Key trends driving market expansion include increasing investments by industry players, rise in construction activities across the globe, and high adoption of precast concrete over on-site cast concrete, the Global Precast Concrete Market is Forecasted to Cross US$ 155 Bn by 2028 says Ken Research Study.

Precast concrete is reinforced concrete that is mixed and cast off-site before being assembled on the building site. Precast concrete is sometimes (but not always) available in standard sizes and forms, such as floor and roof planks, tees, and double-tees. As long as it complies with the rules of statics, the strength and stiffness of the materials, and the limitations imposed by formwork, handling, shipping, and installation, precast concrete can be manufactured in any shape and size.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

1. Government Initiatives for the Growth of Individual Economies Anticipate Improvement in the Construction Sector

According to Research estimates, the Global Precast Concrete Market – which was valued from around US$ 80 Bn in 2017 to nearly US$ 110 Bn by 2022 – is expected to grow further to more than US$ 150 Bn opportunity by 2028.

The market is expected to be driven by the growing construction industry across major regions as a result of rising investments in infrastructure development. The residential building industry is anticipated to grow as disposable income levels rise in both developed and emerging nations. Additionally, rising government measures for the growth of their individual economies are anticipated to improve the building sector and increase product demand in the years to come.

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Global Precast Concrete Market
2. Expanding Construction Industry Due to the Rise in Population to Drive the Market Growth

The growth in population and the industrial boom after the pandemic have given rise to new construction opportunities in both commercial and residential factors. Construction activities in developing countries such as China and India are supporting market growth due to rapid industrialization, urbanization, and a growing population. The government of China is heavily investing in infrastructural developments lately. Growing construction activities in emerging countries significantly contribute to the growth of the non-residential construction industry in these countries.

Global Premolded Concrete Market
3. Skilled Manpower Shortage to Challenge the Market Growth

The success of precast concrete technology lies in well-skilled technicians and the shortage of skilled personnel in the construction industry creates problems for the industry in India. Hence, there is a need to promote this technology at the curriculum level of engineering graduates in operational technical skills training institutes.

According to research by Ernst & Young and the FICCI, the construction industry was estimated to have a 65% labor deficit in 2021. The precast building can meet the demand for housing with the right design and execution. Only 2% of the $500 million Indian building market is made up of precast construction. Precast systems are mostly used in India for infrastructure projects including flyovers and bridges.

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Preformed Concrete Market
Key Topics Covered in the Report

Snapshot of the Global Precast Concrete Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Precast Concrete Market
Historic Growth of the Overall Global Precast Concrete Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of the Global Precast Concrete Market
Overview, Product Offerings, and SWOT Analysis of Key Competitors
COVID-19 Impact on the Overall Global Precast Concrete Market
Future Market Forecast and Growth Rates of the Total Global Precast Concrete Market and by Segments
Market Size of Product / Application Segments with Historical CAGR and Future Forecasts
Analysis of the Precast Concrete Market in Major Regions
Major Production / Consumption Hubs in the Major Regions
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report

LafargeHolcim
ARTO
Sauereisen
Kijlstra precast Ltd
Carlow Precast Concrete Engineering
Qingdao Qingde Precast Accessories Co., Ltd.
Great Magtech (Xiamen) Electric Co., Ltd
Tindall
Oldcastle Infrastructure
Boral Limited
Forterra
Notable Emerging Companies Mentioned in the Report

Atlas Group
Bex technology
Cuby technology
Minolite
PLINX
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

Precast Concrete Producers
Precast Concrete Structures Providers
Construction Equipment Companies
Chemical Manufacturers
Organic Building Materials Manufacturers
Construction Sector Policy Makers
Construction Regulation Authorities
Architecture Firms
Construction Tech Investors
Chemicals Products Suppliers
Precast Solution Providers
Potential Investors in Construction Industry
PE and VC Firms focused on Construction Industry
Time Period Captured in the Report

Historical Period: 2017-2021
Forecast Period: 2022E-2028F