The global precast concrete market size was US$ 128.1 billion in 2021. The global precast concrete market is forecast to grow to US$ 219.2 billion by 2030, registering a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2022 to 2030. 

Precast concrete is a type of concrete that is prepared in reusable molds off-site. This procedure is normally carried out in a controlled manufacturing setting. Precast concrete can be more cost-effective and sometimes more practical than traditional materials. It's commonly utilized in the development of floors, stairwells, wall panels, beams, pipes, and tunnels.

Factors Influencing the Market

• The precast concrete industry will benefit from the changing preference of contractors and consumers. Contractors are adopting cost-effective, environmentally friendly, and innovative building approaches. Thus, it will contribute to the growth of the global precast concrete market. 
• Increasing disposable income and a growing number of construction activities will drive the global precast concrete market. In addition, growing consumer reliance on modern construction techniques is likely to propel the growth of the global precast concrete market.
• Growing urban population and initiatives leading to infrastructure development will benefit the global precast concrete market during the forecast period. In addition, rising industrialization and favorable policies like "Made in India" are forecast to boost the market growth. 
• On the contrary, the lack of awareness regarding the precast concrete method may hamper the market growth during the study period. 

COVID-19 Impact Analysis

The COVID-19 outbreak has had a negative influence on the global precast concrete market. The demand for the material from the end-users declined drastically, which hampered revenue growth. In addition, governments imposed lockdown restrictions that limited international trade activities. Thus, the global precast concrete market witnessed several challenges due to the COVID-19 epidemic. 

Regional Analysis

Asia-Pacific is forecast to hold the highest share in the global precast concrete market, owing to the growing acceptance of the product and rapid infrastructure development in the region. China's Belt & Road program, which aims to build and strengthen the connectivity and infrastructure of its main trading partners, is likely to benefit the regional market. In addition, India's massive investments in the development of metro rail infrastructure will propel the precast concrete market forward.

Competitors in the Market

• Atco Group
• Balfour Beatty PLC
• Bouygues Construction
• Cemex S.A.B. De C.V.
• CRH PLC
• Julius Berger Nigeria PLC
• Kiewit Corporation
• Laing O'rourke
• Larsen & Toubro Limited
• Red Sea Housing Services
• Skanska Ab
• Taisei Corporation.
• Other Prominent Players

Market Segmentation

The global precast concrete market segmentation focuses on Element, Construction, End-User, and Region. 

Based on Element

• Floors & Roofs
• Walls & Barriers
• Columns & Beams
• Utility Vaults
• Girders
• Pipes
• Paving Slabs

Based on Construction Type

• Elemental construction
• Permanent modular buildings
• Relocatable buildings
• Based on the end-user
• Non-residential
• Residential

Based on region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America