Precast Concrete Market

Precast Concrete Market

Growth Factors of Precast Concrete Market

The precast concrete market size was valued at USD 133.84 billion in 2023, and the market is now projected to grow from USD 141.01 billion in 2024 to USD 232.93 billion by 2032, exhibiting a CAGR of 6.5% during the forecast period of 2024-2032.

The expansion of the precast concrete market growth has been greatly hampered by the COVID-19 pandemic. It has faced a shortage of materials, restrictions on labour and precast products whose demand was also reduced. When the pandemic cases increased, China’s cement output totalled 769 million tons, production decline was 8.2% lower between January and May 2020. However, greater demand for modular healthcare facilities partly offset these effects, thus promoting the application of precast concrete in hospital construction.

Population and urbanization are increasing significantly, strongly impacting precast concrete market share demand. Rising demand for structures such as airports, malls and commercial buildings enhances construction efficiencies and cost-effectiveness. The demand for houses especially EWS segment and modernization to get better job opportunities also increases the precast concrete demand in residential and commercial applications.

Additionally, using precast concrete products such as beams, walls and stairs in residential buildings is driving market growth. These products enable faster, more efficient construction in various weather conditions and are manufactured off-site, ensuring high quality. Their incorporation reduces overall costs, construction time and waste, making them highly desirable in the building industry.

Comprehensive Analysis of Precast Concrete Market

The precast concrete market and chemicals & advanced materials industry is rising exponentially due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the building & construction materials industry. These segmentations are methodically segregated by product types, by applications, by types by end users. The product types include, Columns & Beams, Girders, Floors & Roofs, Walls & Barriers, Pipes, Paving Slabs and Others. The applications include, Building Components, Transportation, Water & Waste Handling and Others. The types include, Wet Concrete and Dry/Semi-dry Concrete. The end use include, Residential, Commercial, Industrial and Infrastructure (Tunnels, Bridges, Wind Towers and Others).

Asia Pacific holds the largest share of the precast concrete market and is expected to increase. Rising infrastructure investments in China, India and Japan drive the demand, alongside the growing residential sector. The cost efficiency of precast products further boosts their use, contributing to the region’s market expansion.

The key industry players in the market play a crucial role in the chemicals & advanced materials industry assuring industrial prospectus growth and setting market standards. These players include, Boral (Australia), Holcim Ltd (Switzerland), Gulf Precast (UAE), Olson Precast Company (U.S.), Larsen & Toubro Limited (India), CEMEX (Mexico), Forterra Building Products Ltd (U.K.), Tindall Corporation (U.S.), The Wells Companies (U.S.), Elementbau Osthessen GmbH & Co., ELO KG (Germany), Bouygues Construction (France), Balfour Beatty plc (U.K.) and Oldcastle Infrastructure Inc. (U.S.). These market players provide a level-playing competitive landscape.

In January 2024, Holcim Ltd. completed three European acquisitions, enhancing its Solutions & Products segment. The company acquired Artepref S.A. in Spain, W.A.T.T. Recycling in Greece, and Eco-Readymix Ltd in the U.K., contributing to its business expansion.

Segmentation Table

Global Precast Concrete Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 6.5% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Product Type, Application, Type, End-Use and Region

By Product Type

Columns & Beams

• Girders
• Floors & Roofs
• Walls & Barriers
• Pipes
• Paving Slabs
• Others

By Application

Building Components

• Transportation
• Water & Waste Handling
• Others

By Type

Wet Concrete

• Dry/Semi-dry Concrete
• Beverages
• Alcoholic
• Non-alcoholic

By End-Use

Residential

• Commercial
• Industrial
• Infrastructure
• Tunnels
• Roads & Bridges
• Wind Towers
• Others

By Region

North America (By Product Type, Application, Type, and End-Use)

• U.S. (By End-Use)
• Canada (By End-Use)
• Europe (By Product Type, By Application, Type, and End-Use)
• Germany (By End-Use)
• U.K. (By End-Use)
• France (By End-Use)
• Italy (By End-Use)
• Spain (By End-Use)
• Russia (By End-Use)
• Rest of Europe (By End-Use)
• Asia Pacific (By Product Type, Application, Type, and End-Use)
• China (By End-Use)
• Japan (By End-Use)
• India (By End-Use)
• Southeast Asia (By End-Use)
• Rest of Asia Pacific (By End-Use)
• Latin America (By Product Type, Application, Type, and End-Use)
• Brazil (By End-Use)
• Mexico (By End-Use)
• Rest of Latin America (By End-Use)
• Middle East and Africa (By Product Type, Application, Type, and End-Use)
• GCC (By End-Use)
• Rest of the Middle East & Africa (By End-Use)