Precast Concrete Market to Grow by USD 21.87 Billion (2024-2028), Driven by Urbanization and Industrialization, with AI Impacting Market Trends - Technavio

NEW YORK, Dec. 2, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global precast concrete market size is estimated to grow by USD 21.87 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.11%  during the forecast period. Growing urbanization and industrialization is driving market growth, with a trend towards increasing investments in construction industry. However, lack of awareness regarding precast concrete  poses a challenge. Key market players include Balfour Beatty Plc, Boral Ltd., CEMEX SAB de CV, Consolis Group SAS, CRH Plc, EBAWE Anlagentechnik GmbH, Elematic Oyj, Gulf Precast Concrete Co. LLC, Heidelberg Materials AG, Holcim Ltd., Julius Berger Nigeria Plc, Kiewit Corp., Larsen and Toubro Ltd., Prilhofer Consulting GmbH and Co. KG, QUIKRETE Holdings Inc., Skanska AB, Spiroll Precast Services Ltd., The Wells Companies, Tindall Corp., and Weckenmann Anlagentechnik GmbH and Co. KG.

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Market Driver

The global construction industry's growth is driven by infrastructure development and population movement into middle-income zones. Precast concrete plays a significant role in this sector, with increased demand for resources such as reinforced concrete, beams, columns, and structural building components. Technological innovation and skilled labor shortages influence the market. Key investments include roads, retail facilities, and transportation infrastructure, leading to increased spending on precast concrete products. 

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Market Challenges

• Precast concrete is a versatile building material, manufactured by casting concrete in reusable molds and transported for installation. Misconceptions about its use persist, with some preferring traditional materials like brick, stone, and wood. Precast concrete offers advantages such as durability, cost-effectiveness, safety, and design flexibility. Industries like dams, infrastructure, and industrial sectors benefit from its use in structures like factories, flyovers, and girders. Precast concrete's advantages extend to green building projects, noise-cancellation walls, and rail applications. Key players include manufacturers, institutional and private investors, and the manufacturing sector. Raw materials and process standardization contribute to profitability and high-quality control.

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Segment Overview 

This precast concrete market report extensively covers market segmentation by  

1. End-user 
• 1.1 Non-residential
• 1.2 Residential
2. Product 
• 2.1 Building components
• 2.2 Transportation
• 2.3 Water and water handling
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Non-residential-  The precast concrete market encompasses various non-residential sectors, including dams, commercial buildings, offices, hospitals, schools, warehouses, and industrial facilities. Precast concrete's advantages include time and cost savings, consistency in quality, and durability. Manufactured off-site, precast concrete products undergo controlled conditions, enabling faster construction and lower labor costs. Precast concrete's high strength and resistance to weathering make it suitable for long-lasting, heavy-use structures. Emerging countries and economies in the energy, industrial, and institutional sectors increasingly adopt precast concrete for infrastructural development. Key applications include dams, girders, flyovers, and rail applications. Precast concrete's design flexibility, process standardization, and compatibility with green building projects contribute to profitability. Raw materials and handling charges are essential considerations for manufacturers in the industrialized methods of precast concrete production. Precast concrete's versatility extends to falsework, fences, and noise-cancellation walls, catering to diverse customer needs and preferences. Private and public investments in infrastructure development further fuel market growth.

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Research Analysis

The Precast Concrete Market plays a significant role in the infrastructure development sector, particularly in the construction industry. This market is characterized by the Precast Concrete Method, which prioritizes process standardization and high-quality control to ensure the production of consistent Precast Modules. Environmental conditions and work-zone safety are crucial considerations in this method, which employs material handling techniques and scaffolding for optimal efficiency. Reinforced concrete is a key building component in Precast Concrete construction, with applications ranging from residential projects to industrialization and urbanization efforts. Technological innovation and architectural innovation have further expanded the market's potential, with Precast Concrete being used in the construction of airports, transportation routes, and other large-scale infrastructure projects. Cement, a primary material in Precast Concrete production, is transported and handled efficiently to produce walls, beams, columns, stairs, and other building components. Water and waste handling are also essential aspects of Precast Concrete production, ensuring the sustainability and eco-friendliness of this construction method.

Market Research Overview

Precast concrete market encompasses a significant segment of the construction industry. With the increasing demand for infrastructure development and urbanization, the precast concrete market continues to grow. Precast concrete products offer several advantages, including faster construction times, reduced labor costs, and improved consistency. These factors have led to the widespread adoption of precast concrete in various applications, such as bridge decks, architectural structures, and drainage systems. The precast concrete industry comprises manufacturers, suppliers, and installers of precast concrete products. Key players in the market include Beams, Bridges, and Structures, Archtectural Precast, Carrigage, and Components and Panels. The market is driven by factors such as government investments in infrastructure, technological advancements, and the growing trend towards sustainable construction. However, challenges such as high initial investment costs and the need for specialized equipment and expertise remain. Despite these challenges, the precast concrete market is expected to continue its growth trajectory in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Non-residential
• Residential
• Product
• Building Components
• Transportation
• Water And Water Handling
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio