by Precast concrete products like prestressed beams, panels, walls and columns are used extensively in the construction of residential and commercial buildings as well as infrastructure projects due to their ease of use, speed of construction, uniform quality and cost effectiveness. Precast concrete products are factory-manufactured and then transported to the construction site for assembling into final structures with the help of cranes, reducing the on-site labor and time. This leads to less construction waste and safer working conditions.
The global Precast Concrete Market is estimated to be valued at US$ 106.12 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the precast concrete market has been the introduction and adoption of sustainable, eco-friendly, and green construction material solutions. Regulations are being implemented to promote the use of environment-friendly construction materials worldwide. Precast concrete producers are launching new products made from recycled and waste materials like construction debris, fly ash etc. They provide the same durability and strength as traditional concrete while reducing the carbon footprint. Manufacturers are also investing in the latest technologies like 3D printing to cut waste and improve efficiencies. The demand for such sustainable precast concrete solutions is expected to steadily rise over the forecast period driven by growing consumer awareness and implementation of stricter environmental norms.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in precast concrete market is moderate. Large capital requirements and high costs of production act as a barrier for new players to enter the industry.
Bargaining power of buyers: The bargaining power of buyers is moderate. Precast concrete finds application in various end use industries like residential, commercial and infrastructure. Buyers can negotiate on the pricing and quality standards of precast concrete products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major raw materials used in precast concrete production include cement, aggregates, admixtures and steel. Suppliers have limited influence over the pricing and supply of raw materials to precast concrete producers.
Threat of new substitutes: The threat of new substitutes is low. Alternatives like cast-in-place concrete fail to replace precast concrete advantages like reduced construction time, high strength, weather resistance and dimensional accuracy.
Competitive rivalry: The competitive rivalry in the market is high. The market is consolidated with tier 1 players accounting for major market share. Key strategies adopted by players include new product launches, capacity expansions and mergers & acquisitions.
Key Takeaways
The Global Precast Concrete Market Demand is expected to witness high growth over the forecast period owing to rising investments in construction activities. The global Precast Concrete Market is estimated to be valued at US$ 106.12 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Regional analysis – Asia Pacific dominates the global precast concrete market and is expected to maintain its leading position during the forecast period. Rapid urbanization and increasing residential & commercial construction projects in China, India and other developing Asian countries drives the APAC precast concrete market.
Key players – Key players operating in the precast concrete market are Curia, Genscript, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings, among others. Curia has a strong global presence with production facilities across North America, Europe and Asia. Genscript is another leading player focusing on expanding its precasting capabilities through strategic acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
