The Global Precast Concrete Market was valued US$ 93.27 Bn in 2020 is expected to reach US$ 139.52 Bn by 2027, with a growing CAGR of 5.9% during the forecast period (2020-2027).
Precast concrete is concrete that is molded, cut and designed before being installed for its final use. It is used to build beams, floors slabs, columns, foundations etc. Building structures with precast concrete is one of the most convenient ways to build structures because you can build with precast concrete at your preferred location and then shift it to wherever you want to. Another advantage of precast concrete is that it can be made in a controlled environment avoiding problems like heat, rain, dust. Although fitting the precast concrete to its desired location is a daunting task because it involves high risk to lift using cranes and other equipment. Also precast concrete is much more cost effective than other methods. There are a few disadvantages though, since every piece is made separately it is not in a continuous flow like other constructions. These joints have to be made stronger using sealants. Precast concrete is one of the most widely used construction methods, it is used not only in residential construction sites but also in constructing infrastructural projects like bridges, airports, parking lots, sidewalks, etc.
The key players operating in the market are:
The unique insights provided by this report also includes the following:
Precast concrete is mostly used in the construction of foundations, beams, floors, walls etc.
Basically, foundations are used to transfer structures into bearing soils they sit upon, to prevent the obstructions caused by the winds, to enclose basements and crawlspaces. Residential and light commercial are some of the types of foundations that are built using concrete masonry units, cast in place concrete and wood. Masonry is built on site and is quite labour intensive and its construction can be impacted by weather. For designing a foundation with precast concrete it is important to determine soil type and bearing capacity, footings should be built on undisturbed soil. Precast concrete structures are stronger and lighter than most other structures, they are also time efficient and have no leakages. They can also be built in a variety of architectural ideas and are environment friendly. Beams are constructed horizontally and also support deck members like double tees, hollow core, solid slabs. The main advantages of building precast concrete is the speed of construction, variety, flexibility in use and adaptability. It is also more durable. The types of precast concrete walls are cladding walls, load-bearing wall, shear walls. The precast concrete walls have many features like thermal resistance, moisture protection, fire safety and durability. It also saves a lot of time and money.
Precast concrete is mainly used for two types of projects. Residential and Non-Residential projects like flyovers, bridges, railway sleepers, metro projects etc.
Precast concrete is used in many types of bridges like precast beam composite bridge, incrementally launched bridge, cable stayed bridge etc. The way precast concrete bridges ate built in various parts of the world is quite different and it is not even used in some parts. Nowadays they are using state of the art technologies for high quality and strong concrete tunnels. Infrastructural projects are often quite big and many a times are time bound for a specific time limit and hence precast concrete is very useful in such situations where the work can be finished on time. Reinforced concrete is quite suitable for areas where there is more exposure on the construction elements. The concrete soaks in the pressure, the steel reinforcement absorbs tensile forces. Hence, reinforced precast concrete elements are the most widely used for the construction of walls for highways, which prevent a breakthrough of vehicles, or for sleepers, which have to take up high loads and are much more durable compared to sleepers made of other materials. Precast concrete elements are also quite suitable for the construction of walls that create extremely less noise because they are designed in a way that reduces the noises, caused by highway traffic or a train. Other structures built using precast concrete are multi-storey buildings. These buildings are earthquake proof. It does not matter in which condition or climate precast concrete is structure is built because it is adaptable in any climate and condition. A lot of public buildings are also made with precast concrete which are quite durable.
Precast concrete is widely used in all parts of the world. The Asia Pacific is expected to be the largest market for precast concrete in the world.
The reason why Asia Pacific is the biggest market is because a lot of nations are coming up with various infrastructural projects like India, China, Japan, Malaysia etc. Precast concrete is one material that will be widely used in all these countries. North America is also expected to be reviving old projects with new ones and this time they want to create projects that are durable and resistant to any kind of unfavorable weather conditions. Although Africa doesn’t have any developed nations but still some countries in this region are looking to develop their infrastructure and hence precast concrete has considerable demand in this region as well. Middle East has many upcoming public infrastructure projects and it is a region that is witnessing rapid urbanization and development.
The report also provides an in-depth analysis of precast concrete market dynamics such as drivers, restraints opportunities and challenges
Drivers
Restraints
Opportunities
Covid has had a mixed impact on the precast concrete market. On one hand the fear of infections has stopped the work on such projects. Whereas the need for more and better medical infrastructure has increased the demand for precast concrete. Now whether the situation will improve or not in the future only time will tell. But covid has certainly has had a negative impact on the import and export of raw materials. The demand of precast concrete has also fallen in some parts which is why the major players in this sector will also see a fall in the profits of their respective organizations.
The report also provides an in-depth analysis of key trends in the Global Precast Concrete Market
| Sr. No. | Trends | Impact |
| 1 | Modern precast plants will now come with the latest technologies. They improve the production accuracy, quality, safety and sustainability | Positive |
| 2 | They will ensure that not just the precast plants but even the workers on site are provided with additional safety measures | Positive |
The report also provides in-depth analysis of recent news developments and investments
Will precast concrete will be able to find long-term investors in GCC construction: Precast concrete can help the Middle East address the issues of cost, safety, quality and sustainability. The 2017 edition of The Big 5 Dubai oversaw the introduction of a two-day summit dedicated to the precast sector. The organisers of the Big 5 show, DMG Events, described the summit as a prelude to The Big 5 Heavy.
U.K. team launches new U.K. funded pilot to decarbonise precast concrete in construction: A collaborative team led by design-for-manufacture experts Akerlof along with leading UK materials manufacturer Forterra and superstructure construction specialist PCE has collaborated to research and develop methods that will decrease the emissions of pre-cast concrete methodology and materials. Funded by Innovate UK and supported by Ministry of Justice as part of its future capital programmes, this pilot project is aligned to the UK Government’s strategic commitment to developing low-carbon infrastructure, decarbonising the economy and securing better outcomes for the environment.
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
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