by The precast concrete market is estimated to be valued at US$ 100.68 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precast concrete products offer advantages like speed of construction, flexibility in design, sustainability, and overall cost-effectiveness. They find wide applications in construction of residential & non-residential buildings, infrastructure, roads & bridge, and utilities. Precast concrete products like walls, floor & roof slabs, columns & beams, stairs & sidewalks help reduce construction timelines.
Market Dynamics:
Growing construction activities in both residential and non-residential sectors are expected to drive the growth of precast concrete market over the forecast period. According to Global Construction 2030 report by Global Construction Perspectives and Oxford Economics, the global construction output is projected to grow 85% to $15.5 trillion worldwide by 2030. Furthermore, precast concrete offers sustainability benefits over site-cast concrete like lower carbon footprint, reduced waste generation, and energy efficiency. This is encouraging more construction companies to adopt precast concrete solutions. Rapid urbanization and increasing infrastructure development projects in developing nations will also contribute to the market growth. However, fluctuations in raw material prices may hamper the market during the forecast period.
SWOT Analysis
Strength: Precast concrete construction reduces the use of raw materials, lowers carbon emissions, saves time and money as compared to site-cast construction. It has high durability and results in less wastage of material. Precasting allows continuous work under all weather conditions at the factory and on-site.
Weakness: There are transportation costs involved in shifting precast concrete elements from the factory to the construction site. Precast components cannot be customized or altered once casted.
Opportunity: Growing demand for sustainable and green construction practices is boosting the use of precast concrete. Rapid urbanization and infrastructure development across developing nations provide new growth opportunities.
Threats: Fluctuations in raw material prices can increase the cost of precast concrete. Strict environmental regulations regarding carbon emissions may restrain the market growth.
Key Takeaways
The global Precast Concrete Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing demand for cost-effective and eco-friendly construction techniques. Rapid urbanization and growth in infrastructure development are driving the market.
Regional analysis
Asia Pacific dominates the global Precast Concrete market and is expected to grow at the fastest rate during the forecast period. This is attributed to heavy investments in residential and commercial construction projects in emerging economies such as India and China. Rapid infrastructure development for smooth connectivity between cities supports the regional market growth.
Key players
Key players operating in the Precast Concrete market are Oldcastle Inc., Cemex Inc., Lafarge North America, HeidelbergCement, Holcim Inc., Vulcan Materials Co., Colas S.A., Martin Marietta Materials, MDU Resources, and Buzzi Unicem. Oldcastle Inc. is a leading player with a global presence and extensive product portfolio of precast concrete solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
