What Is The Current and Historic Market Size Analysis Of Precast Construction Market?
The precast construction market has seen considerable growth due to a variety of factors.
• Over the past few years, the precast construction market size has seen consistent growth. The market size is anticipated to rise from $144.98 billion in 2024 to $151.38 billion in 2025, experiencing a compound annual growth rate (CAGR) of 4.4%.
The historical growth pattern can be credited to factors such as versatility in architecture, urbanization trends, development in infrastructure, residential and commercial construction, and alterations in regulations and standards.
What Is the Forecasted Market Size and Growth Rate for The Precast Construction Market?
The precast construction market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of precast construction is projected to experience significant expansion in the coming years, escalating to $187.04 billion by 2029, with a compound annual growth rate (CAGR) of 5.4%.
This upsurge in the forecasted period can be credited to the evolution of manufacturing techniques, the rising need for eco-friendly construction, an increase in urbanization projects, infrastructural investments, and the trend towards energy-efficient buildings. During the forecast period, leading trends include the adoption of joint project delivery models, application of advanced material science, enhancement of efficiency and labor optimization, the focus on resilience and disaster prevention, as well as prefabrication and modularization.
What Are The Core Factors Supporting Growth In Precast Construction Market?
The expansion of urban areas and industrial growth are projected to spur the precast construction industry. Middle-class income growth leads to discretionary expenditure and shifting consumer patterns, thereby creating a market for construction and, as a result, opportunities for the precast construction sector. The urban populace's proportion has climbed to 56.2%, which triggers an increased demand for construction services that promise high-caliber construction while conserving time and resources. For instance, the India Brand Equity Foundation (IBEF) reported in April 2022 that the infrastructure sector had become a priority for the Indian Government. Plans are in place for India to invest $1.4 trillion in infrastructure from 2019 to 2023 to encourage the country's sustained development. Thus, the growth in infrastructure and construction is fostering urbanization and industrialization, stimulating the precast construction market.
What Are The Main Segments Of The Global Precast Construction Market?
The precast construction market covered in this report is segmented –
1) By Structure System: Beam & Column System, Floor & Roof System, Bearing Wall System, Facade System
2) By Construction Type: Modular, Manufactured Homes
3) By End User: Residential, Non-residential
Subsegments:
1) By Beam And Column System: Precast Beams, Precast Columns, Precast Frames
2) By Floor And Roof System: Precast Floor Panels, Precast Roof Panels, Hollow Core Slabs
3) By Bearing Wall System: Precast Concrete Walls, Sandwich Panels, Insulated Walls
4) By Facade System: Precast Cladding Panels, Architectural Facades, Precast Decorative Elements
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What Emerging Trends Are Influencing The Growth Of The Precast Construction Market?
The growing acceptance of sustainable construction methods is a primary trend in the precast construction market. The construction sector is known for its extensive use of natural resources. Nevertheless, due to mounting concerns over climate change and limited natural resources, there is increasing pressure on construction companies to minimize their environmental footprint. The enhancement of efficiency and sustainability in the construction sector is largely reliant on the widespread use of advanced technologies, Government regulations, costs control, materials, and innovative sustainable construction methods. For example, in August 2024, a study by UK's media production firm, edie, revealed that sustainability goals are now integrated into 70% of construction schemes. The ratio of industry insiders who report successfully meeting these objectives has surged to 43%, a noticeable rise from a third in 2022. Additionally, a 16% jump has been observed in the tally of businesses measuring their carbon impact, with 70% currently monitoring emissions.
Who Are the Key Players in the Precast Construction Market?
Major companies operating in the precast construction market include:
• Saint-Gobain SA
• Bouygues Construction
• CRH plc
• Holcim Group
• LafargeHolcim Ltd.
• Larsen & Toubro Ltd.
• CEMEX S.A.B. de C.V
• IRCON International
• Taisei Corporation
• Balfour Beatty plc
• Betonmast
• Forterra Pipe and Precast LLC
• HCC Ltd.
• Hindustan Construction Company
• Afcons Infrastructure
• Shapoorji Pallonji & Company
• NCC Limited
• JMC Projects
• Jaiprakash Associates
• Tindall Corporation
• GÜlermak A.S.
• HeidelbergCement
• Simplex Infrastructures
• Jensen Precast
• STECS
• ELO Beton
• Banahen Precast Concrete
• Gammon India
• Boral Precast Holdings
• Gulf Precast Concrete Co LLC
• L&T Construction
• Laing O’Rourke
• Milbank Concrete Products
• Oldcastle Infrastructure
• Olson Precast Company
• Patel Infrastructure
• SigmaRoc
• Skanska AB
• Spancrete Elementbau Osthessen GmbH & Co ELO KG
What Is The Most Dominant Region In The Precast Construction Market?
Asia-Pacific was the largest region in the precast construction market in 2024 and is also expected to be the fastest-growing region in the precast construction market share during the forecast period. The regions covered in the precast construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
