Structural Building Components To Grow At Highest CAGR In Precast Concrete Market

Precast-Concrete-Market

The global precast concrete market is expected to grow at a compound annual growth rate (CAGR) of 6.6% during the forecast year, from USD 144.6 billion in 2022 to USD 198.9 billion in 2027. Precast concrete refers to construction products made in reusable moulds away from the construction site. These building materials are delivered to the job site and assembled. Precast concrete has several advantages, including speed of construction, quality, and lower overall manufacturing costs.

There are thousands of companies in the precast concrete market that thrive in their home market. Cemex S.A.B de C.V. (Mexico), Boral Limited (Australia), LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), CRH Plc (UK), Skanska AB (Sweden), Forterra, Inc. (US), DeVinci Precast (US), Atco Concrete Products N.V. (Netherlands), Beaver Gulf Precast Concrete (Dubai), and others are among the major players. To increase their market shares and product portfolios, these players have used various growth strategies such as acquisitions, expansions, contracts, agreements, partnerships, and new product development.

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Collaboration, acquisition, and joint venture accounted for the majority of precast concrete market strategic developments between 2018 and 2022. These strategies were adopted by key players such as Cemex S.A.B de C.V. (Mexico), Boral Limited (Australia), LafargeHolcim Ltd (Switzerland), Balfour Beatty plc (UK), CRH Plc (UK), and Skanska AB (Sweden) to improve their business, market presence, develop new products, and meet consumer demand.

“The precast concrete market is expected to be led by the beams segment during the forecast period.”

Columns and Beams had the largest market share in the precast concrete market by element. Precast columns and beams are widely used in the residential and non-residential sectors, as well as in building and non-building structures. Factors such as rising public and private infrastructure spending, particularly in emerging economies such as APAC, South America, and the Middle East, and rising demand for residential construction due to rapid urbanisation have all contributed to the rise in demand for precast columns and beams.

“During the forecast period, elemental construction is expected to be the largest segment in the precast concrete market.”

In terms of value and volume, elemental construction accounted for the highest demand for precast concrete in 2021. Columns and beams, as well as floors and roofs, are precast concrete elements that are used in a variety of residential, non-residential, and infrastructure applications. This expansion can be attributed to factors such as increased interest from contractors and builders in using individual precast elements to build an entire structure across residential and non-residential construction sectors, as well as an increase in public and private investment in global infrastructure development, particularly in Asia Pacific and South American emerging economies.

“During the forecast period, non-residential precast concrete dominated the market.”

In terms of value and volume, non-residential was the end-use sector with the highest demand for precast concrete in 2021. This sector’s demand is being bolstered by increased investment in new commercial construction projects. Durability, low maintenance, cost-effectiveness, and shorter construction time will drive demand for precast concrete in new projects.

“During the forecast period, the APAC region is expected to account for the largest share of the precast concrete market.”

From 2022 to 2027, the APAC region is expected to lead the precast concrete market in terms of value and volume. Growing population, rapid urbanization, and the construction industry are among the key factors driving regional industry expansion. New building constructions with improved energy-efficient solutions for the residential and commercial sectors are fueling demand for precast concrete in several APAC countries.

Key Market Participants:

LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), Skanska AB (Sweden), CRH Plc (UK), Cemex S.A.B de C.V. (Mexico), Laing O’Rourke (UK), Julius Berger Nigeria Plc (Nigeria), and Boral Limited (Australia) are some of the key players in the precast concrete market.

Balfour Beatty Plc

is a global infrastructure and construction services firm. It finances, develops, constructs, and maintains infrastructures such as transportation, water, power, and utility systems, as well as social and commercial buildings. It also provides transmission line fit-out, road management and maintenance, utility upgrade and maintenance, and professional and technical services. Balfour Beatty provides transportation, social infrastructure, commercial, and utility services. The company has operations in the United Kingdom, the United States, China, Hong Kong, Japan, Singapore, and Canada, as well as parts of Southeast Asia.

Boral

is a multinational manufacturer of building products and construction materials. Boral Australia, USG Boral, and Boral North America are its three divisions. Customers in the residential and non-residential sectors can choose from a variety of precast concrete products offered by the company. Blocks, asphalts, bricks, concretes, cementitious materials, plasterboards, pavers & retaining walls, quarry materials, timbers, and roof tiles are among the many products offered by the company. Boral’s products are used in the renovation, structural, and commercial markets all over the world.

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