Precast Concrete Global Market Opportunities And Strategies To 2031

The global precast concrete market reached a value of nearly $109,866.1 million in 2021, having grown at a compound annual growth rate (CAGR) of 3.9% since 2016. The market is expected to grow from $109,866.1 million in 2021 to $139,233.8 million in 2026 at a rate of 4.9%. The market is then expected to grow at a CAGR of 5.4% from 2026 and reach $181,119.8 million in 2031.

Growth in the historic period resulted from increasing expenditure on road and water infrastructure development, growing demand for residential and commercial spaces, increase in demand for precast construction and low interest rate environment. Factors that negatively affected growth in the historic period were rising material cost, volatility in raw materials prices and COVID-19 impact.

Going forward, increasing construction activities globally, increase in population growth, increasing industrialization, rising renovation activities and technology development will drive the growth. Factors that could hinder the growth of the precast concrete market in the future include falling consumer demand, health and safety measures, and rising interest rates.

The precast concrete market is segmented by product into structural building components, architectural building components, transportation products, water and waste handling products and other products. The structural building components market was the largest segment of the precast concrete market segmented by product, accounting for 36.2% of the total in 2021. Going forward, the transportation products segment is expected to be the fastest growing segment in the precast concrete market segmented by product, at a CAGR of 5.2% during 2021-2026.

The precast concrete market is segmented by type into concrete masonry units (CMUs), pavers, retaining walls and other types. The other types market was the largest segment of the precast concrete market segmented by type, accounting for 67.6% of the total in 2021. Going forward, the CMUs segment is expected to be the fastest growing segment in the precast concrete market segmented by type, at a CAGR of 4.93% during 2021-2026.

The precast concrete market is segmented by element into columns and beams, floors and roofs, walls and barriers, girders, pipes, paving slabs, utility vaults and other elements. The columns and beams market was the largest segment of the precast concrete market segmented by element, accounting for 22.6% of the total in 2021. Going forward, the girders segment is expected to be the fastest growing segment in the precast concrete market segmented by element, at a CAGR of 5.2% during 2021-2026.

The precast concrete market is also segmented by end-user into residential, non-residential and infrastructure. The residential market was the largest segment of the precast concrete market segmented by end-user, accounting for 44.5% of the total in 2021. Going forward, residential segment is expected to be the fastest growing segment in the precast concrete market segmented by end-user, at a CAGR of 5.1% during 2021-2026.

Asia Pacific was the largest region in the precast concrete market, accounting for 36.3% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the precast concrete market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 5.6% and 5.4% respectively. These will be followed by Western Europe and North America where the markets are expected to grow at CAGRs of 4.8% and 4.4% respectively.

The global precast concrete market is highly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 2.82% of the total market in 2021. The global market is highly competitive. Thus, many market participants focus on reducing their product prices while improving the quality. Holcim Group was the largest competitor with 0.67% of the market, followed by CRH plc with 0.64%, Gulf Precast Concrete Co with 0.52%, Tindall Corporation with 0.29%, Boral Limited with 0.25%, Forterra Inc with 0.23%, CEMEX S.A.B. de C.V with 0.13%, Balfour Beatty plc with 0.07%, Laing O’Rourke with 0.03%, and Olson Precast Company with 0.01%.

The top opportunities in the precast concrete market segmented by product will arise in the structural building components segment, which will gain $10,220.7 million of global annual sales by 2026. The top opportunities in the precast concrete market segmented by type will arise in the other types segment, which will gain $19,920.9 million of global annual sales by 2026.The top opportunities in the precast concrete market segmented by element will arise in the columns and beams segment, which will gain $6,883.2 million of global annual sales by 2026. The top opportunities in the precast concrete market segmented by end-user will arise in the Residential segment, which will gain $13,948.3 million of global annual sales by 2026. The precast concrete market size will gain the most in China at $5,979.0 million.

Market-trend-based strategies for the precast concrete market include focus on investing in research and development of innovative products, focus on implementing IoT technology, focus on partnerships and collaboration, focus on environment-friendly building materials, and focus on mergers and acquisitions.

Player-adopted strategies in the precast concrete market include strategic acquisitions, securing new projects and launch of new precast products.

To take advantage of the opportunities, the publisher recommends the precast concrete companies to use internet of things (IoT) in precast concrete manufacturing plants, focus on green cement, focus on product innovations, expand in emerging markets, continue to focus on developed countries, focus on mergers and acquisitions, offer competitive pricing, continue to participate in trade shows and events and approach contractors, remodelers, interior designers and target governments.

This report describes and explains the precast concrete market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.