GVR Report cover Precast Concrete Market Size, Share & Trends Report

Precast Concrete Market Size, Share & Trends Analysis Report By Product (Structural Building Components, Transportation Products), By End-use (Residential, Infrastructure), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Feb, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-2-68038-360-7
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 80

Report Overview

The global precast concrete market size was valued at USD 92.14 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028. Growing investments in infrastructure development projects in the Asia Pacific region are expected to be the primary factors driving the product demand over the forecast period. The infrastructure segment has been the major driver for the growing product adoption as the product has enabled the infrastructure companies to significantly reduce the overall project timelines and generate significant savings, in terms of labor and raw material costs. Major infrastructure components, such as girders, pillars, and bridge sections, are fabricated at an offsite location and transported to the project site at the time of installation.

The U.S. precast concrete market size, by product, 2017 - 2028 (USD Billion)

Structural building components emerged as the largest product segment in the U.S. market in 2020. Growing emphasis on reducing the overall construction costs and improve efficiency are driving the residential & non-residential building constructors to adopt various offsite construction technologies, such as precast, prefabricated, and modular construction.

Logistics plays an essential role in bridging the gap between module production and installation. The modules are fabricated within the factory environment and are transported over to the construction sites for installation. Industry players are focusing on optimizing the precast concrete supply chain to overcome the project delays caused due to logistics.

Major market participants are increasingly using various types of concrete admixtures including plasticizers, superplasticizers, accelerators, and waterproofing chemicals to reduce water usage and speed up the concrete curing process. Although the product has several advantages over conventional concrete, the cost of machinery and molds needed for the production is extremely high. Thus, the high initial investment is projected to hamper the overall market growth to some extent.

Product Insights

The structural building components segment led the market and accounted for over 36% of the total revenue in 2020 and will expand at the fastest CAGR from 2021 to 2028. Growing emphasis on reducing the overall construction time and costs are turning out to be the primary factor driving the adoption of structural building components, such as beams, piles, and foundation pillars, in the residential & non-residential construction sector.

Affordable housing structures and social infrastructure projects, such as hospitals, educational facilities, and community centers, are expected to be the major beneficiary of precast concrete. These projects often get delayed due to the lack of funds and paucity of labor. However, the use of precast helps reduce the construction costs and significantly reduces the need for labor.

The transportation products segment is projected to register a significant CAGR over the forecast period. High investments in the development, renovation, and up-gradation of transportation infrastructures, such as roads, bridges, flyovers, tunnels, metro rails, and high-speed rail networks, are expected to be the primary factors driving the segment growth.

The water & wastewater handling product segment is expected to garner a significant market share over the forecast period. Globally, there has been a growing focus on maximizing the recycling of municipal and industrial wastewater discharge. Growing restrictions on the discharge of untreated wastewater are expected to have a positive impact on the market growth.

End-use Insights

The residential end-use segment led the market and accounted for a share of 36.0% in 2020. The residential end-use segment includes single-family houses and multi-story residential buildings. The product is witnessing growing adoption in residential applications owing to its ability to significantly reduce the construction cost and time. In countries, such as Norway, Finland, Canada, and Sweden, extremely cold weather and shorter daytime bring the traditional construction activities to a halt. As a result, precast concrete has emerged as a logical alternative to conventional methods to ensure the continuation of the construction activities.

Global precast concrete market share, by end-use, 2020 (%)

The non-residential end-use segment is anticipated to grow at a CAGR of 5.5% from 2021 to 2028. High product adoption in the construction of warehouses and factory spaces is expected to drive the segment growth over the forecast period. The use of offsite construction helps in the early commissioning of the production facility. Tesla Inc., one of the leading Electric Vehicle (EV) manufacturers in the world, has been one of the early adopters of precast concrete products while constructing its ‘Giga Berlin’ factory. The use of precast technology has helped the company to adhere to its plant completion and commissioning timelines and start the production of EVs in the Europe market.

Regional Insights

Asia Pacific dominated the global precast concrete market and accounted for a revenue share of 38.5% in 2020 and will register the fastest CAGR from 2021 to 2028. The rapid growth of the infrastructure development industry coupled with wide-ranging demand for commercial and residential structures is the primary factor driving product adoption in the regional market.

The Belt & Road initiative undertaken by China, to develop and improve the connectivity and infrastructure of its key neighboring countries and trade partners, is expected to provide a major boost to the infrastructure spending in the Asia Pacific region. Furthermore, mass investments in the development of metro rail infrastructure in India are expected to drive the market growth.

North America is expected to grow at a CAGR of 5.3% over the forecast period. Growing expenditures on the redevelopment of old housing structures and aging infrastructures, such as bridges, underpasses, and subways, are expected to drive product adoption in the regional market.

Europe was the second-largest regional market in 2020. Nordic countries of Europe were one of the first countries in the world to adopt offsite construction. As a result, the products have witnessed a high penetration in the European construction industry in the past decade.

Key Companies & Market Share Insights

The global market is highly competitive. Thus, market participants focus on reducing their product prices while improving the quality. Cast modules are very heavy, so it is desirable to have the casting yard within a 100-kilometer radius of the construction site. Thus, major players have established their castings yards near the construction sites.

Several multinational players are focusing on expanding their business in developing countries such as China and India. Even though these countries do not make extensive use of the product, the companies are investing heavily in local research and development betting on the sheer size of its market potential. Some prominent players in the global precast concrete market include:

  • Boral Ltd.

  • Lafarge

  • Gulf Precast Concrete Co. LLC

  • Olson Precast Company

  • CEMEX S.A.B. de C.V.

  • Forterra

  • Tindall Corporation

  • Spancrete

  • ELO Beton

  • Gulermak A.S.

Precast Concrete Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 95.76 billion

Revenue forecast in 2028

USD 139.33 billion

Growth rate

CAGR of 5.3% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Product, End-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; U.K.; France; Italy; China; India; Japan; South Korea; Singapore; Brazil; Saudi Arabia

Key companies profiled

Boral Ltd.; Lafarge; Gulf Precast Concrete Co. LLC; Olson Precast Company; CEMEX S.A.B. de C.V.; Forterra; Tindall Corporation; Spancrete; ELO Beton; Gulermak A.S.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global precast concrete market report on the basis of product, end-use, and region:

  • Product Outlook (Revenue, USD Billion, 2017 - 2028)

    • Structural Building Components

    • Architectural Building Components

    • Transportation Products

    • Water & Waste Handling Products

    • Others

  • End-use Outlook (Revenue, USD Billion, 2017 - 2028)

    • Residential

    • Non-residential

    • Infrastructure

  • Regional Outlook (Revenue, USD Billion, 2017 - 2028)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Singapore

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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