Precast Concrete Products Market Size, Industry

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The Precast Concrete Global Market Report 2023 by The Business Research Company, provides precast concrete market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Precast Concrete Global Market Report 2023, the global precast concrete market size will grow from $102.24 billion in 2022 to $109.14 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. 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 market size of the precast concrete is expected to grow to $141.59 billion in 2027 at a CAGR of 6.7%.

Increasing expenditure on road and water infrastructure is significantly driving the growth of the precast concrete market. The use of precast concrete offers major time and user cost savings in comparison with the traditional cast-in-place methods of construction. Emerging and advanced economies are increasing their spending on road and water infrastructure to bridge the gap between the required infrastructure and available infrastructure. Governments of various countries are increasing their expenditure on infrastructural developments to bridge this gap.

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The precast concrete market is segmented:

1) By Product: Structural Building Components, Architectural Building Components, Transportation Products, Water and Waste Handling Products, Other Products

2) By Element: Columns and Beams, Floors and Roofs, Walls and Barriers, Girders, Pipes, Paving Slabs, Utility Vaults, Other Elements

3) By End User: Residential, Non-residential, Infrastructure

3D printing is a key trend gaining popularity in the precast concrete market. Major companies operating in the precast concrete sector are focused on developing new 3D printing solutions to strengthen their position. For instance, in December 2021, CEMEX, a renowned precast concrete company based in Mexico, and Denmark-based COBOD International, a key player in construction-grade 3D printers, launched a 3D printing solution that incorporates traditional ready-mix concrete into the construction process. In comparison to traditional construction and other 3D printing methods, the solution saves time and money. CEMEX and COBOD created this 3D printing solution using an innovative admixture that allows the use of conventional concrete, allowing the consumption of locally and readily available materials.

The precast concrete market report table of contents includes: