Precast Concrete Market to Grow at a CAGR of 6.5% over 2024 to 2032; Rising Construction Activities in Developing Nations to Stimulate Market Growth

The global precast concrete market size was valued at USD 133.84 billion in 2023. The market is projected to expand from USD 141.01 billion in 2024 to USD 232.93 billion by 2032, at a CAGR of 6.5% during the 2024-2032 period. Fortune Business Insights™ presents this information in its report titled “Precast Concrete Market Size, Share & Industry Analysis, By Product Type (Columns & Beams, Girders, Floors & Roofs, Walls & Barriers, Pipes, Paving Slabs, and Others), By Application (Building Components, Transportation, Water & Waste Handling, and Others), By Type (Wet Concrete and Dry/Semi-dry Concrete), By End-Use (Residential, Commercial, Industrial, and Infrastructure (Tunnels, Bridges, Wind Towers, and Others)), and Regional Forecast, 2024-2032”.

Precast concrete, made using reusable molds, undergoes off-site curing for enhanced efficiency and quality control. It is then shipped to construction sites, providing an improved substitute for on-site casting. The market is experiencing a surge due to increased construction activities in developing nations, focused on upgrading existing infrastructure amidst the wave of urbanization, providing an impetus to market growth.

However, the COVID-19 pandemic-induced slowdown in raw material production, coupled with disruptions in the supply chain, led to overcapacity issues in the market.

Holcim Ltd. Acquired Alfons Greten Betonwerk's Ready-Mix and Precast Businesses to Enhance its Portfolio

In January 2019, Holcim Ltd. acquired the ready-mix and precast businesses of Alfons Greten Betonwerk in Germany, enhancing its portfolio and reinforcing its position in the German market.

Rapid Urbanization Activities and Increase in Population to Propel Market Growth

The demand for non-residential establishments such as airports and commercial spaces drives precast concrete market growth, as its usage ensures a faster construction pace, reducing time and cost-effectiveness in supply chain operations. Moreover, government initiatives to address housing needs for the Economically Weaker Section (EWS) amplify the demand for products in residential projects, contributing to market expansion.

However, health risks associated with emitted gases, such as asthma, combined with government regulations targeting emission reduction from cement production, hinder the market's advancement.

Key Players are Focusing on Sustainable Construction Products to Maintain Competitive Edge

Key players in the market allocate substantial investments to create sustainable construction products. Strategic partnerships with raw material suppliers and construction companies are instrumental in global expansion and maintaining a competitive edge.

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List of Key Players Mentioned in the Report:

• Boral (Australia)


• Holcim Ltd (Switzerland)


• Gulf Precast (UAE)


• Olson Precast Company (U.S.)


• Larsen & Toubro Limited (India)


• CEMEX (Mexico)


• Forterra Building Products Ltd (U.K.)


• Tindall Corporation (U.S.)


• The Wells Companies (U.S.)


• Elementbau Osthessen GmbH & Co., ELO KG (Germany)


• Bouygues Construction (France)


• Balfour Beatty plc (U.K.)


• Oldcastle Infrastructure Inc. (U.S.)

Key Industry Development:

• January 2024: Holcim Ltd. expanded its Solutions & Products business in Europe with three acquisitions: Artepref S.A. in Spain, W.A.T.T. Recycling in Greece, and Eco-Readymix Ltd in the U.K., fueling significant business growth.

Further Report Findings:

• Asia Pacific secured the dominant share of the precast concrete market. Increased investments by China, India, and Japan in infrastructure development act as a major catalyst, fostering the demand for these products.


• Latin America is poised for growth due to robust demand for residential construction, coupled with ongoing infrastructure development initiatives, fueling regional market expansion.


• By application, the market is fragmented into building components, transportation, water & waste handling, and others. The building components segment commands a major precast concrete market share owing to its widespread application in diverse construction projects, spanning manufacturing plants and industries.


• On the basis of end-use, the market is divided into commercial, industrial, infrastructure, and residential. The infrastructure segment captured the largest market share. The surge in demand for precast concrete products within the infrastructure sector is propelled by both new construction projects and the renovation of existing structures.

Table of Segmentation