The precast concrete market is projected to reach USD 189.25 billion by 2028 with a revenue compound annual growth rate (CAGR) of 5.7% during the forecast period. The growth is driven by the rapid urbanization and industrialization, rising disposable incomes, and a growing global population. The demand for precast concrete is also fueled by innovation and advancements resulting from increased investments in research and development (RD) in the construction sector.
The construction industry is expected to remain a booming industry, especially in emerging countries, due to continued development processes. Investments in smart cities in these emerging countries will also boost the demand for precast concrete. Smart cities enhance daily life quality by intelligently networking lights, mobility, supplies, and energy. The significant capital invested in smart cities will drive market growth. Precast concrete is an efficient and practical method of construction, offering a suitable delivery model for construction projects, allowing them to proceed while the design is being developed.
Precast concrete walls can take almost any shape or size and can be manufactured in a wide variety of colors and finishes. These products are manufactured off-site, under roof and are delivered at the ready-to-install stage when needed. This innovative process compresses project schedules, reduces site disruption, lowers safety concerns, and decreases the overall project cost by requiring fewer trades for construction and fewer workers on sites. Precast concrete is also entirely recyclable and is considered an environmentally friendly choice.
Precast concrete is a high-performance material that integrates easily with other systems and provides the efficiency, versatility, and resiliency needed to meet the multi-hazard requirements and long-term demands of building structures. These structures offer superior resistance to insects, mold, fires, and natural disasters, reducing maintenance and insurance costs. Precast buildings also absorb sound, making it an ideal choice for commercial and residential buildings. Moreover, prefabricated structures do not interfere with local Wi-Fi, radio signals, or internet networks. Precast concrete is considered the most technology-friendly building material for commercial applications as these buildings install wired connections for information technology.
The COVID-19 pandemic negatively impacted market growth, halting work in the construction industry, slowing down raw material production, disturbing the supply chain, and reducing demand for precast concrete, resulting in overcapacity. However, government initiatives to set up healthcare facilities to treat patients have propelled the demand for precast concrete.
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Precast Concrete Market Segments:
The precast concrete market is segmented based on product type, construction type, application, end-use, and regional outlook. Under product type, the market is segmented into floors roofs, walls barriers, columns beams, pipes, paving slabs, and others. The construction type outlook includes elemental construction, permanent modular buildings, and re-locatable buildings.
Furthermore, the application outlook of the precast concrete market comprises structural building components, water waste handling products, transportation products, architectural building components, and others. Lastly, the end-use outlook encompasses industrial, commercial, and residential sectors.
In terms of regional scope, the precast concrete market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. The country scope includes the United States, Canada, the United Kingdom, Germany, France, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, the United Arab Emirates, and Turkey.
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Precast Concrete Market: Strategic Developments
In January 2021, LafargeHolcim signed an agreement to acquire Firestone Building Products (FSBP), a US-based provider of commercial roofing and building envelope solutions. The acquisition is expected to help LafargeHolcim become a global leader in sustainable and innovative building solutions. It will also enable the company to expand its business into Latin America and Europe.
The columns and beams segment accounted for the largest revenue share in the precast concrete market in 2020. Precast concrete columns and beams are capable of providing larger open spaces and reducing column counts, making them ideal for maximizing space efficiency in below-grade areas.
The elemental construction segment is expected to witness the fastest revenue growth rate during the forecast period. This type of construction includes a wide range of completed projects for commercial and residential applications, as well as renovations.
The waste and water handling products segment accounted for the largest revenue share in 2020. These products, made from precast concrete, include grease interceptors, hazardous material containers, septic tanks, water and sewer system components, and manholes. The increasing demand for these products from the residential sector is expected to bolster the growth of this segment.
The residential segment accounted for the largest revenue share in 2020. Governments of various countries are taking initiatives to expand the residential construction industry, which is expected to further drive growth of this segment in the near future.
The precast concrete market in the Asia Pacific region accounted for the largest revenue share in 2020 and is anticipated to witness significant revenue growth during the forecast period. The expansion of the transportation and tourism industry is likely to propel the demand for warehouses, hotels, and restaurants in this region. Additionally, the rising construction and infrastructure spending, especially in developing countries such as India and China, would positively impact market growth in the upcoming years.
Precast Concrete Market: Competitive Landscape
The precast concrete market is highly competitive and includes several key players. Some of the prominent players in the market include LafargeHolcim Ltd., Cemex S.A.B de C.V., Larsen Toubro Construction, Balfour Beatty PLC, Oldcastle Infrastructure Inc., Forterra, Tindall Corporation, Laing O'Rourke, Atco Concrete Products N.V., and Balfour Beatty. These players are focusing on expanding their market presence through strategic initiatives such as mergers and acquisitions, collaborations, and partnerships. They are also investing in research and development activities to develop innovative and sustainable products that cater to the growing demand for eco-friendly construction materials. Furthermore, these companies are expanding their geographical footprint by targeting emerging markets and leveraging their strong distribution networks to reach customers efficiently.
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