The global precast concrete market size was US$ 128.1 billion in 2021. The global precast concrete market is forecast to grow to US$ 219.2 billion by 2030, registering a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2022 to 2030.

Precast concrete is a type of concrete that is prepared in reusable molds off-site. This procedure is normally carried out in a controlled manufacturing setting. Precast concrete can be more cost-effective and sometimes more practical than traditional materials. It's commonly utilized in the development of floors, stairwells, wall panels, beams, pipes, and tunnels.

Factors Influencing the Market

The precast concrete industry will benefit from the changing preference of contractors and consumers. Contractors are adopting cost-effective, environmentally friendly, and innovative building approaches. Thus, it will contribute to the growth of the global precast concrete market.
Increasing disposable income and a growing number of construction activities will drive the global precast concrete market. In addition, growing consumer reliance on modern construction techniques is likely to propel the growth of the global precast concrete market.
Growing urban population and initiatives leading to infrastructure development will benefit the global precast concrete market during the forecast period. In addition, rising industrialization and favorable policies like "Made in India" are forecast to boost the market growth.
On the contrary, the lack of awareness regarding the precast concrete method may hamper the market growth during the study period.
COVID-19 Impact Analysis

The COVID-19 outbreak has had a negative influence on the global precast concrete market. The demand for the material from the end-users declined drastically, which hampered revenue growth. In addition, governments imposed lockdown restrictions that limited international trade activities. Thus, the global precast concrete market witnessed several challenges due to the COVID-19 epidemic.

Regional Analysis

Asia-Pacific is forecast to hold the highest share in the global precast concrete market, owing to the growing acceptance of the product and rapid infrastructure development in the region. China's Belt & Road program, which aims to build and strengthen the connectivity and infrastructure of its main trading partners, is likely to benefit the regional market. In addition, India's massive investments in the development of metro rail infrastructure will propel the precast concrete market forward.

Competitors in the Market

Atco Group
Balfour Beatty PLC
Bouygues Construction
Cemex S.A.B. De C.V.
CRH PLC
Julius Berger Nigeria PLC
Kiewit Corporation
Laing O'rourke
Larsen & Toubro Limited
Red Sea Housing Services
Skanska Ab
Taisei Corporation.
Other Prominent Players
Market Segmentation

The global precast concrete market segmentation focuses on Element, Construction, End-User, and Region.

Based on Element

Floors & Roofs
Walls & Barriers
Columns & Beams
Utility Vaults
Girders
Pipes
Paving Slabs
Based on Construction Type

Elemental construction
Permanent modular buildings
Relocatable buildings
Based on the end-user
Non-residential
Residential
Based on region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America