Precast Concrete Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 136.93 Billion |
| Market Size (2029) | USD 170.83 Billion |
| CAGR (2024 - 2029) | 4.52 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Precast Concrete Market Analysis
The Precast Concrete Market size is estimated at USD 136.93 billion in 2024, and is expected to reach USD 170.83 billion by 2029, at a CAGR of 4.52% during the forecast period (2024-2029).
The precast concrete market faced setbacks due to COVID-19. Global lockdowns and stringent government regulations led to widespread shutdowns of production hubs. However, the market rebounded in 2021 and is projected to grow significantly in the upcoming years.
- Over the short term, increasing investments in the infrastructure sector and rising residential and commercial construction activities are the major factors driving the demand for the market studied.
- However, risks during the transportation of precast concrete structures and substitutes like self-healing concrete are expected to hinder the market's growth.
- Nevertheless, new technology advancements in precast concrete are expected to create new opportunities for the market studied.
- The North American region is expected to dominate the global market, with the majority of demand coming from the United States and Canada.
Precast Concrete Market Trends
Residential Segment is Expected to Dominate the Market
- Precast concrete plays a pivotal role in residential construction, delivering substantial advantages to both homeowners and builders. This concrete is manufactured in a factory and then hauled to the building site, where it is assembled into the desired structure.
- During manufacturing, precast concrete materials are both precast and prefabricated. These structures accelerate construction speed and productivity and enhance cost and quality control. As the need for cost-effective and safe materials grows, so does the demand for precast concrete.
- Moreover, precast structures are deemed sustainable building materials, as they can be reused or remolded multiple times, thereby minimizing their environmental footprint.
- Driven by significant population growth, there's a rising demand for affordable residential properties. The efficiencies and speed offered by precast methods further bolster this demand. Additionally, as old buildings undergo conversion and renovation, investments in the construction industry surge, amplifying the appetite for prefabricated parts and propelling the precast construction market's growth.
- Asia-Pacific, buoyed by rising disposable incomes and urbanization, leads in housing construction activities. Within this region, China, India, and ASEAN countries spearhead construction activities, responding to the surging demand for building projects.
- India's real estate sector is on track to hit a valuation of USD 1 trillion by 2030, aiming to contribute 13% to the nation's GDP. With projections indicating that over 40% of India's population will demand medium-sized and affordable housing units by 2030, the market for precast construction stands to benefit significantly.
- Public residential construction spending in the United States has seen a notable uptick. Data from the US Census Bureau reveals that in 2023, the public sector allocated nearly USD 10.7 billion to residential construction, marking a 7% rise from the previous year.
- Additionally, the United States remains a dominant player in the building and construction arena. According to US Census Bureau data, August 2024 saw privately-owned housing starts at a seasonally adjusted annual rate of 1.36 million units. This figure not only surpasses July 2024's revised estimate of 1.24 million units by 9.6% but also exceeds August 2023's rate of 1.31 million units by 3.9%. Single-family housing starts for the same month stood at 992 thousand units, reflecting a 15.8% increase from July's 857 thousand units.
- Italian cities like Milan and Rome are witnessing a surge in residential high-rise constructions. Innovative designs and the potential for groundbreaking high-rises have spurred Italy's precast concrete consumption. Data from the National Institute of Statistics (ISTAT) indicates a year-on-year rise in construction permits for dwellings in early 2024, with approximately 14,730 homes receiving permits in early 2023.
- Rapid urbanization is fueling substantial private investments in Brazil's residential sector. In response to this surging demand, the government reintroduced the "Minha Casa, Minha Vida" (My Home, My Life) initiative in February 2023, setting an ambitious goal of 2 million new projects by 2026.
- In South Africa, major housing projects are on the horizon, signaling a growing demand for precast concrete. Notably, the Southern Farms Biodiversity Development Project, launched in December 2023, aims to deliver 45,000 housing units by its 2026 completion date.
- Given the dynamics dynamics highlight a robust and promising growth trajectory for precast concrete in residential construction during the forecast period.
North America Region is Likely to Dominate the Market
- North America is set to lead the market, driven by a surge in construction activities across both residential and commercial sectors.
- Countries like the United States, Canada, and Mexico are witnessing positive growth trends, fueling the demand for precast concrete products and their applications.
- The demand for precast concrete is surging as the construction industry increasingly seeks dynamic building materials and emphasizes robust construction.
