According to The Insight Partners study on “Precast Concrete Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Structure System and End Use” the market was valued at US$ 134.68 billion in 2020 and is projected to reach US$ 223.97 billion by 2028.

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Precast concrete materials are precasted and prefabricated at the time of manufacturing. Then, they are assembled and molded at the construction site. Such structures enhance construction speed and improve productivity, as well as they help to significantly monitor cost and quality. With the growing need for cost-effective and safe material, the demand for precast concrete is rising. Further, such form of structures is considered as a sustainable building material as it can significantly be reused or remolded, which helps in reducing their impact on environment. The growing adoption of green and modular construction material is expected to proliferate the demand for precast concrete products in global construction market.

Renovation involves reconstructing infrastructural facilities with modern and advanced construction materials to promote the structural properties of the building along with improving its life span and contributing to minimal environmental impact. Renovation and remodeling activities help align infrastructural facilities, which are compatible to present and future needs.

Significant investment in innovation and product development to create lucrative opportunities for the manufacturers to boost its demand in the global market 

The precast concrete industry is constantly innovating, driven by changes in global markets, rise in consumer demands, and labor cost pressures. Producers are continually seeking ways to increase efficiency, boost quality, and increase their bottom line. Furthermore, increased environmental awareness and emphasis on project life cycles have increased the demand for sustainable construction practices—especially those designed to reduce waste, greenhouse gas emissions, and energy consumption—which will further propel the precast concrete market. Moreover, modern precast concrete production technologies enable material optimization. For instance, in 2019, the new Extruder E9 was introduced. It is the pinnacle of best-in-class extruders. The unit, which represents Elematic’s 5th generation of extruders, establishes a new standard for high-speed casting in hollow-core slab production while maintaining low production costs.

Impact of COVID-19 Pandemic on Precast Concrete Market

COVID-19 outbreak disrupted the precast concrete market  as there was a slowdown in the production of raw material, restrictions on supply chain and trade movements, decrease in construction demand, and decline in new projects. However, the need for healthcare and quarantine buildings/units is rising due to an increase in the number of COVID-19 cases.

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Precast Concrete Market: Segmentation

Based on structure system, the precast concrete market is categorized into beam and column system, floor and roof system, bearing wall system, façade system, and others. In 2020, the beam and column system segment dominated the market. The market for this segment is also expected to grow at the fastest rate during the forecast period owing to the rising demand for beams and columns for commercial purpose buildings. The precast beams and columns offer advantages such as design flexibility, faster installation structures, sustainable construction, durability, long life, low maintenance, and moisture resistance. They are widely used in residential and commercial sectors. Factors such as progressing public and private expenditure in infrastructure projects—particularly in the emerging regions such as South America, Asia Pacific, and the Middle East & Africa—coupled with the advantages of precast beams and columns are anticipated to propel the demand for precast concrete beams and columns during the forecast period. 

The global precast concrete market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America. In 2020, Asia Pacific contributed to the largest share in the market. The manufacturing sector in these Asian countries has experienced a huge shift over the years. The Asia Pacific manufacturing sector is highly adopting innovation accelerators that include advanced technologies and processes. Likewise, government initiatives and policies, such as Make-in-India, encourage the setup of different manufacturing plants in India. Rising foreign direct investments also lead to economic growth in the region. India, Japan, and China are among the major markets for precast concrete in Asia Pacific. The growing use of precast concrete in numerous end-use sectors such as automotive and building & construction is anticipated to increase the demand for precast concrete in the region during the forecast period.

Precast Concrete Market: Competitive Landscape and Key Developments

Abetong AB, Boral, Cemex S.A.B. DE C.V., Consolis, ELO Beton, Forterra, Gulf Precast, Lafargeholcim, Tindall Corporation, and Spancrete are among the well-established players operating in the global precast concrete market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities. 

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