Precast Concrete Market Size, Share, and Trends 2024 to 2033

Precast Concrete Market Size and Forecast

The global precast concrete market size was USD 157.66 billion in 2023, accounted for USD 166.17 billion in 2024, and is expected to reach around USD 266.76 billion by 2033, expanding at a CAGR of 5.4% from 2024 to 2033.

Precast Concrete Market Key Takeaways

• Asia Pacific led the global market with the highest market share of 35.14% in 2023.
• By application, the non-residential segment has captured 59% from 2024 to 2033.
• The structural building components segment is growing at a CAGR of 6.2% from 2024 to 2033.

Asia Pacific Precast Concrete Market Size and Growth 2024 to 2033

The Asia Pacific precast concrete market size was estimated at USD 55.40 billion in 2023 and is predicted to be worth around USD 97.37 billion by 2033, at a CAGR of 5.8% from 2024 to 2033.

The Asia Pacific region holds the highest market with the increasing growth rate of precast concrete with increased population and rising demands for developing infrastructures and enhancing house units help to grow the market of precast concrete with increased infrastructural development and growing urbanization help to grow the market of precast concrete during the forecast period. North America is the third largest region which accounts for growing the precast concrete with increased technologies and enhanced renovation helps to drive the market of precast concrete with increased revenue share.

Market Overview

The precast concrete market is utilized in construction sites of concrete walls, beams, panels etc. Which is utilized in the formation of the complete structure in using precast concrete panels. It is a reusable mold or also called a form. After the formation of the panels, staircase pipes, beams, and columns are transported to the construction site and fixed in place. It is used for manufacturing the custom requirements construction of precast concrete components with increasing technology and developments improved for manufacturing and production of the components. Enhance initiative in the development of modern infrastructure with precast concrete across various regions. Increasing market growth of the precast concrete market with the significant rise in residential and non-residential buildings with increasing urbanization and infrastructure with new developments help to expand the market of precast concrete.

The outbreak of Covid-19 with the spread of coronavirus across various regions and rules and regulations imposed by the government such as social distancing ceased the transport for controlling the spread of coronavirus. The reduced market of precast concrete. The post-pandemic situation, which led to enhancing demands for precast concrete with increasing construction sites help to drive the market precast concrete market.

Precast Concrete Market Growth Factors

Enhance industrialization and urbanization with the increase in developing technologies in precast concrete with emerging developments of the precast concrete across various regions helps to drive the market precast concrete with increased market growth rate. Urban growth with acceptance of the techniques utilized for production and manufacturing of precast concrete with the significant rise in precast concrete due to rising population with increasing development in infrastructures and house units.

The low cost required for the development of the infrastructures with modern urbanization with enhancing the efficiency of the precast concrete. Increased fast building of the infrastructure with less period of time with developed precast concrete. Enhancing investment for building with improved infrastructure with less period of time and decreased cost of the precast concrete help to boost the market of precast concrete. Increased investment from the government for improving the construction with the increased growth rate of construction with improved urbanization and industrialization.

The key market players involved in the introduction of new techniques for developing the house or building infrastructures with constant research in precast concrete help to enhance the market of precast concrete.

The impact of covid-19 on precast concrete with reduced construction activities affects the market of precast concrete with the imposition of rules and regulations from the government. Which reduced the market growth of precast concrete during the forecast period due to the imposition of rules and regulations from the govern net with the reduced sales due to ceased transportation and production and manufacturing of the precast concrete market and the negative impact on the market of precast concrete.

Post pandemic situation with the slow growth of precast concrete development helped to slow the rise of the precast concrete market and improve the production of the precast concrete material with enhanced development with new technologies and enhance the demands from the customer and extent the market of precast concrete with the rise of rate.

Precast Concrete Market Scope

Precast Concrete Market Dynamics

Key Market Drivers

• Energy efficient buildings - Precast buildings are constructed with low energy utilization and the precast concrete with developed infrastructures and fixed on place with a fast-growing construction site with reduced cost of the precast concrete. Precast concrete can be utilized in the construction of the building with improved urbanization and infrastructure development to help to grow the market of precast market. Utilization of precast concrete for the production and manufacturing of the building with installation of the walls, panels, columns, staircase, and pipelines material used for construction can be preserved.  Precast-developed infrastructures can last for 50 years of the period with an increasing market growth rate during the forecast period with increased development in the construction site.
• Increasing research and development with new technologies developed in the precast concrete with less period of time and reduced cost for production and manufacturing of the precast concrete with rapid acquisition of the technology for developing the precast concrete with increased technology systems. Such as the measurable amount of mixing of material help to grow the market of precast concrete with increased strength and long-lasting concrete, improved quality of the precast concrete. The increasing number of projects helps to drive the market for precast concrete.

