USD 153.54 billion
Precast Construction Market Size, Share, Growth Analysis, By Structural Component(Beams, Walls, Columns, Facade System), By Construction(Modular Homes and Manufactured Homes), By Application(Residential, Infrastructural, Industrial, and Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15F2107 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
96
|Figures:
76
Precast Construction Market Insights
Precast Construction Market size was valued at USD 153.54 billion in 2022 and is poised to grow from USD 161.37 billion in 2023 to USD 240.24 billion by 2031, at a CAGR of 5.1% during the forecast period (2024-2031).
Precast concrete products are manufactured by pouring concrete into molds made of wood or steel, offering several advantages over on-site construction methods. The off-site manufacturing process allows for efficient production through the reuse of molds, reducing time and costs.
Precast construction methods also contribute to environmental benefits by reducing air pollution, debris, and noise during construction. The controlled manufacturing environment ensures superior quality control and consistency in precast products, which offer enhanced sound control and fire resistance for structures.
The use of precast elements eliminates the need for conventional formworks and enables standardized manufacturing processes for easy deployment at different construction sites.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
infrastructural
Fastest Growth
Residential
Growth Rate
5.1% CAGR
Global Precast Construction Market by region
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Precast Construction Market Segmental Analysis
The precast construction market is segmented based on structural component, construction type, application, and region. In terms of structural components, the segments include beams, walls, columns, facade system, floor and roof systems, staircases, girders, lintels, paving slabs, and others. The construction type segment comprises modular homes and manufactured homes. The application segment encompasses residential, infrastructural, industrial, and commercial projects. Geographically, the market is divided into regions such as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Precast Construction Market Analysis By Structural Component
Among the structural components in the precast construction market, the floor and roof systems segment is expected to exhibit significant growth during the projected period. This can be attributed to the widespread use of precast materials in flooring and roofing applications. Precast floor and roof systems offer several advantages, including excellent insulation properties and resistance to heat. These systems provide efficient solutions for constructing floors and roofs in various types of buildings, such as residential, commercial, and industrial structures.
The fastest-growing segment in the precast construction market can vary depending on factors such as region and market dynamics. However, some segments that have shown substantial growth in recent years include facade systems and modular homes. Facade systems made of precast materials are increasingly being adopted in modern building designs due to their versatility, aesthetic appeal, and energy efficiency. Additionally, the demand for modular homes, which are constructed using precast components, has been on the rise due to their cost-effectiveness, shorter construction time, and flexibility in design.
Precast Construction Market Analysis By Construction Type
The largest segment in terms of market size is typically the modular homes segment. Modular homes offer several advantages, including faster construction time, cost-effectiveness, and flexibility in design. These homes are gaining popularity due to their ability to meet the increasing demand for affordable housing and the need for quicker construction solutions.
The fastest-growing segment in the construction type category can vary depending on factors such as market demand, regional preferences, and government policies. However, the modular homes segment has been witnessing significant growth in recent years. The modular construction industry has been experiencing advancements in technology, improved construction techniques, and increasing adoption of sustainable building practices. These factors contribute to the rapid growth of the modular homes market, as they offer efficient and sustainable housing solutions with reduced construction time and minimized environmental impact.
Precast Construction Market Analysis by Application
The largest segment in terms of application is the infrastructural sector. Infrastructural projects such as bridges, tunnels, highways, and railway infrastructure often require the use of precast components due to their durability, strength, and ease of installation. The demand for precast construction in the infrastructural sector is driven by the need for efficient and cost-effective solutions that can withstand heavy loads and harsh environmental conditions.
The fastest-growing segment in the precast construction market is the residential sector. Precast construction methods offer advantages such as faster construction time, reduced labor costs, and improved quality control, making them increasingly popular in the residential housing market. The demand for precast components in residential construction is driven by the need for affordable housing solutions, especially in rapidly urbanizing areas. Additionally, precast construction allows for design flexibility and customization, enabling builders to meet diverse housing needs and preferences.
Global Precast Construction Market by Application
To get detailed analysis on other segments, Request For Free Sample Report
Precast Construction Market Regional Insights
The largest regional market for precast construction is Asia Pacific. This can be attributed to the rapid urbanization and industrialization in countries like China and India, where there is a high demand for infrastructure development. The region's large population, increasing disposable income, and government initiatives for affordable housing projects contribute to the growth of the precast construction market in Asia Pacific.
In terms of the fastest-growing regional market, the Middle East & Africa region shows promising growth opportunities. The region has witnessed significant investment in infrastructure projects, including residential and commercial buildings, transport networks, and industrial facilities. Countries like the United Arab Emirates and Saudi Arabia are driving the demand for precast construction due to their focus on urban development and tourism. Moreover, the growing adoption of sustainable construction practices and the use of precast materials for energy-efficient buildings further contribute to the market's growth in the Middle East & Africa.
