Precast Concrete Market
PUBLISHED: 2024 ID: SMRC24890
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Precast Concrete Market

Precast Concrete Market Forecasts to 2030 - Global Analysis By Product (Structural Building Components, Architectural Building Components, Transportation Products, Waste & Waste Handling Products and Other Products), Type (Dry/semi-dry Concrete, Wet Concrete and Other Types), Construction Type (Elemental Constructions, Permanent Modular Building, Relocatable Buildings and Other Construction Types), Element, End User and by Geography

4.1 (42 reviews)
4.1 (42 reviews)
Published: 2024 ID: SMRC24890

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $157.04 BN

Projected Year Value (2030)

US $279.77 BN

CAGR (2023 - 2030)

8.6%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Middle East and Africa


According to Stratistics MRC, the Global Precast Concrete Market is accounted for $157.04 billion in 2023 and is expected to reach $279.77 billion by 2030 growing at a CAGR of 8.6% during the forecast period. Precast concrete is a building material that is assembled at the construction site after being prefabricated off-site in a controlled environment. Using molds, this adaptable building material is cast into precise sizes and shapes for beams, columns, panels, and other structural components. Moreover, high quality and consistency in the final product are guaranteed by the regulated production process. There are many benefits to precast concrete, such as shorter construction times, lower labor costs, and increased durability. 

According to the International Monetary Fund (IMF), the European economy is strengthening significantly, with the overall growth in GDP at 2.4%, which creates an ocean of opportunities for every sector, and precast concrete is one of those. 

Market Dynamics: 

Driver: 

Time and money savings

Precast concrete's capacity to complete manufacturing off-site and on-site construction tasks concurrently highlights both its time and cost-effectiveness. Because precast elements are ready for installation when needed, this parallel approach shortens construction timelines. Additionally, precast component just-in-time availability not only lowers labor costs but also makes project scheduling easier, cutting down on downtime and improving overall cost-effectiveness.

Restraint:

Transportation difficulties

Logistically challenging situations can arise when precast concrete components are transported from manufacturing facilities to construction sites. Particularly for projects that are located far from the production site, large and heavy components might need specific equipment and careful planning. Furthermore, the overall cost-effectiveness of using precast concrete can be impacted by transportation expenses and possible damage during transit.

Opportunity:

Infrastructure development and urbanization

Precast concrete has a significant market opportunity due to the world's need for extensive infrastructure development and the rapid urbanization that is occurring. Moreover, precast elements are ideally suited for large-scale infrastructure projects, such as transportation hubs, bridges, and tunnels, as well as residential and commercial developments in urban areas, due to their scalability, efficiency, and durability.

Threat:

Dependency on trends in the construction industry

The state of the construction industry as a whole and its trends has a significant impact on the precast concrete industry's profitability. The demand for precast concrete components may be negatively impacted by downturns in the economy, variations in the volume of construction, or modifications to building codes. Additionally, to reduce these risks, businesses in this industry need to be flexible enough to adjust to changing market conditions and broaden their product offerings.

Covid-19 Impact: 

The COVID-19 pandemic has had a major effect on the precast concrete market, causing supply chain disruptions, project delays, and modifications to construction methods. Movement restrictions and lockdowns hindered manufacturing activities, leading to labor shortages and temporary closures. Delays in the delivery of precast components and heightened market uncertainty caused delays in construction projects. Furthermore, the demand for building materials was impacted by the economic downturn, which made people more cautious about their investments.

The Structural Building Components segment is expected to be the largest during the forecast period

Precast concrete products have the largest market share in the structural building components segment. Beams, columns, walls, and slabs are just a few of the crucial building components covered in this section. These components make up the basic structural framework of buildings. Because they are essential to maintaining the stability, integrity, and safety of different types of structures, structural building components are prevalent. Moreover, precast concrete is a preferred option for builders and developers because of its effectiveness in producing these load-bearing elements off-site, its capacity to meet strict quality standards, and the possibility of accelerated construction timelines.

The Utility Vaults segment is expected to have the highest CAGR during the forecast period

The Utility Vaults segment is anticipated to hold the highest CAGR. Utility vaults are vital spaces for storing and safeguarding vital infrastructure parts, including utility, telecommunication, and electrical apparatus. The benefits of precast concrete, combined with the growing need for safe and effective utility solutions, are propelling this market's rapid expansion. Additionally, precast utility vaults are becoming more and more popular in construction projects due to their dependability, ease of installation, and capacity to safeguard vital infrastructure.

Region with largest share:

The Asia-Pacific region will retain the largest share. Precast concrete's dominance has been greatly influenced by the region's dynamic construction landscape, which is driven by the region's rapid urbanization, infrastructure development initiatives, and rising real estate and transportation project investments. China and India, whose markets for precast components range from utility products to structural elements, have been at the forefront of this growth. Furthermore, precast concrete's economy and efficiency fit nicely with the area's focus on rapid and environmentally friendly building solutions.

