According to MarketsAndMarket, the report "Concrete Precast Market by Region - Global Forecast to 2027" estimates that the market size will increase from 144.6 billion USD in 2022 to 198.9 billion USD by 2027, at a CAGR of 6.6% from 2022 to 2027.

The growth of the concrete precast 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 environmentally friendly construction material is expected to drive the demand for concrete precast.

Some prominent key players include:

1. LafargeHolcim Ltd. (Switzerland)
2. Balfour Beatty plc (UK)
3. Skanska AB (Sweden)
4. CRH Plc (UK)
5. Cemex S.A.B de C.V. (Mexico)
6. Laing O’Rourke (UK)
7. Julius Berger Nigeria Plc (Nigeria)
8. Boral Limited (Australia)

Opportunity: Increasing Renovation and Remodeling Activities Globally

Government organizations in emerging countries are actively investing and focusing on the development of commercial and industrial infrastructures through multiple programs and project awards, which boost the expansion of the concrete precast market.

Growing renovation and remodeling operations in non-residential spaces will accelerate the demand for concrete precast during the forecast year. Renovation activities in hotels and resorts are also on the rise.

Increased industry player investments in industrial construction are expected to further propel the adoption of concrete precast and create market opportunities.

Basic construction is estimated to be the largest segment in the concrete precast market during the forecast period. Basic construction, by construction type, accounted for the largest demand for concrete precast in 2021 in terms of value and volume.

Concrete precast 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 entrepreneurs 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, particularly in emerging economies in the Asia-Pacific and South America regions.

The APAC region is estimated to represent the largest share of the concrete precast market during the forecast period.

The APAC region is expected to lead the concrete precast market in terms of both 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.

New construction of buildings with improved energy efficiency solutions for residential and commercial sectors in multiple APAC countries is fueling the demand for concrete precast in the region.