6.7% CAGR, Precast Concrete Market Size, Share & Forecast Report by 2028

Precast Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Structure System (Beam and Column System, Floor and Roof System, Bearing Wall System, Façade System, Others); End use (Residential, Commercial, Others) and Geography

According to the World Economic Forum, global urban population is growing by 200,000 people every day, and this huge chunk of the mass demands affordable housing with suitable transportation and service infrastructure. Moreover, government organizations are heavily investing in commercial and industrial projects. Thus, the rising renovation activities integrated with government's financial aid stimulate the global precast concrete market.

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According to The Insight Partners' research, the global precast concrete market was assessed at US$ 134.68 billion in 2020 and is estimated to reach US$ 223.97 billion by 2028 to expand at a CAGR of 6.7% from 2021 to 2028. The need for cost-effective, safe, and eco-friendly products and the rising renovation and remodeling activities worldwide are the major aspects catalyzing the market expansion.

Strategic Insights:
Major companies indexed in the global precast concrete market report are Abetong AB, Boral, Cemex S.A.B. de C.V., Consolis, Elo Beton, Forterra, Gulf Precast, LafargeHolcim, Tindall Corporation, and Spancrete.

• In December 2020, Cemex launched Vertua, a series of low-carbon ready-mix concrete in the US. The series consists of Vertua Classic, Vertua Plus, and Vertua Ultra. The company marketed and sold Vertua Classic in Bay area, Central Valley, Los Angeles, Sacramento, and San Diego, California.

• In April 2019, Consolis acquired the Finnish and Latvian operations of TMB Group, one of the major producers of concrete elements in the Baltics and Finland.

• In February 2021, Forterra, Inc entered into a definitive agreement under which Quikrete Holdings acquired outstanding shares of the company for $ 24.00 per share with a total valuation of approximately $ 2.74 billion including outstanding debt.

• In February 2019, LafargeHolcim acquired Alfons Greten Betonwerk in Northern Germany. Greten operates a precast and ready-mix concrete plant in the state of Lower Saxony.

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On the other hand, the volatile prices of raw material curbs the growth of global precast concrete market.

Based on structure system, the precast concrete market domain is split into beam & column system, floor & roof system, bearing wall system, façade system, and others. The beam & column segment led the business with 28.7% market share in 2020 garnering US$ 38.68 billion. It is forecasted to generate US$ 68.44 billion by 2028 to rise at 7.5% CAGR during 2021-2028.

As per end user, the global precast concrete market is categorized into residential, commercial, and others. The commercial segment occupied 41.3% market share in 2020. It amassed US$ 55.63 billion in 2020 and is slated to accrue US$ 95.30 billion by 2028 to grow at a CAGR of 7.1% along the forecast period.

Our regional analysis states that Asia Pacific captured 38.7% market share in 2020 with a revenue total of US$ 52.09 billion. It is likely to hit US$ 87.35 billion by 2028 to exhibit 6.8% CAGR over the forecast period. The European market was valued at US$ 34.15 billion in 2020 and is predicted to be worth US$ 60.11 billion by 2028.

The use of precast technology is a function of performance, protection, and durability. It has the potential to reduce the cost of construction and provide substantial savings before, during, and after the project. The constituents of precast include cement, stones, sand, and gravel material that can be reused or recycled, thereby lowering the overall environmental impact. In terms of safety, the constructions made of precast concrete are comparatively more resistant to weather conditions and earthquakes. Besides, the material can be safely handled during construction work, thus lowering the rate of fatalities on site.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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