Region with highest CAGR:

The Middle East and Africa (MEA) region stands out as the leader with the highest CAGR. Due to the region's rapid urbanization, growing infrastructure, and rising investments in commercial and residential projects, construction activity is surging. The need for precast concrete solutions is being fuelled by governments in several MEA countries giving priority to large-scale projects like commercial complexes, utilities, and transportation networks. Moreover, the region's construction needs are met by precast concrete's capacity to provide flexibility, durability, and time-efficient construction.

Key players in the market

Some of the key players in Precast Concrete market include Mid State Concrete Products, Inc, Precast Specialties Corp, Tindall Corporation, Balfour beatty, Skanska AB, CRH Americas, Inc, Norwalk Concrete Industries, Inc, Larsen & Toubro Limited, Basetek, LLC , Gulf Precast Concrete Co. LLC and Bouygues Construction.

Key Developments:

In November 2023, CRH plc, the leading provider of building materials solutions, is pleased to announce that it has reached an agreement to acquire an attractive portfolio of cement and readymixed concrete assets in Texas, USA from Martin Marietta Materials, Inc. for a total consideration of $2.1 billion. The combined portfolio of assets is expected to generate pro-forma 2023 EBITDA of approximately $170 million.

In October 2023, Balfour Beatty announces that it has been awarded a £67 million contract by the City of Edinburgh Council to deliver a replacement campus at Liberton High School in Edinburgh, Scotland. Balfour Beatty will be responsible for the design and construction of the new 13,470 square metre campus alongside facilities for the local community including a state-of-the-art synthetic sports pitch, a library and café.
 
In July 2023, Larsen & Toubro has signed the Master Shipyard Repair Agreement with the US Navy to further strengthen the partnership between the two countries in the defence sector. L&T's Kattupalli Shipyard, near Chennai, a major node in the Southern Defence Corridor, has been undertaking voyage repairs of the Military Sealift Command vessels, the firm said in a statement.

Products Covered:
• Structural Building Components
• Architectural Building Components
• Transportation Products
• Waste & Waste Handling Products
• Other Products 
 
Types Covered:
• Dry/semi-dry Concrete
• Wet Concrete
• Other Types 

Construction Types Covered:
• Elemental Constructions
• Permanent Modular Building
• Relocatable Buildings
• Other Construction Types 

Elements Covered:
• Columns & Beams
• Floors & Roofs
• Girders
• Walls & Barriers
• Utility Vaults
• Pipes
• Paving Slabs
• Other Elements 

End Users Covered:
• Residential
• Non-residential
• Infrastructure
• Industrial
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary             
              
2 Preface             
 2.1 Abstract            
 2.2 Stake Holders            
 2.3 Research Scope            
 2.4 Research Methodology            
  2.4.1 Data Mining           
  2.4.2 Data Analysis           
  2.4.3 Data Validation           
  2.4.4 Research Approach           
 2.5 Research Sources            
  2.5.1 Primary Research Sources           
  2.5.2 Secondary Research Sources           
  2.5.3 Assumptions           
              
3 Market Trend Analysis             
 3.1 Introduction            
 3.2 Drivers            
 3.3 Restraints            
 3.4 Opportunities            
 3.5 Threats            
 3.6 Product Analysis            
 3.7 End User Analysis            
 3.8 Emerging Markets            
 3.9 Impact of Covid-19            
              
4 Porters Five Force Analysis             
 4.1 Bargaining power of suppliers            
 4.2 Bargaining power of buyers            
 4.3 Threat of substitutes            
 4.4 Threat of new entrants            
 4.5 Competitive rivalry            
              
5 Global Precast Concrete Market, By Product             
 5.1 Introduction            
 5.2 Structural Building Components            
 5.3 Architectural Building Components            
 5.4 Transportation Products            
 5.5 Waste & Waste Handling Products            
 5.6 Other Products            
              
6 Global Precast Concrete Market, By Type             
 6.1 Introduction            
 6.2 Dry/semi-dry Concrete            
 6.3 Wet Concrete            
 6.4 Other Types            
              
7 Global Precast Concrete Market, By Construction Type             
 7.1 Introduction            
 7.2 Elemental Constructions            
 7.3 Permanent Modular Building            
 7.4 Relocatable Buildings            
 7.5 Other Construction Types            
              
8 Global Precast Concrete Market, By Element             
 8.1 Introduction            
 8.2 Columns & Beams            
 8.3 Floors & Roofs            
 8.4 Girders            
 8.5 Walls & Barriers            
 8.6 Utility Vaults            
 8.7 Pipes            
 8.8 Paving Slabs            
 8.9 Other Elements            
              
9 Global Precast Concrete Market, By End User             
 9.1 Introduction            
 9.2 Residential            
 9.3 Non-residential            
  9.3.1 Tunnels           
  9.3.2 Bridges           
  9.3.3 Wind Tower           
 9.4 Infrastructure            
 9.5 Industrial            
 9.6 Other End Users            
              
