The Global Precast Construction Market is valued at approximately USD 155204.95 million in 2022 and is anticipated to grow with a healthy growth rate of more than 4.9% over the forecast period 2023-2030. Precast Construction refers to manufacturing building components off-site in a controlled environment, and then transporting them to the construction site for assembly. Precast components are manufactured under strict quality control measures in a controlled environment, ensuring consistency and precision. This helps to minimize errors and defects compared to traditional on-site construction methods. The Precast Construction market is expanding because of factors such as the rising number of construction activities and the increasing rate of urbanization. Precast construction allows for a high degree of design flexibility. Components can be customized to meet specific project requirements, including size, shape, color, and texture. This flexibility enables architects and engineers to realize innovative and complex designs. As a result, the demand for Precast Construction has progressively increased in the international market during the forecast period 2023-2030.
Precast construction promotes sustainability by optimizing material usage and minimizing waste generation. The ability to recycle and reuse components further reduces environmental impact, aligning with the growing emphasis on eco-friendly building practices. According to the Gitnux Organization, the worldwide construction sector accounts for USD 10.5 trillion in 2023, growing steadily at 4.2% CAGR, and the United States construction market is set to hit USD 1.428 trillion by the year-end of 2024. Furthermore, the versatility of precast construction allows for innovative designs and architectural freedom. With advancements in technology and manufacturing processes, precast elements can be customized to meet diverse project requirements, offering flexibility and creative possibilities to architects and developers. Another important factor that drives the Precast Construction market is the increasing rate of urbanization. Precast construction allows for faster project completion compared to traditional construction methods. Precast elements are manufactured off-site under controlled conditions, reducing construction time and minimizing disruptions to urban life. In addition, as per the United Nations Conference on Trade and Development (UNCTAD) in 2022 the global population exceeded 8 billion, with 57% residing in urban areas. Moreover, the growing populations and advancements in precast construction techniques are anticipated to create a lucrative growth opportunity for the market over the forecast period. However, the high cost of precast construction and fluctuations in the pricing of raw materials are going to impede overall market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Precast Construction Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the increasing rate of urbanization in the region. According to the United Nations Habitat Organization, urbanization remains a major megatrend influencing the Asia-Pacific area. Asia is currently inhabited by approximately 2.2 billion people, accounting for 54% of the world's urban population and projections show a remarkable 50% increase in urban population by 2050, equivalent to an additional 1.2 billion people residing in Asian urban areas. Precast construction enables the utilization of innovative designs and technologies, facilitating the creation of aesthetically pleasing and functional urban spaces that cater to the diverse needs of urban populations. The region's dominant performance is anticipated to propel the overall demand for Precast Construction. Furthermore, Asia Pacific is expected to grow fastest during the forecast period, owing to factors such as the rising number of urban redevelopment projects in the region. Urban redevelopment projects often have close timelines due to the urgency of revitalizing or repurposing urban areas. Precast construction involves manufacturing building components off-site in a controlled environment, allowing for faster assembly on-site. This speed and efficiency make precast construction attractive for urban redevelopment projects where time is of the essence.
Major market players included in this report are:
Coltman Precast Concrete Limited
Bouygues Construction SA
Tindall Corporation
Skanska AB
Kiewit Corporation
Larsen & Toubro Limited
Turner Construction Company
Balfour Beatty plc
Red Sea Housing Services Limited
Taisei Corporation
Recent Developments in the Market:
In July 2022, Larsen & Toubro completed the construction of a 12-storey residential tower comprising 96 flats within an astonishingly short span of 96 days. This remarkable feat was accomplished by leveraging its precast large concrete panel system, designed for ultra-rapid construction of public housing. Precast concrete panels are manufactured off-site in a controlled environment, allowing for simultaneous construction activities on-site. This reduces construction time significantly compared to traditional methods, thereby meeting tight project deadlines and accelerating project completion.
Global Precast Construction Market Report Scope:
Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Product Type, Construction Type, End User, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type
Columns & beams
Walls
Floors & Roofs
Staircases
Girders
Paving Slabs
Others
By Construction Type
Modular
Manufactured homes
By End User
Residential
Non-residential
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
