Precast Concrete Market Share, Size, Trends, & Industry Analysis Report, By Element (Walls & Barriers, Columns & Beams, Floors & Roofs, Paving Slabs); By Application; By End-User; By Region and Segment Forecast, 2024 – 2032

The global precast concrete market size was valued at USD 106.22 billion in 2023. The market is anticipated to grow from USD 111.66 billion in 2024 to USD 167.63 billion by 2032, exhibiting the CAGR of 5.2% during the forecast period.

Precast concrete is poured into a wooden or steel mold, which is cured in a controlled environment, and transported to a construction site for building of structures. Parts of the building can be manufactured at a plant while the on-site foundations are being built, offering significant time savings.

Precast concrete offers features such as high quality, versatility, sustainability, strength, durability and lower lifetime costs. Precast concrete is widely used in construction of low and mid-rise buildings. This concrete provides superior fire resistance and sound control for the individual units. Precast concrete in building of various structures such as parking structures, foundations, bridges, curb inlets and catch basins, sound walls, retaining walls, office buildings, schools, and hospitals among others.

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The increasing construction of new structures, renovation, and remodeling of existing buildings primarily drives the market growth. The significant growth in population along with growing urbanization supplements the market growth. The ease of construction offered by precast concrete, and growing construction of commercial and public building infrastructures further augments the market growth.

The rising industrialization, decreased building time and costs associated with precast concrete, and increasing investments by governments for enhancing public infrastructure such as parks, and public places further supports market growth. Growing demand from emerging economies, and growth in global construction industry is expected to provide numerous growth opportunities in the coming years.

Segment Analysis

The global precast concrete market is segmented on the basis of element, application, end-user, and region. Based on element, the market is segmented walls & barriers, columns & beams, floors & roofs, paving slabs, and others.

On the basis of application, the precast concrete industry is segmented into structural buildings, architectural buildings, water and waste handling, transportation, and others. The structural buildings segment is expected to grow at a significant rate during the forecast period owing to increasing demand from the commercial sector.

On the basis of end-user, the precast concrete industry is segmented into residential, and non-residential. The non-residential segment accounted for the highest share in the global precast concrete industry owing to increasing urbanization, industrialization, and growing construction of commercial and public building infrastructures.

Precast Concrete Market Scope

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Regional Analysis

The report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., and Canada. Europe is divided into Germany, UK, France, Italy, Spain, Belgium, Russia, Netherlands, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, Korea, Singapore, Malaysia, Indonesia, Thailand, Philippines and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the global market during 2018. The increasing population, urbanization, industrialization, and growing government investment in development of infrastructure in the region supports the market growth.

Competitive Landscape

The leading players in the precast concrete market include Larsen & Toubro Limited, Kiewit Corporation, Bouygues Construction, Taisei Corporation, Julius Berger Nigeria PLC, Boral Limited, Forterra Pipe & Precast, LLC., Olson Precast Company, Gulf Precast Concrete Co. LLC, and Tindall Corporation. These leading players in the market are introducing affordable products in the precast concrete industry to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.