Key Market Challenges 

• High cost of the larger precast concrete - Increased cost of the precast concrete which is developed from the newly introduced methods of precast concrete. Improved precast in building wall panels, large highway pillars, bridges, and manholes with the increasing cost of the precast concrete which is produced and manufactured with new technology may halt the market of precast concrete during the forecast and decline the market rate of precast concrete during the forecast period.
• Lack of skill - The construction of precast concrete with developed techniques with increasing urbanization and infrastructure development. Lack of skill and knowledge regarding developments of precast concrete. This led to hampering the market of the precast concrete market with a reduced growth rate may affect the market of precast concrete with less demand.
• Lack of confidence - Decreased confidence among the customer regarding the durability and strength and waterproofing of the concrete panels installed on the construction site. Increasing natural calamities such as earthquakes, and floods in some regions with a lack of confidence may hamper the market of precast concrete during the forecast period.

Key Market Opportunities

• Emerging regions with developed infrastructure - The rapid development of undeveloped regions with increasing infrastructure and growing urbanization with development of the buildings with new house developments. This helps to boost the market of precast concrete during the forecast period with increased demands from the customer.
• Rising population and enhance infrastructure development - Increasing population across various regions with increased demands from the customer for development of new buildings and house units with increasing infrastructure and growing urbanization with increasing the economy of the region. This helps to grow the market of precast concrete with enhanced demands from the customer for developing the basic necessity of the individual.
• Increased investment by the government - Governments from various regions active participation in increasing the developments in precast concrete. Increasing advanced technologies developed for increasing the infrastructure with precast concrete and improving urbanization with modern developments in the construction of infrastructures with increased strength and efficiency.

Elements Insights

On the basis of elements, the walls, and barriers with the second highest market growth, Increased developments of the precast concrete market with increased new manufacturing and production of walls of various shapes, sizes, types, colors, textures, and finishing of the precast concrete. Precast concrete walls are fixed in either vertical or horizontal positions and can use for construction. Construction of the wall for load bearing, flooring, and roof load and enhance safety developed. With increased utilization of precast concrete in developing infrastructure with the increasing growth of the elements in the precast concrete market during the forecast period.

Application Insights

The residential segment with increasing growth rate in developing precast concrete. The increasing population across the regions with improved developments in regions with building new infrastructures with new modern methods helps to propel the market of precast concrete with increasing market growth. Increased renovations, new developing infrastructures, and restructuring of the house help to boost the market of precast concrete with an increasing growth rate during the forecast period. During the pandemic period, fewer demands for developing and increasing the infrastructure development declined the market of precast concrete during Covid-19.

Structural building components involved in the application of precast concrete with the highest market share help to grow the market of precast concrete at an increased growth rate. Precast concrete is used as material for building, floor, lateral loads, and transferring roofs. With improved structural system was developed in precast concrete with reduced material required for precast concrete and reduced time for developing the concrete. Increased strength of the precast concrete, long-lasting and increased efficiency of the precast concrete help to expand the market of the precast concrete market during the forecast period. 

Precast Concrete Market Companies

• ELO Beton
• Spancrete
• Tindall Corporation
• Forterra
• CEMEX S.A.B. de C.V.
• Olson Precast Company
• Gulf Precast Company Co. LLC
• Lafarge
• Boral Limited
• ACS Group
• Balfer Beatty plc
• Bouygues Construction
• Julius Berger NIGERIA PLC
• Kiewit Corporation
• Komatsu Ltd
• Laing O'Rourke 
• Larsen & Turbo Limited
• Red Sea Housing Services
• Taisei Corporation
• Forterra Pipe and Precast
• Skanska

Recent Developments

• In the year 2021 February, Skanska acquired the contract from the Kanta-Hame hospital District for building a newly developed hospital in Hameenlinna, Finland.
• In the year 2021 January, Firestone building products from Bridgestone Americas at an increased rate of USD 3.4 billion were acquired from company LafargeHolcim.
• In the year 2021 January, Fortera, Inc. company with a leading company for precast concrete products with increased manufacturing water drainage and improving the pipelines and introduced the adoption of the Barbour Concrete Company and developing system.

Segments Covered in the Report

By Element 

• Columns & beams
• Floors & roofs
• Girders
• Walls & barriers
• Utility vaults
• Pipes
• Paving slab 
• others

By Construction Type

• Elemental Construction
• Relocatable buildings
• Permanent building

By Type

• Wet concrete
• Dry/semi-dry concrete

By Application

• Residential
• Non-residential
  • Tunnels
  • Bridges
  • Wind tower

By End-Use

• Structural building components
• Architectural building components
• Transportation products
• Waste & waste handling products
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)