The global precast concrete market is worth US$ 134 Billion as of now and is expected to reach US$ 234 Billion by the year 2033 at a CAGR of 5.7% between 2023 and 2033.
Precast concrete, as the name suggests, is derived by casting concrete by using reusable mold that is cured offsite in controlled environment and to construction site thereafter. The residential buildings these days incorporate precast products like columns, beams, walls, and stairs. The governments are also taking up initiatives for providing housing for EWS (Economically Weaker Section). All these factors are likely to take the precast concrete market by storm going forward.
Reusability is the unique selling point of precast concrete. This renders it superior to onsite casting.
At the same time, the fact that cement manufacturing sites prove to be good sources of toxic gases like sulfur dioxide, nitrogen dioxide, carbon monoxide, and likewise can’t be ignored. Acid rain is another factor contributing to environmental pollution. These factors are expected to restrain the precast concrete market in the near future.
Future Market Insights has entailed these facts with future prospects in its latest market study entitled ‘Precast Concrete Market’. It has its dedicated team of analysts and consultants to look through an eagle’s eye view across its macros and micros.
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“With increase in construction activities, the demand for precast concrete is likely to witness an upswing in the near future”, says an analyst from Future Market Insights.
Key Takeaways from Precast Concrete Market
- The Asia-Pacific is expected to grow at the fastest rate in the precast concrete market going forward. This could be credited to Industry 4.0 casting its spell all through.
- North America holds a sizable market share with consumers and contractors moving toward cost-effective, eco-friendly, and contemporary construction solutions.
- Europe is expected to grow in precast concrete market on the back of Nordic countries being amongst the first ones to go for precast technology. Germany stands second on this count. This could be credited to factors like digitization, incentives by the governments, and circular economy.
Competitive Precast Concrete
- LafargeHolchim, in January 2021, inked an agreement for acquiring Firestone Building Products (a commercial roofing and building envelope solutions company) for US$ 3.4 Billion. The major objective of this acquisition is that of expanding roofing portfolio of the company in the US.
- Forterra Inc., in July 2021, completed acquisition of Barbour Concrete Company & Barbour Building Systems. The latter is a producer of precast concrete products used in stormwater, drainage, utility, and likewise.
- Tindall Corporation, in April 2020, did announce plans for expanding its operations at Spartanburg County (South Carolina, US). This expansion involved investment of US$ 27.9 Million. The new-fangled facility would be increasing manufacturing capacity and expanding product offerings.
- Kanta-Hame Hospital District, in February 2021, did award Skanska a contract for constructing a novel hospital at Hameenlinna (Finland).
- Boral Limited, in May 2022, did team up with Calix Ltd. for investigating feasibility of constructing carbon capture facility at NSW Southern Highlands. This step was taken after the former receiving subsidy from Commonwealth for using the latter’s cutting-edge carbon technology.
- Holchim US, in December 2021, completed acquisition of Marshall Concrete Products (one of the longstanding as well as trusted suppliers of concrete services and products in Minneapolis/St. Paul and greater Twin Cities (MN) metropolitan area. The basic purpose was expansion of reach of Aggregate Industries (a part of Holchim family of companies in the US).
- CEMEX introduced Vertua in the US in December 2020. It’s a brand of ready-mix low-carbon concrete. It was already launched in Europe and Mexico before. The collection includes Vertua Ultra, Vertua Plus, and Vertua Classic.
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Key Market Players
- Boral Limited
- Lafarge
- Gulf Precast Concrete Co. LLC
- Olson Precast Company
- CEMEX S.A.B. de C.V.
- Forterra
- Tindall Corporation
- Spancrete
- ELO Beton
- GÜlermak A.S.
- STECS
- LAING O’Rourke
- Larsen & Toubro Ltd.
What does the Report Cover?
- The research study is based on product type (structural building components, architectural building components, transportation products, water & waste handling products, and likewise), and by end-use (non-residential, residential, and infrastructure).
- With construction vertical at its peak, the global precast concrete market is bound to grow on a good note in the near future.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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