- Precast concrete is pivotal in commercial construction, offering benefits like speedy assembly, superior quality, durability, and cost efficiency. It's particularly favored for projects such as office buildings, shopping centers, and hotels, where aesthetics, functionality, and sustainability are paramount. Given the region's expanding commercial construction, the demand for precast concrete is poised to rise in the coming years.
- New commercial projects in the United States are set to further elevate the demand for precast concrete. For instance, in January 2024, Indiana's government and Meta Platforms Inc. commenced an USD 800 million data center campus in Hoosier State, projected for completion in 2026, spanning 700,000 square feet at River Ridge Commerce Center.
- Precast concrete is also crucial in residential construction, offering speed, quality, durability, and cost-effectiveness. It's the preferred choice for projects like single-family homes, apartments, and condominiums, emphasizing aesthetics, functionality, and sustainability. With the region's residential construction on the rise, so too is the demand for precast concrete.
- The United States boasts a significant building and construction market. Data from the US Census Bureau indicates that in 2023, the United States construction value reached USD 1,978.7 billion, marking a 7% increase from 2022's USD 1,848.7 billion. However, residential construction alone accounted for USD 864.9 billion.
- In August 2024, the United States granted building permits for a seasonally adjusted annual rate of 1.48 million housing units. This represents a 4.9% increase from July's rate of 1.41 million units, although it's 6.5% lower than the 1.58 million units authorized in August 2023.. Single-family authorizations in August 2024 reached 967 thousand units, up 2.8% from July's 2024 941 thousand, according to the US Census Bureau.
- Precast concrete's durability and resistance to various challenges make it a top choice for industrial construction. As investments in industrial construction rise in the region, the demand for precast concrete is set to follow suit.
- Data from the US Census Bureau highlights that in 2023, the computer, electronic, and electrical industry topped the list in United States manufacturing construction spending, while the chemical industry projects reached USD 34 million and the food, beverage, and tobacco industry saw USD 16 million in spending.
- Canada's booming building and construction industry is set to elevate the demand for precast concrete, signaling a promising future for the market.
- According to Statistics Canada, new home construction surged in Canada’s 6 largest census metropolitan areas (namely Calgary, Toronto, Ottawa, Edmonton, Vancouver, and Montréal) and remained high in 2023. the country witnessed a 7% surge in apartment (purpose-built and condominium) construction, as per the report of Statistics Canada.
- Toronto is witnessing a skyscraper construction boom, with over 30 high-rise buildings slated for completion by 2025 and another 50 in the proposal and planning stages.
- Further, in April 2024, the government of Canada announced its plans to lease public land to developers for the construction of affordable houses to ease the shortage of homes. Through this project, the country aims to build nearly 3.9 million houses by 2031.
- As per the data from the Canadian Construction Association, the construction sector, a major player in Canada's economy contributing 7% to the GDP, is buoyed by government initiatives like the New Building Canada Plan (NBCP) and the Affordable Housing Initiative (AHI).
- Owing to its durability and strength, precast concrete is the preferred choice for infrastructure projects, including roads, bridges, airports, and seaports. As infrastructure construction continues to surge in the region, the demand for precast concrete is projected to increase in the coming years.
- In recent years, Mexico's government has actively championed infrastructure development, aiming to strengthen the nation's economic foundation.
- Global Impact Assets (GIA) projects steady growth for Mexico's construction industry, averaging 2.8% annually from 2023 to 2032, as highlighted in their Infrastructure Outlook report.
- This positive outlook is bolstered by a notable increase in infrastructure funding, evidenced by a 20% surge in federal investments in 2023. A highlight of these investments is the Tren Maya (Mayan Train) project, which received a significant USD 7.8 billion allocation in the 2023 budget, with total capital expenditure estimates ranging from USD 15 to 20 billion.
- Given these dynamics, the precast concrete market in the region is poised for steady growth during the forecast period.
Precast Concrete Industry Overview
The precast concrete market is partially fragmented in nature. The major players (not in any particular order) include Holcim, Boral Limited, Tindall Corporation, Larsen & Toubro Limited, and Gulf Precast, among others.
