The global precast concrete market size is projected to grow from USD 130.6 billion in 2020 to USD 174.1 billion by 2025, at a CAGR of 5.9% from 2020 to 2025. The market is projected to grow in accordance with the increase in the demand for residential and commercial construction across the globe. Furthermore, the precast concrete market has witnessed a significant increase in demand, owing to the growing interest of consumers in modular buildings, the booming housing construction sector, rise in renovation & remodeling activities, and rapid urbanization & globalization.
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Government organizations in emerging countries are actively investing and focusing on developing commercial and industrial infrastructures by implementing multiple programs & assigning projects escalating the precast concrete market expansion. Increasing remodelling and renovation operations in non-residential spaces will accelerate the demand for precast concrete during the forecast year. Hotel and resort renovation activities are also growing. Rising investments from industry players in industrial construction is further expected to propel the adaptation of precast concrete and create opportunities in the market.
The use of precast components to construct buildings, bridges, and stadiums has increased work-zone safety. For instance, while constructing a bridge on-site, workers are exposed to high-speed traffic for a long time, along with other on-site construction hazards, which increase the possibility of accidents. The precast concrete construction process minimizes these threats. Precast components that are usually made of locally available natural raw materials, such as stones, cement, gravel, and sand, can be recycled or reused entirely, regardless of how heavily reinforced, as the components are constructed in a controlled environment. This helps minimize the life cycle impact of raw materials on the environment as compared to other materials used in conventional construction components.
1. In February 2021, Skanska secured a USD 334.6-million contract from Kanta-Hame Hospital District to build a new hospital in Hameenlinna, Finland.
2. In January 2021, LafargeHolcim entered into an agreement to acquire Firestone Building Products from Bridgestone Americas for USD 3.4 billion..
The APAC region is projected to lead the precast concrete market in terms of both value and volume from 2020 to 2025. Growing population, rapid urbanization, and the construction sector are among the key factors propelling industry expansion in the region. New building constructions with improved energy-efficient solutions for residential and commercial sectors in several APAC countries are fueling the demand for precast concrete in the region.
LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), Skanska AB (Sweden), CRH Plc (UK), Cemex S.A.B de C.V. (Mexico), Laing O’Rourke (UK), Julius Berger Nigeria Plc (Nigeria), and Boral Limited (Australia), amongst others, are the key players operating in the precast concrete market. Acquisitions, expansions, contracts, agreements & partnerships, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the precast concrete market.
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