Precast Concrete Market Production, Total Revenue, Price

The global precast concrete market size is expected to showcase significant growth by reaching USD 159.85 billion by 2028. Fortune Business Insights, in its report titled “Precast Concrete Market, 2021-2028.”, mentions that the market stood at USD 114.78 billion in 2020 and is likely to exhibit a CAGR of 4.4% between 2021 and 2028. The rapid-paced urbanization, coupled with the rising population rate, is anticipated to favor the adoption of the product globally. According to the National Bureau of Statistics (NBS), around 901.99 million people reside in the mainland areas in China, which accounts for over 63.89% of the total population in the country.

Precast concrete is a construction product produced by casting concrete in a reusable mold or “form” which is then cured in a controlled environment, transported to the construction site, and lifted into place. This method contrasts with standard concrete, which is poured and cured on-site. Here’s an overview of its key aspects:

Advantages of Precast Concrete

1. Quality Control: Because precast concrete is produced in a controlled environment, it allows for higher standards of quality assurance. Conditions such as temperature, mix design, and finishing can be closely monitored.
2. Speed of Construction: Precast concrete can be manufactured while site preparation is ongoing, reducing the overall construction timeline. Installation on-site is typically faster than cast-in-place concrete.
3. Durability: Precast concrete is highly durable and resistant to weather, chemicals, and other environmental factors.
4. Design Flexibility: It can be molded into a variety of shapes, sizes, and finishes, allowing for creative architectural designs.
5. Reduced Site Disruption: With fewer concrete trucks needed on-site and reduced construction debris, precast concrete minimizes disruption and enhances site safety.
6. Sustainability: Precast plants often incorporate recycled materials, and the controlled environment can lead to less waste and better resource management.

Applications

1. Structural Components: Includes beams, columns, floors, walls, and roof panels.
2. Architectural Elements: Such as decorative façade panels, cladding, and custom shapes.
3. Infrastructure: Bridges, tunnels, sound walls, and retaining walls.
4. Utility Products: Pipes, manholes, and utility vaults.
5. Modular Units: Precast concrete is used in the construction of modular buildings and homes.

Production Process

1. Design and Engineering: Detailed designs and structural calculations are prepared.
2. Molding: Molds are constructed from steel, wood, or other materials, often custom-made for specific projects.
3. Mixing and Pouring: Concrete is mixed to precise specifications and poured into the molds.
4. Curing: The concrete is cured under controlled conditions to achieve optimal strength and durability.
5. Stripping and Finishing: Once cured, the precast units are stripped from the molds and finished as required.
6. Transportation and Installation: The finished units are transported to the construction site and installed using cranes and other equipment.

The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.

Market Segmentation

Based on the product type, the precast concrete market is divided into building components, transportation, water & waste handling, and others. On the basis of end-use, the market is bifurcated into residential and non-residential.

Based on end-use, the residential segment held a global precast concrete market share of about 37.7% in 2020. The segment is expected to experience exponential growth backed by the increasing investment in the development of real estate that is likely to propel the demand for the product worldwide.

Finally, on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

DRIVING FACTORS

Rapid-Paced Urbanization to Aid Growth

The evolving standard of living globally has led to the growing demand for quality-oriented and people-centered facilities. The rapid-paced urbanization has led to significant development of both residential and non-residential establishments.

Besides, a large number of masses are migrating from rural areas to urban places for better job opportunities. The fast-paced growth of smart cities equipped with state-of-the-art infrastructures such as airports, malls, sports complexes, and commercial spaces is anticipated to boost the demand for the product. Besides, the rising population rate across the globe is expected to contribute to the global precast concrete market growth during the forecast period.

COMPETITIVE LANDSCAPE

Partnerships between Key Players to Intensify Industry Competition

The global market is consolidated by the presence of major companies that are striving to maintain their position and gain a competitive edge over their rivals. They are doing so by focusing on partnering with other companies to expand their product portfolio. Additionally, other key players are adopting organic and inorganic strategies to intensify market competition and maintain strongholds during the forecast period.