The overall precast concrete market is expected to grow from USD 99.13 billion in 2016 to USD 138.96 billion by 2022, at a CAGR of 5.96% from 2017 to 2022. It has been growing in accordance with the advancing degree of urbanization, industrialization, and infrastructural developments. The gradual shift of building contractors and consumers toward cost-efficient, eco-friendly, and modern building techniques is creating growth opportunities for the precast concrete market. The increasing disposable income of people in the developing countries and the changing preferences of construction methods are increasing the reliance on modern construction techniques, which drive the precast concrete market growth.

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The global precast concrete market is dominated by players such as Actividades de Construcción y Servicios (Spain), Bouygues Construction (France), Larsen & Toubro (India), Taisei (Japan), and Balfour Beatty (UK). Other players include Skanska (Sweden), CRH (UK), Cemex S.A.B.DE C.V. (Mexico), Laing O’Rourke (UK), and Julius Berger Nigeria (Nigeria). These players adopted various strategies such as contracts, collaborations, agreements, partnerships, and joint ventures to expand their presence in the precast concrete market.

By element

Floors & roofs
Walls & barriers
Columns & beams
Utility vaults
Girders
Pipes
Paving slabs
By construction type

Elemental construction
Permanent modular buildings
Relocatable buildings
By end-use sector

Non-residential
Residential
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The non-residential segment, by end-use sector, is projected to gain maximum traction during the forecast period.

The non-residential segment dominated the market in 2016 and is projected to be the fastest-growing end-use sector over the next five years. As a result of the rising urbanization and industrialization, along with the growing demand for better quality bridges, airports, metros, and buildings among others. This market is mostly driven by the upward surge in demand for new constructions all over the world. Rising public and private investment in the infrastructure sector in the emerging economies of Asia Pacific, the Middle East, and South America are drivers for the growth of this market.

Elemental construction to be the fastest-growing segment in the precast concrete market, in terms of value.

The elemental construction segment is projected to be the fastest-growing construction type segment during the forecast period. This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast elements to build an entire structure across residential and non-residential construction sectors and increase in public & private investments in the global infrastructural development, especially in the emerging economies of the Asia Pacific and South American regions.

The Asia Pacific region constitutes the largest share in the precast concrete market.

Asia Pacific contributes a major market share in the global precast concrete market. Increasing industrialization as well as growing population in China, Indonesia, and India are experiencing high demand for residential and non-residential constructions. The rapid urbanization in these countries demands faster and cheaper construction of buildings and facilities without compromising on quality. Additionally, increased government investments in infrastructural constructions provide potential for growth of the precast concrete market in these countries.

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