Precast Concrete Market | Key players operating in the market include Cemex S.A.B de C.V., Boral Limited, LafargeHolcim, Balfour Beatty plc, CRH Plc

According to recent market research "Precast Concrete Market by Element (Columns & Beams, Floors & Roofs, Girders, Walls & Barriers, Utility Vaults, Pipes, Paving Slabs), Construction Type, End-use Sector (Residential, Non-residential) and Region - Global Forecast to 2027", size is projected to grow from USD 144.6 billion in 2022 to USD 198.9 billion by 2027, at a CAGR of 6.6% from 2022 to 2027. The growth of the precast concrete market is attributed to the reduced construction time, improved productivity, reduced construction cost and less environmental impact. The growing need for cost-effective, safe, and green construction material is expected to drive the demand for precast concrete.

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Columns & beams segment to dominate the precast concrete market during forecast period

In terms of value, the columns & beams segment is projected to lead the precast concrete market. This is attributed to its extensive use in both non-residential and residential end-use industry. Growing construction industry coupled with rising need for cost-effective, efficient, and rapid construction process is expected to drive the demand for the precast column and beams. Moreover, the growing demand of residential construction due to urbanization and increasing non-residential construction spending by governmental authorities in emerging economies of Asia Pacific, Middle East & Africa, and South America will drive the market demand during forecast period.

Elemental construction segment to dominate the precast concrete market during the forecast period

In terms of value and volume, the elemental construction segment is projected to lead the precast concrete market. Factory made precast elements ensures excellent finish, strength, dimensional tolerances, adequate consistency and quality controls. Building an entire structure using precast elements expedite construction, reduces time on site and defects, reduces labor cost, and lowers propping and scaffolding costs. All these factors attribute to the elemental construction to be most popular construction type among builders and contractors.

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The global precast concrete market size is projected to grow from USD 144.6 billion in 2022 to USD 198.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast year. Precast concrete refers to the construction products produced at place away from the construction site in reusable molds. These construction products are transported to the construction site and assembled. The major advantages of precast conrete are speed of construction, quality, and reduced overall manufacturing cost.

The precast concrete market has thousands of companies which thrive in their domestic market. A few of the major players are, Cemex S.A.B de C.V. (Mexico), Boral Limited (Australia), LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), CRH Plc (UK), Skanska AB (Sweden), Forterra, Inc. (US), DeVinci Precast (US), Atco Concrete Products N.V. (Netherlands), Beaver Gulf Precast Concrete (Dubai), and among others. These players have adopted various growth strategies, such as acquisitions, expansions, contracts, agreements, partnerships, and new product developments, to increase their market shares and enhance their product portfolios.

Collaboration, acquisition, and joint venture accounted for the largest share of all the strategic developments that took place in the precast concrete market between 2018 and 2022. Key players such as Cemex S.A.B de C.V. (Mexico), Boral Limited (Australia), LafargeHolcim Ltd (Switzerland), Balfour Beatty plc (UK), CRH Plc (UK), and Skanska AB (Sweden), adopted these strategy to enhance their business, market presence, to develop new products and meet consumer demand.

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Balfour Beatty Plc is an international infrastructure and construction services company. It engages in financing, developing, building, and maintaining infrastructures such as transportation, water, power and utility systems, and social and commercial buildings. It also offers services such as fit-out transmission lines, road management and maintenance, utility upgrade and maintenance, and professional and technical services. Balfour Beatty serves the transportation, social infrastructure, commercial, and utilities industries. The company operates in the UK, the US, China, Hong Kong, Japan, Singapore, and Canada, as well as in parts of Southeast Asia.

Boral is an international building product and construction material company. It operates through three divisions, Boral Australia, USG Boral, and Boral North America. The company offers a range of precast concrete products for its customers across residential and non-residential sector. The company's wide product portfolio includes blocks, asphalts, bricks, concretes, cementitious materials, plasterboards, pavers & retaining walls, quarry materials, timbers, and roof tiles. Boral's products are used for renovation, structural, and commercial markets worldwide.

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