According to MarketsAndMarkets, which issued the report "Precast Concrete Market by Element (Columns & Beams, Floors & Roofs, Girders, Walls & Barriers, Utility Vaults, Pipes, Paving Slabs), Construction Type, End-use Sector (Residential, Non-residential) - Global Forecast to 2027," the market size is estimated to increase from USD 144.6 billion in 2022 to USD 198.9 billion by 2027, at a CAGR of 6.6% from 2022 to 2027.

The growth of the precast concrete market is attributed to reduced construction time, improved productivity, lower construction costs, and a smaller environmental footprint. The increasing need for cost-effective, safe, and eco-friendly construction material is expected to drive the demand for precast concrete.

The market will be dominated by the following companies:

• LafargeHolcim Ltd. (Switzerland)
• Balfour Beatty plc (United Kingdom)
• Skanska AB (Sweden)
• CRH Plc (United Kingdom)
• Cemex S.A.B de C.V. (Mexico)
• Laing O’Rourke (United Kingdom)
• Julius Berger Nigeria Plc (Nigeria)
• Boral Limited (Australia)

Opportunity: Growth in Global Renovation and Remodeling Activities

Governmental organizations in emerging countries are actively investing and focusing on the development of commercial and industrial infrastructure through the implementation of various programs and project allocations, boosting the expansion of the precast concrete market.

The growth in renovation and remodeling activities in non-residential spaces is expected to accelerate the demand for precast concrete during the forecast period.

Renovation activities in hotels and resorts are also on the rise. Increasing investments by industry players in industrial construction are expected to further propel the adoption of precast concrete and create market opportunities.

The Largest Segment

Structural building is estimated to be the largest segment in the precast concrete market during the forecast period.

Structural building, by construction type, accounted for the largest demand for precast concrete in 2021 in terms of value and volume. Precast concrete elements, such as columns and beams, floors and roofs, are used in various residential, non-residential, and infrastructure applications.

This growth can be attributed to factors such as strong interest from contractors and builders in using individual precast elements to construct an entire structure in both residential and non-residential construction sectors, and an increase in public and private investments in global infrastructure development, especially in emerging economies in the Asia-Pacific and South America regions.

The APAC Region Estimated to Hold the Largest Market Share in Precast Concrete Market During the Forecast Period

The APAC region is estimated to lead the precast concrete market in terms of value and volume from 2022 to 2027. Population growth, rapid urbanization, and the construction sector are among the key factors driving industry expansion in the region.