The global Precast Concrete Market is estimated to be valued at US$ 100.68 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Precast concrete products are construction materials that are cast and prepared in a manufacturing facility and then transported to the construction site for installation. Common products include panels, beams, hollow-core planks, wall panels, columns, and stairs among others. Precast concrete construction reduces the amount of labor onsite and waste generation compared to traditional cast-in-place construction. It also provides enhanced durability, dimensional accuracy, and less variability. Precast concrete offers several advantages such as quicker construction time, high structural integrity, customizable designs, sustainability, and cost-effectiveness. These advantages have been fueling the adoption of precast concrete across commercial and residential construction.
Market key trends:
One of the key trends in the Precast Concrete Market Size is the rising use of precast elements made from engineered cementitious composite (ECC) and ultra-high-performance concrete (UHPC). ECC is a type of cement composite that shows tensile ductility and strain-hardening behavior, providing durability, sustainability, and earthquake resistance. On the other hand, UHPC is characterized by its unique strain-hardening property that enhances its strength and durability manifold. Leading precast manufacturers are adopting ECC and UHPC in their product portfolios to meet the sustainability goals and stringent structural requirements of modern construction projects.
Another major trend is the growing popularity of 3D printing in precast construction. 3D printing technology has enabled mass-customization of precast concrete products. Using 3D concrete printing software, designer precast concrete elements can be printed layer-by-layer with various degrees of complexity. This improves design flexibility, reduces material wastage onsite, and speeds up project completion timelines. Several companies are actively exploring the unlimited design possibilities of 3D printed precast concrete. Going forward, digitization of the entire precast concrete production process via Industry 4.0-based technologies is expected to revolutionize the industry.
Threat of new entrants: Low capital requirements for precast concrete production and emergence of mid-sized companies pose low threat to existing players.
Bargaining power of buyers: Large buyers such as construction companies possess significant bargaining power due to the fragmented nature of precast concrete suppliers.
Bargaining power of suppliers: Cement and aggregates providers have low to moderate bargaining power since precast concrete producers can switch suppliers easily.
Threat of new substitutes: Alternate building materials such as plywood and light gauge steel framing pose threat to precast concrete, however it cannot replace precast’s durability and sustainability benefits.
Competitive rivalry: Fragmented market structure with regional players competing on the basis of quality, delivery time and product innovation leads to high competition.
The global precast concrete market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing adoption in non-residential construction for sustainability and speedier construction benefits.
The Asia Pacific region is expected to dominate the global precast concrete market over the forecast period. This is attributed to massive infrastructure development and building construction activities in China and India. Moreover, the region houses some of the top precast concrete producers globally.
Key players operating in the precast concrete market are Oldcastle Inc., Cemex Inc., Lafarge North America, HeidelbergCement, Holcim Inc., Vulcan Materials Co., Colas S.A., Martin Marietta Materials, MDU Resources, and Buzzi Unicem. Players are focusing on capacity expansion, product innovation and mergers & acquisitions for market share gain.