Precast concrete is prefabricated concrete that is cast in a concrete form or mold in a casting yard, cured appropriately, and then transported to the construction site for installation. Precast concrete helps to reduce construction timelines and costs, provides design flexibility, and improves quality and safety.
The global Precast Concrete Market is estimated to be valued at US$ 106.12 billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of new technologies like precast 3D printing is driving innovation in precast concrete manufacturing. 3D printing helps to achieve complexity and customization in precast elements and structures. It facilitates construction of complex geometries using less concrete material. This helps reduce material wastage and costs. Such emerging digital technologies are supporting faster, safer, and sustainable construction using precast concrete structures.
Segment Analysis
The global precast concrete market is dominated by structural building components segment. This segment accounts for over 60% share of the total precast concrete market owing to increasing focus towards development of residential buildings, commercial complexes and infrastructure projects. Precast concrete allows faster pace of construction with reduced time and cost. It ensures quality control and provides architects and designers flexibility to create complex structures.
Key Takeaways
The Global Precast Concrete Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Rapid urbanization and infrastructure development projects across regions will drive the demand for precast construction materials. The global Precast Concrete Market is estimated to be valued at US$ 106.12 billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region currently dominates the global precast concrete market with over 35% share. Factors such as strong economic growth, increasing disposable income and population growth have led to surge in construction activities in countries such as China, India. This makes APAC the fastest growing as well as largest consumer of precast concrete globally. The Middle East & Africa region is also expected to offer lucrative opportunities for precast concrete manufacturers driven by heavy infrastructure investments for economic diversification.
Key players
Key players operating in the precast concrete market are Curia, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings, among others. Curia is one of the leading players focusing on providing customized precast solutions for industrial, commercial and residential construction projects. Evotec specializes in production of precast stairs, columns and façade elements with an aim to reduce construction timelines.
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