Major players in the precast construction market are CRH plc, Bouygues Construction, Larsen & Toubro Limited, Taisei Corporation, Balfour Beatty plc, Kiewit Corporation, Laing O’Rourke, Julius Berger Nigeria PLC., Red Sea Housing Services, ACS Group, Elematic, LafargeHolcim, Coltman Precast Concrete Limited, and Cemex S.A.B. de C.V.
The global precast construction market grew from $135.22 billion in 2022 to $144.36 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The precast construction market is expected to grow to $184.51 billion in 2027 at a CAGR of 6.3%.
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 precast construction refers to a technology that consists of various precast elements and some customized elements which are standardized and designed for stability market. It consists of the large panel, frame, slab-column system with the shear wall, erection sequence, beams, and others.
Asia-Pacific was the largest region in the precast construction market in 2022 and is also expected to be the fastest-growing region in the forecast period. The regions covered in precast construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main structure type of precast construction is beam & column system, floor & roof system, bearing wall system, and facade system.Beam & column systems are horizontal and vertical components that support double tees, hollow-core, solid slabs, and occasionally other beams and columns that are used to hold up beams and spandrels.
These precast constructions are applied in modular and manufactured homes. These precast constructions are used by residential, and non-residential users.
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.
Sustainable construction techniques are a key trend that is gaining popularity in precast construction.The construction industry consumes a lot of natural resources.
However, with the growing threat of climate change and finite natural resources, construction firms are under increasing pressure to reduce their environmental impact.The improvement of efficiency and assurance of sustainable development in construction depends on the broader application of progressive technologies, Government regulations, controlling cost, materials, and modern methods of sustainable construction techniques.
For Instance, In November 2021, in a report published by Dodge Construction network, there is an estimated increase in the use of green products and systems across various construction categories. Furthermore, an elevated level of growth is expected in the next three years (2024) among those who plan to do more than 60% of their green projects.
In 2021, Cementos Molins, a Spain-based building material company specializing in marketing, distribution, and manufacturing of cement through its subsidiary Precon, acquired Pretersa Prenavisa for an undisclosed amount.This acquisition will boost Cementos Molins’ expansion in precast concrete solutions in Spain, Portugal, and France, which will expand the company’s offering of innovative and sustainable building solutions while also boosting its presence in these countries.
Pretersa-Prenavisa is a Spain-based construction company that is dedicated to the design, manufacture and assembly of precast concrete infrastructure.
The countries covered in the precast construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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.