PRECAST CONCRETE MARKET ANALYSIS

Precast Concrete MarketSize and Trends

The global precast concrete market size was valued at US$ 100.68 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.4 % from 2023 to 2030. The precast concrete market is gaining traction globally as an effective construction material. Its high-quality and durability are the main reasons for its wide usage across various building projects. The demand for these products is expected to increase in the future due to the rise in global population and economic growth. Furthermore, the rising per capita income across developing countries is further expected to stimulate the market growth for housing and infrastructure development. In addition, the governments of developing countries are supporting the construction industry by providing infrastructure and affordable homes to the lower-income sections.

Global Precast Concrete Market Drivers:

Growing awareness regarding the advantages of precast concrete to propel market growth

The precast concrete market has experienced significant growth over the past few years. This is because of its ability to be used in a wide variety of construction applications, and its versatility in design. The most common use for this material is for construction of large structures, such as skyscrapers, stadiums, and homes. Precast concrete consists of ready-mixed, mixed-bed concrete that is then transported and placed on a construction site. It is used for a variety of purposes, such as floor slabs, beams, walls, and columns.

Increasing reconstructing and modernizing infrastructural facilities to augment market growth

The growth of the precast concrete market is largely attributed to growing investments in commercial and industrial infrastructure in emerging markets. These investments include new commercial buildings, bridges, metros, airports, and railroads. Additionally, the deteriorating condition of some infrastructural assets is prompting governments to replace them with modern and advanced structures that are compatible with future needs.

Global Precast Concrete Market Trends:

Growing merger and acquisition in the market

Major players in the precast concrete market are investing heavily in R&D and mergers & acquisitions to expand their presence globally. For example, LafargeHolcim, a cement manufacturer, acquired Firestone Building Products in January 2021. This deal bolstered the company's manufacturing capacity in North America and Europe. Similarly, Forterra, a renowned water and drainage pipe manufacturer, purchased Barbour Concrete Company and Barbour Building Systems in July 2021.

Increasing focus on energy-efficient building techniques

The market is mainly driven by the increasing focus on energy-efficient building techniques and life-cycle management, and the growing infrastructure development plans in emerging economies. In addition, the rising urbanization and industrialization in developing countries is also expected to drive demand for precast concrete.