Precast Concrete Market to be Worth $156.13 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Oct. 10, 2022 /PRNewswire/ -- The global precast concrete market size is expected to reach USD 156.13 billion by 2030, registering a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. This growth can be attributed to the increasing construction activities in the residential, commercial, and industrial sectors. Precast concrete is used in the production of various products used in construction, such as wall panels, underground vaults, pipes, tanks, slabs, and barriers. Construction end-users prefer precast structures due to their superior strength and durability. Precast concrete also helps in the faster completion of construction projects, leading to increased adoption. Offsite construction is gaining prominence in the construction industry as the method helps in saving time and avoiding material wastage.

Key Industry Insights & Findings from the report:

• Structural building components, such as columns, beams, and joints, accounted for a significant revenue share in 2021 due to their superior characteristics like high strength, increased durability, and faster installation.
• The infrastructure application segment dominated the industry in 2021 owing to high investments in infrastructure development by emerging as well as developed economies.
• Asia Pacific is estimated to witness the fastest growth rate during the forecast period owing to the high economic growth in the region and rising industrial & commercial investments by private players and local governments.
• The construction industry in MEA is expected to face setbacks due to uncertainty in government spending on infrastructure development. However, increasing the consumer base in the region will likely boost the market growth in the coming years.
• The global demand was hampered due to the COVID-19 pandemic in 2020. Government regulations resulted in delays and cancellation of planned construction projects, negatively impacting the industry growth.

Read 108-page market research report, "Precast Concrete Market Size, Share & Trends Analysis Report By Product (Structural Building Components, Transportation Products), By Application (Residential, Commercial, Infrastructure), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Precast Concrete Market Growth & Trends

The process can be carried out irrespective of the weather conditions. The growth in offsite construction is anticipated to be a key driver for the industry over the forecast period. Although precast concrete has several advantages over conventional concrete, its use in developing countries is limited due to the high investment involved. The cost of machinery and molds needed for the manufacturing of these products is high and requires advanced technology with highly skilled labor to handle the same. Thus, the high initial investments are projected to hamper the growth over the forecast period. The Asia Pacific construction industry has been developing rapidly in recent years. The industry has witnessed numerous technological advancements and the proliferation of unique architectural designs that promote the usage of precast concrete in commercial, residential, and industrial applications.

Rapid industrialization in emerging economies, such as China and India, has led to a rise in the construction of factories and office spaces. In addition, industrialization has led to migration, resulting in increased urbanization and the growth of residential construction activities. Developed regions, such as North America, have also seen a rise in residential construction activities due to an increased consumer expendable income. The construction industry in Central & South America is also expected to witness substantial growth on account of the rising investments in various infrastructure projects by foreign and domestic private players in the region. The construction of single-family houses in the region contributed majorly to the residential construction market.

This is attributed to the increasing number of people living separately in the majority of the countries in the region. The industry consists of several global players providing high-quality products focusing on price differentiation, thus leading to high competition in the industry. Strategies followed by key players include long-term contracts with end-users and intensive R&D activities. The prominent industry players have signed agreements with raw material suppliers and construction companies to maintain their market position. In addition, most of the key players collaborate with local end-users and suppliers to minimize operational costs and improve their localized market share.

Precast Concrete Market Segmentation

Grand View Research has segmented the global precast concrete market on the basis of product, application, and region

Precast Concrete Market - Product Outlook (Revenue, USD Billion, 2017 - 2030)

• Structural Building Components
• Architectural Building Components
• Transportation Products
• Waste & Water Handling Products
• Others

Precast Concrete Market - Application Outlook (Revenue, USD Billion, 2017 - 2030)

• Residential
• Commercial
• Infrastructure
• Industrial

Precast Concrete Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Poland
• Czech Republic
• Croatia
• Asia Pacific
• China
• India
• Japan
• South Korea
• Singapore
• Central & South America
• Brazil
• Middle East & Africa
• Saudi Arabia
• Israel

List of Key Players of Precast Concrete Market

• Boral Ltd.
• LafargeHolcim
• Gulf Precast Concrete Co. LLC
• Olson Precast Company
• CEMEX S.A.B. de C.V.
• Forterra Pipe and Precast LLC
• Tindall Corporation
• Spancrete
• Elementbau Osthessen GmbH & Co., ELO KG
• GÜlermak A.S
• STECS
• LAING O'Rourke
• Larsen & Toubro Ltd.
• ATCO
• Vinci Construction Grands Projects

Check out more related studies published by Grand View Research:

• Recycled Concrete Aggregates Market - The global recycled concrete aggregates market size is anticipated to reach USD 13,009.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2022 to 2030. The market is predominantly driven by the growing usage of recycled materials in order to conserve natural resources. Concrete pavement companies consider the recycling of concrete pavements and the use of processed recycled concrete aggregate within new pavement structures as a standard and essential practice due to various economic, environmental, and societal (sustainability) benefits.
• Self-healing Materials Market - The global self-healing materials market size is expected to reach USD 9.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 25.5% from 2022 to 2030. Rising demand for high-quality construction materials due to increased infrastructure projects and urbanization is projected to steer the market growth in the near future. Self-healing materials are smart materials that have the ability to repair damages on their own caused due to their mechanical friction and with the efflux of time.
• Concrete Sealers Market - The global concrete sealers market size is expected to reach USD 2.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.1% from 2021 to 2028. Rising investment in industrial infrastructure, growing need for modernization of aging infrastructure, and increase in the number of smart cities projects by governments is augmenting the growth of the market.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc