Precast Concrete Market by Element – Global Forecast to 2027

The report "Precast Concrete Market by Element – Global Forecast to 2027", published by MarketAndMarkets, indicates that the market size is projected to grow from $62 billion to $144 billion, reaching $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 reduced environmental impact.

The increasing demand for cost-effective, safe, and eco-friendly construction materials is expected to drive the demand for precast concrete.

Key Players in the Industry

Some of the prominent key players in the market include:

• LafargeHolcim Ltd. (Switzerland)
• Balfour Beatty plc (UK)
• Skanska AB (Sweden)
• CRH Plc (UK)
• Cemex S.A.B de C.V. (Mexico)
• Laing O’Rourke (UK)

Opportunity: Increasing Renovation and Remodeling Activities Worldwide

Government organizations in emerging economies are actively investing in and focusing on the development of commercial and industrial infrastructure by implementing various programs and awarding projects, which are driving the expansion of the precast concrete market.

The growing remodeling and renovation activities in non-residential spaces are expected to accelerate the demand for precast concrete during the forecast period. Additionally, hotel and resort renovation projects are on the rise.

The increasing investments by industry players in industrial construction are expected to further propel the adoption of precast concrete and create new market opportunities.