June 16, 2024
Precast Concrete Market

The Growing Construction Industry Is Driving The Precast Concrete Market

Precast concrete is widely used in construction for structural elements like beams, slabs, staircases, and columns. It has various advantages over conventionally cast concrete as it enhances construction speed, quality, sustainability, and reduces wastage on sites. Precast concrete elements are cast and cured in a controlled factory environment and then transported to sites for installation which eliminates the needs for formwork and reducing construction time significantly. It can be produced with varied sizes, shapes, colors, textures, and finishes according to project requirements. The global Precast concrete Market is estimated to be valued at US$ 122.26 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends

The increasing demand for green construction precast materials is one of the key trends in the market. To reduce the environmental impacts of construction, manufacturers are focusing on developing sustainable and eco-friendly precast concrete products. For example, precast concrete elements can incorporate recycled aggregates and incorporate features like lower embodied energy and enhance durability. The advancement of technology and automation is another major trend driving the precast concrete industry. Adoption of robotics, simulation, and modeling software is helping precast manufacturers to improve production processes and develop customized solutions catering to specific project requirements. This is boosting production capacities and quality. Rising urbanization globally has augmented infrastructure development which in turn has boosted the demand for precast concrete structures for buildings, bridges, roads, and other construction projects.

Porter’s Analysis

Threat of new entrants: Low barrier to entry as precast concrete production does not require large capital investment. However, the market is consolidated with presence of global players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, precast concrete offers time and cost saving which attract buyers.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material substitutes. However, strategic partnerships between suppliers and manufacturers ensures steady supply of raw materials.

Threat of new substitutes: Threat from substitutes like reinforced concrete is low as precast offers advantages such as durable, cost effective and reduced construction time.

Competitive rivalry: Market landscape is consolidated with global players differentiating through innovation, quality and technological advancements.

Key Takeaways

The global Precast Concrete Market Growth is expected to witness high growth over the forecast period.

Regional analysis:

Asia Pacific accounts for over 40% of global market share led by China, Japan and India. rapid urbanization and growing construction industry drives the demand. North America follows Asia Pacific in terms of market share owing to reviving construction sector in the US. Recovery in construction activities post COVID-19 pandemic further boosts growth in regions of Europe and Latin America.

Key players:

Key players operating in the precast concrete market are Curia, Genscript, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings. Major players focus on capacity expansion, partnerships and vertical integration to gain market share. Genscript offers mammalian, insect, prokaryotic and cell-free expression systems for custom precast concrete production.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it