10 Global Precast Concrete Market, By Geography             
 10.1 Introduction            
 10.2 North America            
  10.2.1 US           
  10.2.2 Canada           
  10.2.3 Mexico           
 10.3 Europe            
  10.3.1 Germany           
  10.3.2 UK           
  10.3.3 Italy           
  10.3.4 France           
  10.3.5 Spain           
  10.3.6 Rest of Europe           
 10.4 Asia Pacific            
  10.4.1 Japan           
  10.4.2 China           
  10.4.3 India           
  10.4.4 Australia           
  10.4.5 New Zealand           
  10.4.6 South Korea           
  10.4.7 Rest of Asia Pacific           
 10.5 South America            
  10.5.1 Argentina           
  10.5.2 Brazil           
  10.5.3 Chile           
  10.5.4 Rest of South America           
 10.6 Middle East & Africa            
  10.6.1 Saudi Arabia           
  10.6.2 UAE           
  10.6.3 Qatar           
  10.6.4 South Africa           
  10.6.5 Rest of Middle East & Africa           
              
11 Key Developments             
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures            
 11.2 Acquisitions & Mergers            
 11.3 New Product Launch            
 11.4 Expansions            
 11.5 Other Key Strategies            
              
12 Company Profiling             
 12.1 Mid State Concrete Products, Inc            
 12.2 Precast Specialties Corp            
 12.3 Tindall Corporation            
 12.4 Balfour beatty            
 12.5 Skanska AB            
 12.6 CRH Americas, Inc            
 12.7 Norwalk Concrete Industries, Inc            
 12.8 Larsen & Toubro Limited            
 12.9 Basetek, LLC             
 12.10 Gulf Precast Concrete Co. LLC            
 12.11 Bouygues Construction             
              
List of Tables              
1 Global Precast Concrete Market Outlook, By Region (2021-2030) ($MN)             
2 Global Precast Concrete Market Outlook, By Product (2021-2030) ($MN)             
3 Global Precast Concrete Market Outlook, By Structural Building Components (2021-2030) ($MN)             
4 Global Precast Concrete Market Outlook, By Architectural Building Components (2021-2030) ($MN)             
5 Global Precast Concrete Market Outlook, By Transportation Products (2021-2030) ($MN)             
6 Global Precast Concrete Market Outlook, By Waste & Waste Handling Products (2021-2030) ($MN)             
7 Global Precast Concrete Market Outlook, By Other Products (2021-2030) ($MN)             
8 Global Precast Concrete Market Outlook, By Type (2021-2030) ($MN)             
9 Global Precast Concrete Market Outlook, By Dry/semi-dry Concrete (2021-2030) ($MN)             
10 Global Precast Concrete Market Outlook, By Wet Concrete (2021-2030) ($MN)             
11 Global Precast Concrete Market Outlook, By Other Types (2021-2030) ($MN)             
12 Global Precast Concrete Market Outlook, By Construction Type (2021-2030) ($MN)             
13 Global Precast Concrete Market Outlook, By Elemental Constructions (2021-2030) ($MN)             
14 Global Precast Concrete Market Outlook, By Permanent Modular Building (2021-2030) ($MN)             
15 Global Precast Concrete Market Outlook, By Relocatable Buildings (2021-2030) ($MN)             
16 Global Precast Concrete Market Outlook, By Other Construction Types (2021-2030) ($MN)             
17 Global Precast Concrete Market Outlook, By Element (2021-2030) ($MN)             
18 Global Precast Concrete Market Outlook, By Columns & Beams (2021-2030) ($MN)             
19 Global Precast Concrete Market Outlook, By Floors & Roofs (2021-2030) ($MN)             
20 Global Precast Concrete Market Outlook, By Girders (2021-2030) ($MN)             
21 Global Precast Concrete Market Outlook, By Walls & Barriers (2021-2030) ($MN)             
22 Global Precast Concrete Market Outlook, By Utility Vaults (2021-2030) ($MN)             
23 Global Precast Concrete Market Outlook, By Pipes (2021-2030) ($MN)             
24 Global Precast Concrete Market Outlook, By Paving Slabs (2021-2030) ($MN)             
25 Global Precast Concrete Market Outlook, By Other Elements (2021-2030) ($MN)             
26 Global Precast Concrete Market Outlook, By End User (2021-2030) ($MN)             
27 Global Precast Concrete Market Outlook, By Residential (2021-2030) ($MN)             
28 Global Precast Concrete Market Outlook, By Non-residential (2021-2030) ($MN)             
29 Global Precast Concrete Market Outlook, By Tunnels (2021-2030) ($MN)             
30 Global Precast Concrete Market Outlook, By Bridges (2021-2030) ($MN)             
31 Global Precast Concrete Market Outlook, By Wind Tower (2021-2030) ($MN)             
32 Global Precast Concrete Market Outlook, By Infrastructure (2021-2030) ($MN)             
33 Global Precast Concrete Market Outlook, By Industrial (2021-2030) ($MN)             
34 Global Precast Concrete Market Outlook, By Other End Users (2021-2030) ($MN)             
              
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.              

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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