Precast Concrete Market Size, Share, Report To 2030

(MENAFN- Straits Research) Introduction

The precast concrete market is one of the highest revenue-generating markets in the coming time amid the increase in the demand for residential and commercial infrastructures. The market is said to grow at USD 166 billion by 2030 at a CAGR of 6%, which is way greater than the figures in 2021, which stood at USD 101 billion. Precast concrete is mostly used in the construction of residential and commercial buildings, as the precast concrete can easily replicate the masonry structure of the building and decrease the lead time required to complete construction work.

Market Dynamics Increased Demand for Offsite Construction Sites with the Advantages of Precast Concrete Driving Market Growth

Offsite production is a process where the civil structure components are assembled at the production facility and then transported to the construction site to get installed. The precast structures are cast and hardened before being used for construction purposes and are one of the offsite construction components. It is the most time-saving option for any construction work with minimal wastage.

Also, precast concrete is known for its manufacturing process, which can be carried out irrespective of weather conditions. Another thing for which the precast concrete is performing and are in demand over the conventional concrete method is the high durability and longevity associated with the precast concrete.

The use of precast concrete in the infrastructure has several advantages over the on-site cast concrete, out of which the superior quality of concrete is the most appreciated advantage. Precast concrete does not consume a lot of time for manufacturing, which helps in decreasing the lead time and making it available whenever and wherever necessary.

The rate at which the population is increasing is just unbearable, which has led to an increase in the residential and commercial infrastructures. Major countries are seeing the migration of people from villages, states, or even countries to their nation, which is why the major economies are trying to build ample infrastructural resources, and precast concrete is the best option for them. The main factor that forces construction companies to utilize precast concrete is speed and longevity.

With such a pace, the construction work can be completed within the stipulated time. This is why many key players in the global construction industry prefer precast concrete, which opens a wide range of opportunities for manufacturers and suppliers of. Even with the R&D going on to make precast concrete in comparatively less expensive, can be a fruitful opportunity for the manufacturers, dealers & distributors of precast concrete.

The precast concrete manufacturing sites were dragged to stoppage with no demand from the market. At that time, cost-cutting was the main thing to consider for builders, and precast concrete incurred higher costs affecting the growth and the earnings of the precast concrete market. Many construction sites were stopped during the pandemic and never resumed even in the pre-pandemic times amid the losses and debts incurred.

But still, the construction industry is one of those few industries that can never get obsolete, and this is why the industry is standing back taller and higher than earlier with the help of technology and fast-paced work methodologies with precast concrete. Covid-19 outburst stopped the entire construction work for almost a year, putting huge pressure on the construction giants and builders who invested huge amounts in their buildings and construction process. These include the costs incurred for the equipment and materials, labor costs, land acquisitions, other formalities, etc.

Regional Analysis

Geographically, the global precast concrete market is primarily divided into North America, Europe, Asia-Pacific, and Middle-East & Africa. The Asia-Pacific region is the most dominant one, with a market share of USD 38 billion in 2021, and is expected to reach USD 67 billion by 2030 at a CAGR of 7%. With major emerging economies like India, China, and Japan in the region, the Asia-Pacific region is booming the said market segment.

North America accounted for a market share of USD 23 billion in 2021 and is anticipated to reach USD 37 billion in 2030 at a CAGR of 6%. Significant usage of precast concrete in North America is driving market growth in the region.

Europe being the industrial hub in the world has more commercial properties where the precast concretes are used, and that is why it accounts for a market value that stood at USD 24 billion in 2021 and reached USD 33 billion by 2030 at a CAGR of 4%. The market in Middle East & Africa was valued at USD 8 billion in 2021 and is expected to grow to USD 14 billion in 2030 at a CAGR of 7%.

Key Highlights

• The global precast concrete market is to grow to USD 166 billion by 2030 at a CAGR of 6% from the yearly revenue generated in 2021 of USD 101 billion.
  
• By product, the structural building components segment dominated the market with a revenue of USD 35 billion in 2021 and is expected to grow to USD 59 billion by 2030 at a CAGR of 6%
• By end-use, the residential segment holds the maximum market share with USD 22 billion in 2021 and will reach USD 35 billion by 2030 at a CAGR of 5%.
• Asia-Pacific had a major market share of USD 38 billion in 2021 and is expected to reach USD 67 billion by 2030 at a CAGR of 7%.