Precast Concrete Market to reach a revenue of around US$ 230.2 Bn by 2031

Precast Concrete Market 2022

The global Precast Concrete Market is projected to reach a revenue of around US$ 230.2 Bn by 2031, expanding at a CAGR of close to 7% throughout the forecast period.

Precast concrete is produced by casting the concrete in a mold or form. The process is carried out in a controlled environment. These precast concretes are then transported to the site of construction for the final application. For different architectural applications, a variety of forming systems are used to derive precast concrete of different design and characteristics.

Precast concrete is a relatively new introduction in the construction market. It eliminates or reduces the requirement of usual construction framework on site. The precast concrete market is expected to witness a steady growth in the future on the back of buoyancy in the building and construction industry across world regions.

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Key Companies- 

Precast Concrete Manufacturers Leverage Acquisition and Regional Expansion for Market Sustenance

The precast concrete market is set to witness a steady growth trajectory in the coming future. Well aware of the future opportunities, manufacturers in the precast concrete market are leveraging acquisition and regional expansion strategies to increase their market revenues.

In August 2018, Consolis Group, Europe's leading supplier of precast concrete acquired TMB Group, a provider of concrete elements. The acquisition is aimed at expanding Consolis' presence in the European markets.

In July 2018, LafargeHolcim, a leader in the precast concrete market acquired Tarrant Concrete with an aim to expand its footprint in the U.S. market.
In June 2018, FLI Group, an Irish firm acquired Carlow Precast, a precast concrete specialist. The new FLI Carlow.

Few of the prominent players in the precast concrete market include L&T Construction, China National Building Material Company Limited, CRH Plc., Cemex S.A.B. De C.V., Elematic Oyj, Coltman Precast Concrete Limited, Weckenmann Anlagentechnik GmbH & Co. KG., Taisei Corporation and Bison Manufacturing Limited.

Optimistic Outlook of Construction Industry to Fuel Precast Concrete Market Growth

The economic scenario has improved followed by increased disposable income and significant investments in residential property purchase. Governments in emerging countries are supporting infrastructure development. In addition, a notable number of in pipeline megaprojects are likely to invest heavily in modern construction practices.

Modern construction techniques that deliver improved performance with an economical capital investment are being highly embraced by construction professionals. Led by these factors, buoyancy in the building and construction industry is likely to propel the demand for precast concrete in the future.

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Beneficial Properties of Precast Concrete Embraced by Construction Stakeholders

A number of benefits associated with the precast concrete are paving a way for new applications in the construction sector wherein qualities of precast concrete are being highly embraced by construction stakeholders.

• Production of precast concrete is carried out in a controlled environment where resources such as materials, power and labor can be closely monitored. In addition, production in the confined environment significantly lowers the wastage and reduces associated environmental hazards.
• Precast concrete saves time and cost involved in the completion of a construction project. Prepared nature of the product lowers the risk of project delays and associated financial loss. In addition, the availability of different size of precast concrete saves time for the completion of the construction project.
• As the products are prepared prior to installation, a number of features such as size, texture, color and design can be easily incorporated. In addition, production requirements such as temperature, casting and mix design can be controlled, thereby saving a substantial amount of investments needed to incorporate different features and design new architectural structures.
• The structural strength of precast concrete is highly valued. Prestressed and precast concrete structures have greater strength and rigidity required to bear heavy loads. Owing to their structural strength, less number of precast concrete supports the construction and provides larger floor space.

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Precast Concrete Market Segmentation

Based on structure system

• Floor and Roof System
• Beam and Column System
• Façade System
• Bearing Wall System

Based on end use

• Civil Works
o Hydraulic Works
o Transportation Works
o Power Plants and Communication Works
o Specialized Works
• Building Works
o Residential
o Non-residential

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