Precast Construction Global Market Report 2024

The precast construction market size has grown steadily in recent years. It will grow from $140.18 billion in 2023 to $147.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The historical period's growth can be linked to architectural versatility, urbanization trends, infrastructure development, housing and commercial construction, as well as regulatory changes and standards.

The precast construction market size is expected to see steady growth in the next few years. It will grow to $177.21 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth during the forecast period can be linked to advancements in manufacturing techniques, the demand for sustainable construction, the increase in urbanization projects, infrastructure investment, and the trend towards energy-efficient buildings. Significant trends expected in the forecast period encompass collaborative project delivery models, applications of advanced material science, optimization of efficiency and labor, resilience and disaster mitigation efforts, as well as the promotion of prefabrication and modularization.

The growth in urbanization and industrialization is expected to propel the precast construction market. The rise in income of the middle class leads to discretionary spending and a change in consumption patterns, generating demand for construction and thus opportunities for the precast construction industry. The share of the urban population has increased to 56.2%, which leads to an increase in demand for construction services that offer high-quality construction while saving time and resources. According to the India Brand Equity Foundation (IBEF), in April 2022, the infrastructure sector had become the Government of India's primary focus. India intends to spend $1.4 trillion on infrastructure between 2019 and 2023 to ensure the country's long-term development. Therefore, the increase in infrastructure and construction is leading to a growth in urbanization and industrialization, which drives the precast construction market.

The increasing construction spending is expected to propel the precast construction market. Construction spending refers to the total amount of money invested or expended on construction-related activities within a specific time period. Precast construction plays a significant role in construction spending by offering several advantages such as reduced construction time, labor efficiency, quality control, and others that contribute to cost savings, efficiency, and sustainability. For instance, in December 2023, according to The United States Census Bureau, a US-based federal agency, in October 2023, the estimated construction spending reached approximately $2,027.1 billion, reflecting a 10.7% increase compared to the October 2022 estimate of $1,830.5 billion. Therefore, the increasing construction spending is driving the precast construction market growth.


Sustainable construction techniques are emerging as a significant trend gaining popularity in the precast construction market. The construction industry, known for its substantial natural resource consumption, is facing increasing pressure to reduce its environmental impact in light of climate change and finite natural resources. The drive for efficiency improvement and the promotion of sustainable development in construction relies on the broader adoption of progressive technologies, adherence to government regulations, effective cost control, materials management, and the implementation of modern methods within sustainable construction techniques. As highlighted in a November 2021 report by Dodge Construction Network, there is a projected increase in the utilization of green products and systems across various construction categories. Additionally, a notable surge is anticipated over the next three years (2024) among entities planning to undertake more than 60% of their projects with green initiatives.

Leading companies in the precast construction market are concentrating on developing innovative solutions, including the creation of precast concrete websites, to offer reliable information to customers. A precast concrete website typically serves as an online platform dedicated to providing information, resources, and services related to precast concrete products, technologies, and solutions. For example, in September 2022, the Precast/Prestressed Concrete Institute, a U.S.-based organization specializing in precast and prestressed concrete, launched the 'Precast Protects Life' website. This platform provides a wealth of information and resources showcasing the resilient attributes of precast concrete. Visitors, including architects, building owners, contractors, and others, can easily access videos, case studies, articles, and webinars elucidating the premier resilience, durability, and flexibility of precast concrete as a building material.

In 2021, Cementos Molins, a Spain-based building material company involved in the marketing, distribution, and manufacturing of cement through its subsidiary Precon, acquired Pretersa Prenavisa for an undisclosed amount. This strategic acquisition is poised to enhance Cementos Molins' presence in precast concrete solutions within Spain, Portugal, and France, expanding the company's portfolio of innovative and sustainable building solutions. The acquisition of Pretersa-Prenavisa, a Spain-based construction company specializing in the design, manufacture, and assembly of precast concrete infrastructure, contributes to Cementos Molins' goal of strengthening its position in these regions.

Major companies operating in the precast construction market report are Saint-Gobain SA, Bouygues Construction, CRH PLC, Holcim Group, LafargeHolcim Ltd., Larsen & Toubro Ltd., CEMEX S.A.B. de C.V, IRCON International, Taisei Corporation, Balfour Beatty PLC, Betonmast, Forterra Pipe and Precast LLC, HCC Ltd., Hindustan Construction Company, Afcons Infrastructure, Shapoorji Pallonji & Company, NCC Limited, JMC Projects, Jaiprakash Associates, Tindall Corporation, GÜlermak A.S., HeidelbergCement, Simplex Infrastructures, Jensen Precast, STECS, ELO Beton, Banahen Precast Concrete, Gammon India, Boral Precast Holdings, Gulf Precast Concrete Co. LLC, L&T Construction, Laing O’Rourke, Milbank Concrete Products, Oldcastle Infrastructure, Olson Precast Company, Patel Infrastructure, SigmaRoc, Skanska AB, Spancrete Elementbau Osthessen GmbH & Co. ELO KG.

Asia-Pacific was the largest region in the precast construction market in 2023 and is also expected to be the fastest-growing region in the precast construction market share during the forecast period. The regions covered in the precast construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the precast construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main structural configurations in precast construction include the beam & column system, floor & roof system, bearing wall system, and facade system. Beam & column systems encompass both horizontal and vertical components that provide support for double tees, hollow-core, solid slabs, and occasionally other beams and columns holding up beams and spandrels. These precast constructions find applications in modular and manufactured homes, serving both residential and non-residential users.

The precast construction market research report is one of a series of new reports that provides precast construction market statistics, including precast construction industry global market size, regional shares, competitors with a precast construction market share, detailed precast construction market segments, market trends and opportunities, and any further data you may need to thrive in the precast construction industry. This precast construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The precast construction market includes revenues earned by entities by building and designing substantial buildings that can manage loads better by avoiding the need for additional columns and beams. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.