MarketsandMarkets™ Report: Sharp Growth for Precast Concrete Market, Driven by Non-residential Industry

MarketsandMarkets™ Report: Sharp Growth for Precast Concrete Market, Driven by Non-residential Industry

“Precast Concrete Market by Element (Columns & Beams, Floors & Roofs, Girders, Walls & Barriers, Utility Vaults, Pipes, Paving Slabs), Construction Type, End-use Sector (Residential, Non-residential) and Region”
Precast Concrete Market by Element (Columns & Beams, Floors & Roofs, Girders, Walls & Barriers, Utility Vaults, Pipes, Paving Slabs), Construction Type, End-use Sector (Residential, Non-residential) and Region

The global precast concrete market size is projected to grow from USD 144.6 billion in 2022 to USD 198.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast year. Precast concrete refers to the construction products produced at place away from the construction site in reusable molds. These construction products are transported to the construction site and assembled. The major advantages of precast conrete are speed of construction, quality, and reduced overall manufacturing cost. 

Based on end-use sector, the market is segmented into non-residential and residential. The non-residential segment is projected to grow at highest CAGR during the forecast period. is projected to be the larger segment in the precast concrete market. This is attributed to the increasing number of infrastructural and commercial construction projects coupled with growing non-residential construction spending by various countries. Moreover, the growth in the non-residential segment is due to the rising public and private investment in the infrastructural sector in emerging economies of Asia Pacific, the Middle East, and South America. 

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The precast concrete market has thousands of companies which thrive in their domestic market. A few of the major players are, Cemex S.A.B de C.V. (Mexico), Boral Limited (Australia), LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), CRH Plc (UK), Skanska AB (Sweden), Forterra, Inc. (US), DeVinci Precast (US), Atco Concrete Products N.V. (Netherlands), Beaver Gulf Precast Concrete (Dubai), and among others. These players have adopted various growth strategies, such as acquisitions, expansions, contracts, agreements, partnerships, and new product developments, to increase their market shares and enhance their product portfolios. 

Collaboration, acquisition, and joint venture accounted for the largest share of all the strategic developments that took place in the precast concrete market between 2018 and 2022. Key players such as Cemex S.A.B de C.V. (Mexico), Boral Limited (Australia), LafargeHolcim Ltd (Switzerland), Balfour Beatty plc (UK), CRH Plc (UK), and Skanska AB (Sweden), adopted the these strategy to enhance their business, market presence, to develop new products and meet consumer demand. 

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Balfour Beatty Plc is an international infrastructure and construction services company. It engages in financing, developing, building, and maintaining infrastructures such as transportation, water, power and utility systems, and social and commercial buildings. It also offers services such as fit-out transmission lines, road management and maintenance, utility upgrade and maintenance, and professional and technical services. Balfour Beatty serves the transportation, social infrastructure, commercial, and utilities industries. The company operates in the UK, the US, China, Hong Kong, Japan, Singapore, and Canada, as well as in parts of Southeast Asia.

Boral is an international building product and construction material company. It operates through three divisions, Boral Australia, USG Boral, and Boral North America. The company offers a range of precast concrete products for its customers across residential and non-residential sector. The company’s wide product portfolio includes blocks, asphalts, bricks, concretes, cementitious materials, plasterboards, pavers & retaining walls, quarry materials, timbers, and roof tiles. Boral’s products are used for renovation, structural, and commercial markets worldwide.

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