Precast Concrete Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Holcim Group, CRH PLC, Gulf Precast Concrete Co, Tindall Corporation, Boral Limited

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The Precast Concrete by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Precast Concrete, The precast concrete market size has grown steadily in recent years. It will grow from $120.39 billion in 2023 to $126.06 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to increasing expenditure on road and water infrastructure development, growing demand for residential and commercial spaces, increase in demand for precast construction and low interest rate environment..

The precast concrete market size is expected to see steady growth in the next few years. It will grow to $153.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to increasing construction activities globally, increase in population growth, increasing industrialization, rising renovation activities and technology development. Major trends in the forecast period include investing in research and development of innovative products, focus on implementing iot technology, focus on partnerships and collaboration, focus on environment-friendly building materials, and focus on mergers and acquisitions..

Increasing expenditure on road and water infrastructure is significantly driving the growth of the precast concrete market. The use of precast concrete offers major time and user cost savings in comparison with the traditional cast-in-place methods of construction. Emerging and advanced economies are increasing their spending on road and water infrastructure to bridge the gap between the required infrastructure and available infrastructure. Governments of various countries are increasing their expenditure on infrastructural developments to bridge this gap. For instance, in September 2021, the Indian government announced road projects worth INR 1 lakh crore ($13.48 billion) to develop road infrastructure in Jammu and Kashmir. The number of national highways in the region has also increased, from 7 in 2014 to 11 in 2021. These infrastructural developments will invariably increase the demand for precast concrete products. Therefore, the increasing expenditure on road and water infrastructure drives the precast concrete market over the coming years.

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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

3D printing is a key trend gaining popularity in the precast concrete market. Major companies operating in the precast concrete sector are focused on developing new 3D printing solutions to strengthen their position. For instance, in December 2021, CEMEX, a renowned precast concrete company based in Mexico, and Denmark-based COBOD International, a key player in construction-grade 3D printers, launched a 3D printing solution that incorporates traditional ready-mix concrete into the construction process. In comparison to traditional construction and other 3D printing methods, the solution saves time and money. CEMEX and COBOD created this 3D printing solution using an innovative admixture that allows the use of conventional concrete, allowing the consumption of locally and readily available materials.

The precast concrete market report table of contents includes: