The global precast concrete market is expected to exhibit a strong 5.36% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global precast concrete market is mainly driven by the growing demand for rapid construction infrastructural buildings and residential complexes in developing regions. The growing construction industry in the emerging parts of the world is likely to be a major driver for the global precast concrete market over the forecast period. The global precast concrete market was valued at more than USD 76.2 billion in 2017 and is expected to rise to a valuation of more than USD 103.6 billion by 2023.
Precast concrete is concrete that is molded into the desired shape and cured at the site of manufacturing rather than at the site of application. The process of curing and shaping precast concrete in the manufacturing plant rather than at the building site allows manufacturers to drastically reduce wastage, as the process is monitored. The ease of curing concrete blocks at the manufacturing site before transporting them to the building site also makes the curing process more reliable and safer, as the process can be monitored by the manufacturer and improvements can be made much easily at the manufacturing unit rather than at the building site. The growing awareness about these benefits of precast concrete is likely to drive the global precast concrete market over the forecast period.
Since precast concrete manufacturing is more efficient when producing larger volumes of orders, precast concrete is mostly used for buildings that require the same internal structure multiple times, such as residential apartment blocks, schools, and other such buildings. The growing demand for such buildings due to the growing urbanization in developing countries around the world is likely to be a major driver for the global precast concrete market over the forecast period.
Competitive Analysis:
Leading players in the global precast concrete market include Larsen & Toubro Limited, Taiheiyo Cement, SMEET, Metromont Corporation, HeidelbergCement AG, Coltman Precast Concrete Limited, CRH, Coreslab Structures, Tindall Corporation, Molin Concrete Products Company Inc., Jensen Precast, and SKANSKA AB.
In May 2019, development work began on a precast concrete plant in Lacoochee, Florida. The land was previously a cypress processing mill and is expected to provide a much-needed boost to the local economy.
Segmentation:
The global precast concrete market is segmented on the basis of product, application, end user, and region.
By product, the global precast concrete market is segmented into floors and roofs, columns and beams, stairs and landing, and walls, the last of which is sub-segmented into solid walls and sandwich walls (thermal walls).
By application, the precast concrete market is segmented into structural components, architectural components, bridge components, and others.
By end use, the global market is segmented into residential, non-residential, and agriculture.
Regional Analysis:
Asia Pacific is likely to hold the largest share in the global precast concrete market over the forecast period due to the growing construction industry in the region and the growing support for the widespread adoption of precast concrete products. The growing urbanization in Asia Pacific is a major driver for the precast concrete market in the region, as this has driven the demand for apartment complexes and office buildings, two of the most important applications for the precast concrete market. Asia Pacific held a share of 43.45% in the global precast concrete market in 2017 and is likely to exhibit the highest CAGR of 5.52% over the forecast period.
North America holds the second largest share in the global precast concrete market, with 25.09%. The growing demand for residential and industrial complexes in North America is likely to be a major driver for the precast concrete market in the region over the forecast period. Many leading players in the global precast concrete market are also situated in North America, which gives the region extra significance in the global precast concrete market as a technological innovation leader.
