Precast Concrete Global Market Report 2024

The precast concrete market size has grown steadily in recent years. It will grow from $120.39 billion in 2023 to $126.06 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The expansion observed in the historical period can be attributed to increasing expenditure on road and water infrastructure development, a growing demand for residential and commercial spaces, an increase in demand for precast construction, and a low-interest rate environment that facilitated construction activities.

The precast concrete market size is expected to see steady growth in the next few years. It will grow to $153.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to increasing construction activities globally, population growth, industrialization, rising renovation activities, and ongoing technology development. Key trends expected in the forecast period include investments in research and development of innovative products, a focus on implementing Internet of Things (IoT) technology in the industry, emphasis on partnerships and collaboration, prioritizing environment-friendly building materials, and a focus on mergers and acquisitions to enhance market presence and capabilities.

The significant growth of the precast concrete market is being driven by an increase in spending on road and water infrastructure projects. The utilization of precast concrete provides substantial time and cost savings compared to traditional construction methods. Both emerging and advanced economies are directing more funds toward infrastructure development, aiming to bridge the gap between the required and existing infrastructure. Governments worldwide are ramping up their expenditures on such projects. As an illustration, the Indian government announced substantial road projects worth INR 1 lakh crore ($13.48 billion) in September 2021 to enhance road infrastructure in Jammu and Kashmir. Such initiatives, including the expansion of national highways, are expected to fuel demand for precast concrete products, thereby propelling the market's growth.

The rise in construction activities globally, particularly the renovation of old buildings, monuments, and heritage sites, is anticipated to contribute significantly to the expansion of the precast concrete market. The demand for non-residential facilities, including malls, offices, airports, and commercial spaces, is increasing, supported by government programs funding construction and infrastructure projects in developing nations. This surge in demand is leading to increased consumption of precast items such as blocks, panels, and roof tiles. For instance, building activities in New Zealand rose by 3.7 percent in March 2021, with a 4.3 percent increase in residential activities in 2021 compared to 2020. Similarly, the value of construction activities in the United States grew from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, reflecting a growth rate of 10.2 percent. Consequently, heightened construction activities in developing regions are a driving force behind the precast concrete market's growth.

A notable trend gaining traction in the precast concrete market is the adoption of 3D printing. Key industry players are actively involved in developing innovative 3D printing solutions to enhance their market positions. For example, in December 2021, CEMEX, a prominent precast concrete company based in Mexico, and COBOD International from Denmark, a leading construction-grade 3D printer manufacturer, introduced a 3D printing solution integrating traditional ready-mix concrete into the construction process. This solution stands out for its time and cost efficiency compared to conventional construction methods and other 3D printing approaches. The unique feature of using a conventional concrete mix, made possible by an innovative admixture, allows the utilization of locally available materials.

Companies in the precast concrete market are pursuing mergers and acquisitions to bolster their market share and enhance research and development activities. In July 2021, Forterra, a prominent manufacturer of water and drainage pipes and products in the United States, acquired Barbour Concrete Company and Barbour Building Systems. This strategic move is aimed at broadening Forterra's product range and accessing technical expertise to create tailored services for diverse end-users. Barbour Concrete Company and Barbour Building Systems, both US-based firms, specialize in manufacturing precast concrete products.


In November 2021, private equity firm MiddleGround Capital acquired Lindsay Precast, marking an important investment in infrastructure. Lindsay Precast produces engineered precast concrete structures for various sectors, including water/wastewater, utility, solar, transportation, and government end markets.

Major companies operating in the precast concrete market report are 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.

Europe was the largest region in the precast concrete market in 2023. 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. The countries covered in the precast concrete market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main products derived from precast concrete are categorized into structural building components, architectural building components, transportation products, water and waste handling products, and others. Structural building components, including footings, beams, slabs, columns, walls, and facades, are employed for the rapid construction of structural buildings. Various types of precast concrete products, such as concrete masonry units (CMUs), pavers, retaining walls, and others, contribute to diverse applications. Precast concrete elements encompass columns and beams, floors and roofs, walls and barriers, girders, pipes, paving slabs, utility vaults, and more. These elements find application across different end-user segments, including residential, non-residential, and infrastructure projects.

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

The precast concrete market consists of sales of precast floor slabs, precast beams, precast walls, precast columns, and precast staircases. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.