The global precast concrete market size is projected to grow from USD 130.6 billion in 2020 to USD 174.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast year. According to American Concrete Institute, "Precast concrete is reinforced concrete constructed by industrialized methods. It is characterized by dividing the building into components, which are manufactured in a precast concrete plant, and transported by special transportation equipment to the site. Precasting reduces construction time because the manufacturing of the elements is carried out beforehand. Precast concrete is reinforced with either reinforcing bars, strands with high tensile strength, or a combination of both.
The APAC region is projected to lead the precast concrete market in terms of both value and volume from 2020 to 2025. Growing population, rapid urbanization, and the construction sector are among the key factors propelling industry expansion in the region. New building constructions with improved energy-efficient solutions for residential and commercial sectors in several APAC countries are fueling the demand for precast concrete in the region.
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The precast concrete market has thousands of companies which thrive in their domestic market. A few of the major players are, LafargeHolcim Ltd. (Switzerland), Balfour Beatty plc (UK), Skanska AB (Sweden), CRH Plc (UK), Cemex S.A.B de C.V. (Mexico), Laing O’Rourke (UK), Julius Berger Nigeria Plc (Nigeria), and Boral Limited (Australia), among others. These players have adopted various growth strategies, such as acquisitions, expansions, contracts, agreements, partnerships, and new product developments, to increase their market shares and enhance their product portfolios.
Contracts, partnerships & agreements accounted for the largest share of all the strategic developments that took place in the precast concrete market between 2017 and 2020. Key players such as Skanska AB (Sweden), Laing ORourke (UK), LafargeHolcim Ltd (Switzerland), Julius Berger Nigeria PLC (Nigeria), and Balfour Beatty PLC (UK), adopted the these strategy to enhance their business, market presence, to develop new products and meet consumer demand.
LafargeHolcim Ltd. manufactures and sells cement, aggregates, ready-mix concrete, and asphalt products and provides associated services and solutions. Its products are used in various projects and applications, including the construction of infrastructure projects, such as tunnels, airports, ports, bridges, data centers, roads and highways, and stadiums. LafargeHolcims strong market position enables the company to establish itself as a leading construction material provider in the world and increase its revenue.
CEMEX S.A.B. de C.V. is a global building materials company operating in more than 50 countries across the world, maintaining trade relationships with over 100 nations including the US, the UK, Germany, France, Spain, Egypt, Columbia, and the Philippines. The company produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, and other construction materials. It operates through three key product segments: cement, ready-mix concrete, and aggregates. The composition of these materials is used for the production of precast concrete.
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