February 29, 2024
Precast Concrete Market

Precast Concrete Market Propelled By High Demand For New Construction Worldwide

Precast concrete is the construction material manufactured by casting concrete in a reusable mold or “form” which is then cured in a controlled environment, transported to the construction site and lifted into place. It is used in residential as well as commercial construction for walls, architectural wall panels, columns, beams, floor and roof components, and other structures to provide durability, affordability and speed of construction. The global Precast Concrete Market is estimated to be valued at US$ 122.26 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

The precast concrete market is expected to witness significant growth over the forecast period due to increasing demand for new construction projects worldwide. Precast concrete helps in reducing the time required for constructing buildings as the components are manufactured beforehand in a controlled factory environment. This construction technique saves both time and money and delivers high quality concrete structures. Moreover, ongoing urbanization in developing countries has increased the demand for fast track construction techniques like precast concrete. Development of advanced technologies for manufacturing precast components with innovative designs and aesthetics will further propel the market growth during the forecast period.

SWOT Analysis

Strength: Precast concrete provides advantages in terms of cost, speed of construction, and quality over conventional construction methods. The standardized and modular nature allows for faster construction times.
Weakness: Transportation and storage requirements of precast concrete elements can be more complex and expensive than for standard construction materials. The initial setup and tooling costs for precast construction are also relatively high.
Opportunity: Increasing construction of infrastructure projects such as roads, bridges, tunnels provides significant opportunities for growth of the precast concrete market. Repairs and reconstruction of aging infrastructure will also drive demand.
Threats: Fluctuations in raw material prices can impact the costs of precast concrete construction. Shortages of skilled labor needed for precast concrete construction poses a threat.

Key Takeaways

The global Precast Concrete Market Growth is expected to witness high growth over the forecast period.

The Asia Pacific region currently dominates the market owing to large infrastructure spending by several nations. China, India, Indonesia, and Vietnam account for the highest consumption.

Key players operating in the precast concrete market are Curia, Genscript, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings, among others. Growing demand from China, India, and Southeast Asia for infrastructure projects will drive the Asia Pacific market. Factors like reduced construction timelines, cost advantages, and improved quality have boosted adoption of precast concrete over traditional construction materials. The demand is further expected to rise significantly with rebuilding and replacement of aging infrastructure across North America and Europe over the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it