Precast Concrete Market Size, Share, Growth Factors, Trends, and Forecast 2024-2030

MMR recently released a report titled "Precast Concrete Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2030." The study provides a detailed analysis, including the global Precast Concrete Market share, size, growth, trends, and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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Precast Concrete Market was valued at USD 109.63 Bn in 2023 and is expected to grow at 5.2% CAGR from 2024 to 2030, reaching USD 156.34 Bn by 2030.

Drivers of the Precast Concrete Market

Rapid Urbanization and Infrastructure Development

Precast concrete has become the material of choice because of its quicker construction schedules, lower costs, and reliable quality. Precast materials are in high demand as a result of significant investments made by the public and private sectors in affordable housing programs, smart city initiatives, and the rehabilitation of aged infrastructure. Megaprojects including precast concrete are being heavily invested in in nations like China, India, Indonesia, and portions of the Middle East.

Time and Cost Efficiency

Precast concrete components are made in a controlled factory setting before being delivered to the building site for assembly, in contrast to conventional cast-in-place techniques. This method significantly lowers the amount of labor needed on-site, cuts down on construction delays, and improves scheduling predictability, all of which led to a quicker project completion. Precast concrete is long-lasting and requires little upkeep over time. developers and contractors also choose it for its simplified logistics and reduced life-cycle costs.

Precast Concrete Market Segmentation

By Product Type: Columns and Beams are crucial for providing structural support in both residential and commercial buildings. The floors and Roofs segment are appreciated for their effectiveness and excellence. They are a popular option for many building projects because of their durability and quick installation style. Stairs and Landings segments are especially advantageous in multi-story buildings where safety and consistency are crucial.

By Application: The Residential segment is growing due to growing urbanization and the need for more affordable homes. The Commercial segment includes commercial complexes, retail establishments, and office buildings and is a major user of precast concrete. The infrastructure segment in 2023 represented almost 32.8% of the market share. The Industrial segment involves building factories, warehouses, and other production structures using precast concrete.

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Precast Concrete Market Regional Analysis

North America: In 2023, the precast concrete market in North America was estimated to be worth USD 36.26 billion. The United States holds the largest share, accounting for approximately 91.1 % of the regional market. Precast concrete components are used in many of the infrastructure projects funded by USD 1 trillion over eight years under the U.S. Infrastructure Investment & Jobs Act.

Asia-Pacific: Asia-Pacific dominates the Precast Concrete Market. The precast concrete market in the Asia-Pacific was estimated to be worth USD 42.3 billion in 2023. China is leading the market with a revenue share of 43.0% in 2023. Key players like CRH Plc, Holcim Ltd, Heidelberg Materials AG, Boral, Forterra, Cemex SAB de CV, Balfour Beatty Plc, and Consolis Group SAS dominate the Asian market.

Precast Concrete Market Competitive Landscape

Holcim Ltd.: Holcim intends to spin off and float Amrize, its North American company, targeting a $30 billion valuation. By 2030, the corporation wants to increase profits before interest and taxes (EBIT) by 6% to 10% annually.

CRH Plc: In July 2024, CRH successfully acquired a 57.3% share in the Australian building materials business Adbri Limited for AUD 1.1 billion. In February 2024, CRH completed the purchase of Martin Marietta Materials in Texas for US$2.1 billion.

Conclusion

Automation, 3D printing, and intelligent integration are examples of manufacturing technology advancements that have greatly increased product quality, design flexibility, and installation speed.
Precast solutions that reduce material waste and carbon emissions are becoming more popular as eco-friendly construction techniques get more attention.

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