Global Precast Concrete Market to Reach US$ 166.3 Billion by 2028, Impelled by Rising Residential and Commercial Construction Activities

IMARC Group’s latest report, titled “Precast Concrete Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global precast concrete market size reached US$ 122.0 Billion in 2022. Precast concrete is a form of concrete prepared, cast, and cured off-site using a reusable mold, typically in a controlled factory environment. The casted concrete is then transported to the construction site for installation to form a complete structure. It is widely used to construct structural components, such as wall panels, tunnels, floors, beams, columns, pipes, girders, and staircases. Compared to the traditional in-situ concrete, it is more economical, saves construction time, and offers enhanced durability and higher dimensional accuracy. It also provides the advantage of planning future construction projects as the elements can be rearranged easily. As a result, precast concrete finds extensive applications across the construction industry for building large-scale commercial and affordable residential projects with identical structures.


Global Precast Concrete Market Trends:

The rising residential and commercial construction activities due to the expanding global population, rapid urbanization, and elevating income levels represents the primary factor driving the market growth. Additionally, with the growing environmental concerns, there has been a widespread adoption of precast concrete to construct buildings, bridges, stadiums, tunnels and flyovers as it can be recycled and reused easily, thereby minimizing the impact of raw materials on the environment. In line with this, extensive investments in infrastructure development projects have augmented the product demand. Furthermore, governments of various countries are taking favorable initiatives to promote the adoption of precast concrete as it significantly reduces the overall project timeline and generates substantial cost savings in raw material and labor. Along with this, the introduction of several government-sponsored public housing programs on account of the surging need for affordable housing units has accelerated the adoption of precast concrete. Besides this, the shifting inclination toward modern construction techniques for enhanced performance has propelled market growth. Other factors, including the expanding building and construction sector, advancements in precast technology, and increasing spending on renovating old structures, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 166.3 Billion by 2028, growing at a CAGR of 5.2% during 2023-2028.

Market Summary:

• Based on the type, the market has been classified into floors and roofs, columns and beams, stairs and landing, and walls. 
• On the basis of the product, the market has been divided into structural building components, architectural building components, transportation products, water and waste handling products, and others. 
• The market has been bifurcated based on the end use into residential and non-residential. 
• Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being Balfour Beatty plc, Boral Limited, CEMEX S.A.B. de C.V., Elementbau Osthessen GmbH & Co. ELO KG, Forterra Inc., Gulf Precast Concrete Co LLC, Holcim Group, Laing O’Rourke, Olson Precast Company, Spancrete Inc. (Wells Concrete), and Tindall Corporation.

Report Scope:

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