Precast concrete is a construction product that is manufactured by casting concrete in a reusable mold or "form" which is then cured in a controlled environment, transported to the construction site and lifted into place. It is used as structural and architectural elements of construction including walls, floors, pavements, car parking structures, tunnels and roofs. Precast concrete helps accelerate the speed of construction and provides various advantages over conventional cast-in-place concrete such as lower overall cost, higher quality control, increased design flexibility, and enhanced durability. The increased demand for innovative construction techniques as well as reduced construction time is expected to drive the growth of the precast concrete market. The global Precast Concrete Market is estimated to be valued at US$ 122.26 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing construction sector particularly in developing economies provides a huge market opportunity for precast concrete products. According to estimates, the global construction industry is expected to grow at 4% annually till 2030. Developing nations in Asia Pacific and Latin America are witnessing tremendous infrastructure growth to accommodate the surging urban population. Increasing construction of commercial buildings, residential properties, roads & highways provides significant opportunities for prefabricated concrete components to reduce overall project timelines and cost. The demand for durable and high quality construction materials like precast concrete is estimated to rise substantially as construction activities continue to accelerate globally.
Porter's Analysis
Threat of new entrants: Low - High capital requirement for precast concrete manufacturing plants and established brand name of existing players makes entry difficult.
Bargaining power of buyers: Moderate - Large buyers such as construction companies can negotiate on prices.
Bargaining power of suppliers: Moderate - Concrete and aggregates are basic raw materials with few substitutes.
Threat of new substitutes: Low - There are few viable substitutes to precast concrete in construction.
Competitive rivalry: High - Established players compete on the basis of price, quality, innovation and brand image.
SWOT Analysis
Strength: Precast concrete offers speed, superior strength and quality, reduced construction waste. Demand from commercial and industrial construction is growing.
Weakness: High set up and maintenance cost of precast plants. Dependency on economic growth and construction industry cycles.
Opportunity: Rapid urbanization and infrastructure development in emerging nations. Promotion of sustainable construction through precast.
Threats: Rising prices of raw materials. Stricter environmental regulations increase compliance cost.
Key Takeaways
The global Precast Concrete Market Growth is expected to witness high growth.
Regional analysis for Asia Pacific comprises strong economic growth, rising income levels, urbanization and government investment in infrastructure are driving the usage of precast concrete in construction. China accounts for over half of Asia Pacific demand.
Key players operating in the precast concrete market are Curia, Genscript, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings. They compete on the basis of design, quality, logistics and technical support provided to construction projects.
For more insights, read- https://www.pressreleasebulletin.com/precast-concrete-market-trends-size-and-share-analysis/
For more details on the report, Read- https://whotimes.com/beyond-dna-exploring-the-frontier-of-creation-through-the-lens-of-synthetic-biology/
