What Factors Propelled The Growth Of The Precast Concrete Market In The Past?
The precast concrete market has seen considerable growth due to a variety of factors.
• The market size of precast concrete has experienced a consistent expansion in the past few years. It is projected to rise from $124.26 billion in 2024 to $129.49 billion in 2025, with a compound annual growth rate (CAGR) of 4.2%.
Factors contributing to this growth during the historic period include a rise in spending on the development of water and road infrastructure, escalated demand for commercial and residential spaces, an increase in the need for precast construction, and the presence of a low-interest rate climate.
What Are the Future Growth Projections for the Precast Concrete Market?
The precast concrete market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for precast concrete is forecasted to witness significant expansion in the upcoming years, reaching a staggering $162.44 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 5.8%.
This surge during the predicted timeframe can be linked to the rise in construction projects worldwide, population growth, escalating industrialization, increasing renovation tasks, and advancement in technology. Noteworthy market trends identified for this period include investments in the research and development of novel products, a concentrated effort towards the application of IoT technology, emphasis on strategic partnerships and collaborations, dedication to sustainable building materials, and focus on mergers and acquisitions.
What Are The Primary Growth Drivers In The Precast Concrete Market?
The precast concrete market is experiencing substantial growth due to rising expenses on road and water infrastructure. Utilizing precast concrete brings about substantial time and cost benefits compared to conventional on-site construction techniques. To close the gap between necessary and existing infrastructure, developed and emerging economies are accelerating their investments in road and water infrastructure. To address this deficiency, different countries' governments are enhancing their spending on infrastructure. For example, the Council on Foreign Relations, a think tank specializing in U.S. foreign policy and international relations, reported in September 2023 that the Infrastructure Investment and Jobs Act (IIJA) is providing $550 billion in new investments to improve physical infrastructure, including roads, bridges, railways, airports, and water systems. The remaining $650 million is sourced from typical infrastructure project funds. Hence, the escalating expenditures on road and water infrastructure are predicted to propel the precast concrete market in the upcoming years.
What Are The Major Segments Within The Precast Concrete Market?
The precast concrete market covered in this report is segmented –
1) By Product: Structural Building Components, Architectural Building Components, Transportation Products, Water And Waste Handling Products, Other Products
2) By Type: Concrete Masonry Units (CMUS), Pavers, Retaining Walls, Other Types
3) By Element: Columns And Beams, Floors And Roofs, Walls And Barriers, Girders, Pipes, Paving Slabs, Utility Vaults, Other Elements
4) By End-Use: Residential, Non-Residential, Infrastructure
Subsegments:
1) By Structural Building Components: Precast Concrete Beams, Precast Concrete Columns, Precast Concrete Wall Panels, Precast Concrete Slabs
2) By Architectural Building Components: Precast Concrete Facades, Precast Concrete Cladding, Precast Concrete Cornices and Caps, Precast Concrete Stairs
3) By Transportation Products: Precast Concrete Barriers, Precast Concrete Sound Walls, Precast Concrete Bridge Components, Precast Concrete Drainage Systems
4) By Water And Waste Handling Products: Precast Concrete Manholes, Precast Concrete Tanks, Precast Concrete Pipes, Precast Concrete Catch Basins
5) By Other Products: Precast Concrete Retaining Walls, Precast Concrete Fireproofing Products, Precast Concrete Septic Tanks, Precast Concrete Furniture and Fixtures
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Which Trends Are Expected To Transform The Precast Concrete
Top firms active in the precast concrete sector are investing in groundbreaking innovations like automated manufacturing, which greatly minimizes material waste and enhances energy efficacy. Automated manufacturing involves the application of machinery, technology, and control systems to run manufacturing processes requiring little to no human input. For instance, STRABAG UK, a construction firm based in the UK, unveiled a state-of-the-art precast concrete facility for tunnel segments in Hartlepool in July 2023. The new facility, dedicated to the automated production of tunnel segments for a significant railroad project, opened its doors in Hartlepool. This plant is anticipated to generate over 100 jobs and drastically cut down on carbon emissions through the use of efficient rail transport, thereby reducing road traffic. The facility employs cutting-edge technology to maximize material efficiency and energy consumption, promoting local economic growth. The initiative prioritizes sustainability by procuring materials locally and making use of recycled resources.
Who Are the Key Players in the Precast Concrete Market?
Major companies operating in the precast concrete market include:
• Holcim Group
• CRH plc
• Gulf Precast Concrete Co
• Tindall Corporation
• Boral Limited
• Forterra Inc
• CEMEX S.A.B. de C.V
• Balfour Beatty plc
• Laing O’Rourke
• Olson Precast Company
• Bianco Precast
• Precast Australia Pty Ltd
• Jain Spun Pipe Co
• Reva Engineering Enterprises
• Trilok Precast Private Limited
• Pakona Engineers I Pvt Ltd
• Suryotthan Merchandise Private Limited
• Nova Formworks Private Limited
• Xiamen Zhongjingtai Building Materials Co. Ltd
• Sinomega House (Qingdao) Co. Ltd
• Shandong Hummingbird machinery Co. Ltd
• Guangzhou Welons Supply Chain Management Co. Ltd
• BREMER AG
• Weckenmann Anlagentechnik GmbH & Co
• ELO Beton
• Cementos Molins
• HeidelbergCement
• Ciments Francais
• Vicat
• Carrires de Mouen
• Banagher Precast Concrete
• Longley Group
• SpanWright UK
• Smolkirpich.ru
• CeramicGroup
• Ceresit
• McGrown-DeYoung
• Euro Slats
• Oldcastle Precast
• Atco Group
• Rotesma
• Rinol Hormipul Chile S.A
• BFT International
• United Precast Concrete Abu Dhabi LLC
• Dubai Precast LLC
• Abu Dhabi Precast LLC
• Hard Precast
• Prainsa Saudi Arabia for Precast Concrete
• Alfanar Precast Factory
• Ranco & Zamil
• Alumlight Israel Ltd
• Wolfman Industries LTD
• Kwikspace Modular Buildings Ltd
• Concretex
What Is The Most Dominant Region In The Precast Concrete Market?
Europe was the largest region in the precast concrete market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precast concrete market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
