its safety for reuse or release back into the environment.

The permanent modular building segment is expected to augment the market during the forecast period.

The construction type segment is divided into permanent modular buildings, elemental constructions and relocate buildings. The permanent modular building segment is expected to augment the market during the forecast period. Buildings are prefabricated using off-site manufacturing techniques under the sustainable construction method known as permanent modular construction. Permanent modular homes are constructed to standards that are on par with or greater than conventional site-built homes.

The residential segment is expected to augment the market during the forecast period.

The end-users segment is divided into commercial, residential, and industrial. The residential segment is expected to augment the market during the forecast period. Single-family homes and multi-story apartment buildings are among the residential construction projects that can benefit from using precast concrete. This concrete is applicable on roofs, walls, and floors.

Report Scope and Segmentation –

Report Coverage Details
Forecast Period 2022-2032
Forecast CAGR 6.21%
2022 Value Projection USD 146.91 Billion
Market Size in 2032 USD 268.35 Billion
Historical Data 2020-2022
No. of Pages 238
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered by Product Type, Construction Type, Regions
Regions Covered The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Precast Concrete Market Growth Drivers Expansion of the construction industry

Market Dynamics

Driver: Durable and resistant

The precast concrete is extremely strong and, with proper maintenance, can last a lifetime. Precast concrete is constructed of materials that prevent early fracture and cracks between tiles, making it durable. As a result, it offers the best return on investment because it can last for many years. It is the finest choice for heavily trafficked areas and commercial and industrial buildings that frequently experience wetness and cleaning agents. Precast concrete structures require less maintenance and have a longer service life. Precast concrete with a high density minimizes surface gaps, is more resilient to corrosion, impact, and acid attack, and keeps dust from building up. Products have more aesthetic value since they are smoothly finished and come in various shapes and sizes.

Restraint: Hard to modify

The limitation with precast constructions is that they are hard to modify once done. The structure’s overall stability will be affected, for instance, if structural precast concrete walls need to be disassembled for maintenance. This limits the use of precast concrete in specific construction solutions.

Opportunity: Development of commercial and residential structure

One of the key industry trends is the increasing need for residential and commercial structures as the population grows. Various government initiatives for smart city and infrastructure development are also propelling worldwide construction activity. This is because precast concrete has been used in many regions for years in construction activities, such as high-rise buildings and bridges in nations such as the United States and Canada. Furthermore, the market is driven by the region’s top infrastructure development activities and technology advancement. Some regional key players in the precast concrete market focus on entering into long-term associations with regional end-users such as commercial and residential construction industries and other industries to ensure continuous revenue flow.

Challenges: Handling difficulties

Precast members are typically big and heavy, making it challenging to handle them without breaking them. When handling precast concrete, appropriate attention and care must be taken. Tower cranes or portable cranes are typically utilized for handling precast members. Thus, it can be costly for some consumers to transport precast concrete from one location to another.

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Some of the major players operating in the Precast Concrete market are:

• Boral Ltd.
• Gulf Precast Concrete Co. L.L.C.
• Olson Precast Company
• Forterra Pipe
• CEMEX S.A.B. de C.V.
• Tindall Corp.
• Precast L.L.C.
• Komatsu Ltd.
• Kiewit Corporation
• Balfour Beatty plc
• Laing O’Rourke
• A.C.S. Group
• Bouygues Construction
• Larsen & Toubro Limited
• Taisei Corporation
• Elematic

Key Segments Cover in the Market:

By Product Type:

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

By Construction Type:

• Permanent Modular Building
• Elemental Constructions
• Relocate Buildings

By End-users:

• Commercial
• Residential
• Industrial

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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