The global precast construction market size was $139,100.0 million in 2021, and is expected to reach $227,567.1 million by 2030, growing at a CAGR of 4.9% from 2021 to 2030. The precast construction technique is used to manufacture custom components such as columns, slabs, walls, stairs, beams, and others. Precast construction is a technology where concrete and other construction materials are mixed, poured, or cured in a controlled environment in production units. These prefabricated components are then transported to the place of use and assembled.
The increase in developments in precast technology together with dimensional accuracy offers architects and engineers the opportunity to develop unique and groundbreaking constructions of exceptional quality. Precast construction also allows designers and engineers to plan for future construction projects as the components can be rearranged.
The increase in construction spending and the rise in urbanization and industrialization in emerging countries such as Germany, France, and the U.S. propel the growth of the precast construction market globally. For instance, degree of urbanization in the India increased by 1.2% from 2018 to 2020.
In addition, more than 50% of all urban growth is anticipated to take place in emerging economies such as Asia and Africa, for the next 20 years. Over the past few years, with significant growth in population, the rise in need for the development of low-cost housing units, higher efficiencies achieved through precast methods, and increase in construction speed through precast technology drive the market. Besides, conversion, refurbishment, renovation of old buildings boost investment in the construction industry and thus, increase the demand for prefabricated parts, which positively contributes toward of the precast construction market growth.
The surge in investment in the building and construction industry due to various government sponsored public housing programs has recently boosted the demand for precast construction. In addition, factors such as increase in disposable income and a surge in home buying is expected to boost the market growth further. The rapid growth and development of urban housing demand leads to shorter construction times and reduced costs. For instance, by 2030, almost 590 million people are expected to shift to urban locations globally. Moreover, increase in investment in construction activities is expected to drive the growth of the precast construction market share. For instance, in May 2019, the government of India announced an ambitious investment agenda plan of $1.5 trillion in construction sectors for a six-year period ending 2025. This investment focuses on improving the quality of construction for schools & higher education, health, sports, and basic infrastructure.
The COVID-19 pandemic forced many companies in the global precast construction market to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacts revenue flow of the market. In addition, there is a halt in manufacturing of construction products, owing to lack of raw materials and manpower in the lockdown period. Further, no new consignments are received by companies that operate in this sector. Hence, stop in construction activities and lockdowns for several months have affected the global precast construction and the market is anticipated to witness a slow recovery during the forecast period.
By Product Type
Rolling Scaffolding segment is projected to grow at a highest CAGR of 7.2%.
However, lack of customer confidence in precast construction in earthquake prone regions are anticipated to hamper the growth of the precast construction market. Conversely, increase in urbanization and industrialization is anticipated to provide lucrative opportunities for the growth of the market.
The global precast construction market is segmented into product type, construction type and end user. By product type, the market is divided into columns & beams, floors & roofs, walls, staircases, girders, paving slabs, and others. By construction type, it is classified into modular, manufactured homes. By end user, the market is categorized into residential and non-residential.
By Construction Type
Modular segment holds dominant position in 2020
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to hold the highest market share during the forecast period.
Competition Analysis
The key players profiled in the market report include ACS Group, Balfour Beatty plc, Bouygues Construction, Julius Berger Nigeria plc, Kiewit Corporation, Komasu Ltd., Laing O’ Rourke, Larsen & Turbo Limited, Red Sea Housing Services, and Taisei Corporation.
By Region
Asia-Pacific holds a dominant position in 2020 and LAMEA is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging global precast construction market trends and dynamics.
- In-depth precast construction market analysis is conducted by the estimations for key market segments between 2020 and 2030.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global precast construction market forecast analysis from 2021 to 2030 is included in the report.
- The key market players within market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global precast construction industry.
Precast Construction Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By CONSTRUCTION TYPE |
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 By END USER |
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 By Region |
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Analyst Review
The precast construction market consists of modular homes and manufactured homes. The prefabricated components are transported to place of use and assembled, which is considered as modular homes. The precast technique is used to manufacture custom components such as columns, slabs, walls, stairs, beams, and others.
The growth in the commercial and residential construction industry and surge in demand for low-cost residential units are expected to pose as significant growth drivers for the precast construction market during the forecast period. In addition, the rise in spending on the building construction industry due to various government policies related to public housing programs is expected to boost the demand for the precast construction market. The growth of disposable income and surge in a demand for home buying, conversion, refurbishment, and renovation of old buildings increases investment in the construction industry and thus, boosts growth of the precast construction market. For instance, in 2022, the construction of Ohio State University Wexner Medical Center hospital project started in Columbus, Ohio. The project cost is nearly $1.79 billion and it is expected be open up by 2026. Moreover, rapid industrialization and urbanization in the emerging economies, such as China, India, and Brazil are also anticipated to drive the growth of the precast construction market. For instance, the urbanization in Brazil grew from 86.57% in 2018 to 87.07% by 2020.
However, the low customer confidence in precast construction in earthquake prone regions is one of the major restraints that affects the growth of the market. On the other hand, increase in construction spending and growth in industrialization in developing countries are anticipated to provide lucrative opportunities for the growth of the global precast construction market.
The Global precast construction market size was valued at $139,100.0 million in 2020.
Based on construction type, modular segment holds the maximum market share of the Global precast construction market in 2020.
The Global precast construction market is projected to reach $227,567.1 million by 2030.
A rise in home renovation and rise in investment in construction sectors, are the key trends in the Global precast construction market.
The acquisition is key growth strategy of Global precast construction industry players.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
Fluctuation in raw material prices which effects for global precast construction market.
The application of precast construction system includes wall cladding, memorial arts, construction, monuments, and flooring.
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