The global precast construction market size was US$ 146055 million in 2021. The global precast construction market size is forecast to reach US$ 227,667.1 million by 2030, growing at a compound annual growth rate (CAGR) of 5% during the forecast period from 2022 to 2030.
A precast construction technique can manufacture custom components, including columns, slabs, walls, stairs, beams, and more. It is a method of mixing, pouring, or curing concrete and other construction materials in a controlled environment within production units. The prefabricated components are then transported to their final destination and assembled. There are various precast elements in precast construction, including walls, beams, slabs, columns, stairwells, landings, and customized elements that are standardized for strength and durability, as well as structural integrity. The construction of a precast residential building involves designing the building, planning the yard, handling the elements, and transporting them.
Factors Influencing Market Growth
Increasing investments in construction and infrastructure projects are driving the global market for precast construction.
A rise in urbanization due to the rising population worldwide is a factor driving the market.
Increased demand for low-cost housing units, increased efficiencies, and productivity from precast methods and rapid construction speed is forecast to drive the market during the forecast period.
Increased government investment in infrastructure, coupled with technological innovations by key players, has created growth opportunities for the market.
Customer doubt over the reliability of precast construction in earthquake-prone regions may slow down the growth of the precast construction market.
Impact Analysis of COVID-19
The COVID-19 pandemic forced many precast construction companies to cease operations for a short period in order to comply with new government regulations. As a result, the market's revenue flow was negatively affected. A shortage of raw materials and labor caused a halt in the manufacture of construction products. Further, companies operating in this sector do not receive any new consignments. Therefore, a stop in construction activities and lockdowns for several months has negatively affected the global precast construction market's growth.
Regional Insights
The Asia Pacific accounted for a large portion of the overall precast construction market size in 2021. As a result of the rapid population growth in India, China, Japan, and Indonesia, the construction industry continues to move forward. Furthermore, improvement in lifestyle in the region has led to higher investment in housing plans, which will subsequently lead to promising gains for the precast construction market size during the forecast period. In addition, shorter construction timelines in the region and cost-effective methods are likely to contribute to the size of the business over time. Positive government regulatory policies will also play a major role in driving the overall industry.
Leading Competitors
The global precast construction market segmentation focuses on Product Type, Construction Type, End-User, and Region.
Segmentation based on Product Type
Columns & beams
Walls
Floors & Roofs
Staircases
Girders
Paving Slabs
Others
Segmentation based on Construction Type
Modular
Manufactured homes
Segmentation based on End-User
Residential
Non-residential
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
