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Precast Concrete Market Soars With Rising Investments In Road And Water Projects: Transformative Forces Shaping the Precast Concrete Market Landscape in 2025
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.What Will the Precast Concrete Industry Market Size Be by 2025?
The market size of precast concrete has witnessed consistent growth in past few years. There is an anticipated increase from $124.26 billion in 2024 to $127.54 billion in 2025, recording a compound annual growth rate (CAGR) of 2.6%. The historical period growth can be credited to the rising spending on developmental activities related to road and water infrastructure, escalating demand for residential and commercial properties, increasing preference for precast construction, and prevailing low interest rate scenario.
What's the Long-Term Growth Forecast for the Precast Concrete Market Size Through 2029?
In the coming years, the precast concrete market is anticipated to observe substantial growth, projected to reach $156.36 billion in 2029 with a compound annual growth rate (CAGR) of 5.2%. This growth during the forecast period can be credited to a surge in global construction activities, population increase, escalation in industrialization, a rise in renovation operations, and advancements in technology. The forecast period will also see significant trends such as the investment in innovation through research and development, the emphasis on the application of IoT technology, prioritizing partnerships and collaborations, a focus on eco-friendly construction materials, and a trend towards mergers and acquisitions.
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What Are the Key Growth Drivers Fueling the Precast Concrete Market Expansion?
The precast concrete market is seeing significant growth due to escalating expenses on road and water infrastructure. Precast concrete provides considerable time and user cost advantages compared to traditional cast-in-place construction methods. To meet the need for better infrastructure, emerging and developed economies are ramping up their investment in road and water infrastructure. Various national governments are boosting their infrastructure spending to meet this demand. For example, the US-based Council on Foreign Relations reported in September 2023 that the Infrastructure Investment and Jobs Act (IIJA) set aside $550 billion in fresh funds for improving physical infrastructure like roads, bridges, railways, airports, and water systems. An additional $650 million was derived from regular infrastructure project financing. Thus, the increase in expenses on road and water infrastructure is expected to propel the precast concrete market in future years.
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What Long-Term Trends Will Define the Future of the Precast Concrete Market?
Leading enterprises in the precast concrete sector are prioritizing innovative developments like automated manufacturing, which effectively cuts down on material waste and heightens energy efficiency. The concept of automated production entails the application of sophisticated technology, machinery, and control networks to govern manufacturing activities with a reduced degree of human input. For example, STRABAG UK, a construction company based in the UK, introduced an advanced precast concrete plant for tunnel sections in Hartlepool in July 2023. This newlyoperative precast concrete plant in Hartlepool, which concentrates on the automated manufacturing of tunnel sections for an important rail project, is foreseen to provide over 100 new positions and substantially diminish carbon emissions by means of efficient rail transportation, consequently reducing road traffic. The plant employs cutting edge technology that improves material efficiency and energy consumption, thereby aiding local economy growth. The initiative lays stress on sustainability via local material sourcing and the utilization of recycled resources.
How Is the Precast Concrete Market Segmented?
The precast concrete market covered in this report is segmented -
1) By Product: Structural Building Components, Architectural Building Components, Transportation Products, Water And Waste Handling Products, Other Products
2) By Type: Concrete Masonry Units (CMUS), Pavers, Retaining Walls, Other Types
3) By Element: Columns And Beams, Floors And Roofs, Walls And Barriers, Girders, Pipes, Paving Slabs, Utility Vaults, Other Elements
4) By End-Use: Residential, Non-Residential, Infrastructure
Subsegments:
1) By Structural Building Components: Precast Concrete Beams, Precast Concrete Columns, Precast Concrete Wall Panels, Precast Concrete Slabs
2) By Architectural Building Components: Precast Concrete Facades, Precast Concrete Cladding, Precast Concrete Cornices and Caps, Precast Concrete Stairs
3) By Transportation Products: Precast Concrete Barriers, Precast Concrete Sound Walls, Precast Concrete Bridge Components, Precast Concrete Drainage Systems
4) By Water And Waste Handling Products: Precast Concrete Manholes, Precast Concrete Tanks, Precast Concrete Pipes, Precast Concrete Catch Basins
5) By Other Products: Precast Concrete Retaining Walls, Precast Concrete Fireproofing Products, Precast Concrete Septic Tanks, Precast Concrete Furniture and Fixtures
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Which Companies Are Leading the Charge in Precast Concrete Market Innovation?
Major companies operating in the precast concrete market include Holcim Group, CRH plc, Gulf Precast Concrete Co, Tindall Corporation, Boral Limited, Forterra Inc, CEMEX S.A.B. de C.V, Balfour Beatty plc, Laing O'Rourke, Olson Precast Company, Bianco Precast, Precast Australia Pty Ltd, Jain Spun Pipe Co, Reva Engineering Enterprises, Trilok Precast Private Limited, Pakona Engineers I Pvt Ltd, Suryotthan Merchandise Private Limited, Nova Formworks Private Limited, Xiamen Zhongjingtai Building Materials Co. Ltd, Sinomega House (Qingdao) Co. Ltd, Shandong Hummingbird machinery Co. Ltd, Guangzhou Welons Supply Chain Management Co. Ltd, BREMER AG, Weckenmann Anlagentechnik GmbH & Co, ELO Beton, Cementos Molins, HeidelbergCement, Ciments Francais, Vicat, Carrires de Mouen, Banagher Precast Concrete, Longley Group, SpanWright UK, Smolkirpich.ru, CeramicGroup, Ceresit, McGrown-DeYoung, Euro Slats, Oldcastle Precast, Atco Group, Rotesma, Rinol Hormipul Chile S.A, BFT International, United Precast Concrete Abu Dhabi LLC, Dubai Precast LLC, Abu Dhabi Precast LLC, Hard Precast, Prainsa Saudi Arabia for Precast Concrete, Alfanar Precast Factory, Ranco & Zamil, Alumlight Israel Ltd, Wolfman Industries LTD, Kwikspace Modular Buildings Ltd, Concretex
Which Regions Are Leading the Global Precast Concrete Market in Revenue?
Europe was the largest region in the precast concrete market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precast concrete market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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