Precast Concrete Market worth $174.1 billion by 2025 | Rising Demand Growth Trend Insights for Next 5 Years

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 CAGR of 5.9% from 2020 to 2025. The precast concrete market is expected to witness significant growth in the future due to its increased demand in residential and commercial construction. Growth in construction of new residential & commercial spaces, and increase in the demand for cost-effective, and low maintainence building produts, are likely to support the growth of the precast concrete market during the forecast period.

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COVID-19 impact on global precast concrete market

In 2020, the market had a nominal growth due to COVID-19 and witnessed a minimal decline in its demand in 2020. Due to COVID-19, the market is being hampered owing to slowing raw material production, supply chain disruption, hampered trade movements, declining construction demand, and reduced demand for new projects. However, the demand for modular buildings has increased owing to the increase in the number of COVID-19 cases and requirement for healthcare and quarantine buildings/ unit.

Recent Developments

• In February 2021, Skanska secured a USD 334.6-million contract from Kanta-Hame Hospital District to build a new hospital in Hameenlinna, Finland.
• In January 2021, LafargeHolcim entered into an agreement to acquire Firestone Building Products from Bridgestone Americas for USD 3.4 billion..
• In Decemeber 2020, CEMEX launched Vertua, its brand of low carbon ready-mix concrete, in the US after the successful introduction in Mexico and Europe. The range consists of Vertua Classic, Vertua Plus, and Vertua Ultra. Furthermore, the company sells Vertua Classic (which offers a 20%–30% reduction in CO2 emissions), in Bay Area, Central Valley, Los Angeles, Sacramento and San Diego, California. The products Vertua Plus and Vertua Ultra are expected to be introduced in 2021.
• In March 2020, Abumet Nigeria Limited is a subsidiary company of Julius Berger Nigeria Plc has started state-of-the art IGU production line in Abuja, Nigeria. With this new facility, the company has increased its presence in the Middle East & Africa.

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Frequently Asked Questions (FAQs):

• What is the current size of global precast concrete market?

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 CAGR of 5.91% from 2020 to 2025.

• How is the precast concrete market aligned?

The precast concrete market is highly fragmented, and has a large number of global, regional and domestic players who have a very strong presence in the market. These players have strong and well-established procurement and distribution networks, which help in cost-efficient production.

• Who are the key players in the global precast concrete market?

The key players operating in the precast concrete market are Cemex S.A.B de C.V. (Mexico), LafargeHolcim Ltd (Switzerland), Skanska AB (Sweden), CRH PLC (Ireland), Balfour Beatty PLC (UK), Laing O'Rourke (UK), Oldcastle Infrastructure Inc. (US), and Atco Concrete Products N.V. (Netherlands), amongst others.

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