Precast Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Structure System (Beam and Column System, Floor and Roof System, Bearing Wall System, Façade System, and Others); and End use (Residential, Commercial, and Others)

The scope of our recent study on the "Precast Concrete Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Structure System and End Use," includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.

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The precast concrete market size is expected to grow from US$ 151.84 billion in 2022 to US$ 234.66 billion by 2028; it is estimated to grow at a CAGR of 7.5% from 2022 to 2028. Precast concrete is simply concrete that is cast at sites other than where it will be used. As precast concrete is manufactured in a controlled casting environment, it is easier to control the mix, placement, and curing. Also, quality can be controlled and monitored much more easily. Several applications of precast concrete include bridge beams, hollow-core slabs, septic tanks/manholes, pipes/culverts, foundation walls, architectural panels, and fences.

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Based on end use, the precast concrete market is segmented into residential, commercial, and others. The commercial segment held the largest market share in 2021. The commercial sector includes sports facilities, schools, colleges, government institutions, hospitals, schools, offices, and other commercial spaces. Precast concrete is used in the construction projects of sports facilities worldwide. Precast sport-specialized components allow general contractors and architects the flexibility to achieve innovative and complex designs with maximized seating.

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The global precast concrete market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest revenue share of the market in 2021. The strong presence of the building and construction industry in the region contributes to the precast concrete market growth in this region. Further, precast concrete is gaining interest in the production of railway track systems, switches and crossings, tunnels, etc. Precast concrete structures are considered the most preferred materials exhibiting significant performance for railway sleepers as they provide long-term durability, enhanced track elasticity, low lifecycle and maintenance costs, and environmental friendliness.

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Impact of COVID-19 Pandemic on Precast Concrete Market

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The COVID-19 pandemic resulted in a temporary distortion in the operational efficiencies of industries. The difficulties faced by manufacturers in the procurement of raw materials, and the subsequent shutdown of manufacturing facilities hampered the growth of the precast concrete market. The consumption of precast concrete decreases amid the financial and health crises in different regions. However, business activities began gradually recovering in 2021 as the governments from different countries continued to support enterprises to reopen their facilities to kick-start the economy, which is likely to boost the demand for precast concrete in the coming years.

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Global Precast Concrete Market Breakdown - by Region

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The report includes the segmentation of the global precast concrete market as follows:

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The global precast concrete market is segmented on the basis of structure system and end use. Based on structure system, the market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. Based on end use, the precast concrete market is segmented into residential, commercial, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The precast concrete market in North America is further segmented into the US, Canada, and Mexico. The precast concrete market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, Spain, Poland, the Netherlands, and the Rest of Europe. The market in Asia Pacific is further categorized into China, India, Japan, Australia, South Korea, Indonesia, Thailand, Taiwan, Bangladesh, Malaysia, Vietnam, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, Nigeria, Egypt, and the Rest of Middle East & Africa. The precast concrete market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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