Precast Concrete Market Leaders
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Holcim
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Boral Limited
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Tindall Corporation
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Larsen & Toubro Limited
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Gulf Precast
*Disclaimer: Major Players sorted in no particular order
Precast Concrete Market News
- August 2024: FP McCann, a precast concrete firm based in South Derry, United Kingdom, is channeling an investment of EUR 90 million (~USD 100 million) to enhance its manufacturing capabilities. The investment will see several factory extensions and the launch of new product lines. Driven by encouraging sales in the first half of 2024, this initiative is set to generate around 100 jobs. Furthermore, it positions the company to uphold and expand its portfolio of high-quality, sustainable products.
- October 2023: Fabcon Precast has acquired Bristol Precast, a division of the Bristol Group, which specializes in engineered precast and prestressed concrete products across the United States. This acquisition will bolster Fabcon's presence in the Mid-South market, allowing the company to offer the region an even broader range of precast solutions.
- March 2023: Holcim Ltd. bolstered its foothold in Poland by acquiring HM Factory, a specialist in precast concrete solutions. This strategic acquisition solidifies Holcim's positioning in the precast concrete market.
Precast Concrete Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Investments in the Infrastructure Sector
4.1.2 Rising Residential and Commercial Construction Activities
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Risk During Transportation of Precast Concrete Structure
4.2.2 Substitutes Like Self Healing Concrete
4.2.3 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Product Type
5.1.1 Beams & Columns
5.1.2 Paving Slabs
5.1.3 Floors & Roofs
5.1.4 Pipes
5.1.5 Walls & Barriers
5.1.6 Others
5.2 End-user Industry
5.2.1 Residential
5.2.2 Infrastructure
5.2.3 Commercial
5.2.4 Industrial and Institutional
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Malaysia
5.3.1.6 Thailand
5.3.1.7 Indonesia
5.3.1.8 Vietnam
5.3.1.9 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Spain
5.3.3.6 Nordic Countries
5.3.3.7 Turkey
5.3.3.8 Russia
5.3.3.9 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 Qatar
5.3.5.3 United Arab Emirates
5.3.5.4 Nigeria
5.3.5.5 Egypt
5.3.5.6 South Africa
5.3.5.7 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Balfour beatty
6.4.2 Boral Limited
6.4.3 CRH Plc
6.4.4 Elo Beton
6.4.5 Fabcon Precast
6.4.6 Forterra
6.4.7 FP McCann
6.4.8 Gulf Precast Concrete Co. LLC
6.4.9 Holcim
6.4.10 Larsen & Toubro Limited (India)
6.4.11 Olson Precast Company
6.4.12 Skanska AB
6.4.13 Tindall Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 New Technology Advancements in Precast Concrete
7.2 Other Opportunities
Precast Concrete Industry Segmentation
Precast concrete is a type of concrete that is manufactured in a controlled factory environment rather than being cast on-site. This prefabricated concrete product is shaped using molds or forms and subsequently transported to construction sites for assembly and installation.
The precast concrete market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into beams & columns, paving slabs, floors & roofs, pipes, walls & barriers, and others. By end-user industry, the market is segmented into residential, infrastructure, commercial, industrial, and institutional. The report also covers the market sizes and forecasts for the global precast concrete market in 27 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD).
| Product Type | |
| Beams & Columns | |
| Paving Slabs | |
| Floors & Roofs | |
| Pipes | |
| Walls & Barriers | |
| Others |
| End-user Industry | |
| Residential | |
| Infrastructure | |
| Commercial | |
| Industrial and Institutional |
| Geography | |||||||||||
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Precast Concrete Market Research FAQs
How big is the Precast Concrete Market?
The Precast Concrete Market size is expected to reach USD 136.93 billion in 2024 and grow at a CAGR of 4.52% to reach USD 170.83 billion by 2029.
What is the current Precast Concrete Market size?
In 2024, the Precast Concrete Market size is expected to reach USD 136.93 billion.
Who are the key players in Precast Concrete Market?
Holcim, Boral Limited, Tindall Corporation, Larsen & Toubro Limited and Gulf Precast are the major companies operating in the Precast Concrete Market.
Which is the fastest growing region in Precast Concrete Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Precast Concrete Market?
In 2024, the North America accounts for the largest market share in Precast Concrete Market.
What years does this Precast Concrete Market cover, and what was the market size in 2023?
In 2023, the Precast Concrete Market size was estimated at USD 130.74 billion. The report covers the Precast Concrete Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Precast Concrete Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Precast Concrete Industry Report
Statistics for the 2024 Precast Concrete market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Precast Concrete analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Precast Concrete Market Report Snapshots