Global Precast Construction Market by region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Precast Construction Market Dynamics
Precast Construction Market Drivers
Growing Infrastructure Development
- The increasing need for modern infrastructure, such as residential buildings, commercial complexes, bridges, and highways, is a significant driver for the precast construction market. Governments and private sector entities are investing in large-scale infrastructure projects, driving the demand for precast construction due to its efficiency, speed, and cost-effectiveness.
- Precast construction offers several advantages over traditional construction methods. These include faster construction time, improved quality control, reduced labor requirements, and enhanced durability. Precast components are manufactured in controlled environments, ensuring high-quality standards and minimizing construction delays. The inherent benefits of precast construction make it a preferred choice for many construction projects.
- The increasing focus on sustainable construction practices is driving the demand for precast construction. Precast components can be designed to enhance energy efficiency, reduce waste generation, and minimize the environmental impact of construction. Governments and organizations worldwide are emphasizing green building initiatives, leading to the adoption of precast construction methods.
Precast Construction Market Restrain
Limited Design Flexibility
- Setting up a precast manufacturing facility requires substantial capital investment and specialized infrastructure. The high initial costs associated with establishing precast plants can act as a barrier to market entry, particularly for small and medium-sized companies. Additionally, transportation and logistics challenges may arise due to the bulky nature of precast components.
- Precast construction offers design flexibility, but it may not be as versatile as traditional construction methods. Customization and modification of precast components can be limited, making it challenging to meet complex architectural or structural requirements. This constraint may restrict the use of precast construction in certain projects that demand high design flexibility.
Request Free Customization of this report to help us to meet your business objectives.
Precast Construction Market Competitive Landscape
The precast construction market is highly competitive and characterized by the presence of several key players. These companies focus on strategic initiatives such as mergers and acquisitions, partnerships, and product innovations to strengthen their market position. Some of the prominent players in the precast construction market include LafargeHolcim Ltd., Boral Limited, CRH plc, Taisei Corporation, Skanska AB, Jensen Precast, CEMEX S.A.B. de C.V., and Oldcastle Infrastructure. These companies have a strong global presence and offer a wide range of precast products and solutions. They invest significantly in research and development to introduce advanced technologies and sustainable practices in precast construction. Moreover, competitive rivalry among these players is driven by factors such as product quality, pricing strategies, and customer service. The market landscape is dynamic, with companies constantly striving to gain a competitive edge by expanding their product portfolios and enhancing their market reach.
Precast Construction Market Top Player’s Company Profiles
- CRH plc - Ireland
- Taisei Corporation - Japan
- Skanska AB - Sweden
- Jensen Precast - United States
- CEMEX S.A.B. de C.V. - Mexico
- Oldcastle Infrastructure - United States
- Sika AG - Switzerland
- Vinci SA - France
- Larsen & Toubro Limited - India
- Xella Group - Germany
- HeidelbergCement AG - Germany
- China National Building Material Company Limited - China
- Bouygues Construction - France
- Consolis Group - France
- Kerkstoel 2000+ NV - Belgium
- Gulf Precast Concrete Co. LLC - United Arab Emirates
- Metromont Corporation - United States
- Forterra Inc. - United States
Precast Construction Market Recent Developments
- In September 2022, Tindall Corporation, a US-based manufacturer of precast and prestressed concrete solutions, launched a dedicated production line for their T-SLAB precast concrete floor slab system. The T-SLAB is known for its lightweight yet robust performance, offering versatile and constructible solutions for various precast concrete applications.
Precast Construction Key Market Trends
- The precast construction market is witnessing several key trends that are shaping the industry. One major trend is the increasing adoption of sustainable and eco-friendly construction practices. Precast concrete offers advantages in terms of reduced carbon footprint, energy efficiency, and waste reduction compared to traditional construction methods. This trend is driven by the growing emphasis on sustainable development and environmental regulations. Another trend is the integration of technology and automation in precast construction processes. Technologies such as Building Information Modeling (BIM), robotics, and 3D printing are being utilized to streamline design, production, and installation processes, resulting in improved efficiency, accuracy, and cost-effectiveness. These technological advancements enable faster project completion, enhanced quality control, and increased customization options.
Precast Construction Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the precast construction market is expected to witness significant growth in the coming years. Several factors contribute to its positive future outlook. Firstly, the increasing focus on sustainable and energy-efficient construction practices is driving the demand for precast concrete solutions. Precast components offer better thermal insulation, reduced carbon emissions, and improved waste management, aligning with the global sustainability goals. Secondly, the rising need for faster construction and reduced labor requirements is boosting the adoption of off-site construction methods, where precast elements play a vital role. This approach allows for accelerated project timelines, cost savings, and improved construction quality.
What’s Included
NA
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 153.54 billion |
| Market size value in 2031 | USD 240.24 billion |
| Growth Rate | 5.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Precast Construction Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Precast Construction Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Precast Construction Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Precast Construction Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Precast Construction Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Precast Construction Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
