Precast Concrete Market by Element (Columns & Beams, Floors & Roofs, Girders, Walls & Barriers, Utility Vaults), Construction Type (Elemental, Permanent Modular, Relocatable), End-use Sector (Residential, Non-residential) - Global Forecast to 2022

The precast concrete market was valued at USD 99.13 in 2016 and is projected to reach USD 138.96 Billion by 2022, at a CAGR of 5.96%. The base year considered for the study is 2016, and the market size is projected from 2017 to 2022.

The report aims at estimating the market size and future growth potential of the precast concrete market on the basis of element, construction type, end-use sector, and region. The other objectives include providing detailed information regarding the main factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). It also aims to study the individual growth trends, future prospects, and contribution of various segments to the total market. The study also analyzes opportunities in the market for stakeholders and details of the competitive landscape for the market leaders. The study strategically profiles key players and comprehensively analyzes their core competencies.

The research methodology used to estimate and forecast the precast concrete market begins with capturing data on key vendor revenues through secondary research and associations such as National Precast Concrete Association, British Precast Concrete Federation, Pacific Northwest Precast Concrete Association, and Japan Prefabricated Construction Suppliers and Manufacturers Association. The vendor offerings are also taken into consideration to determine the market segmentation. A bottom-up procedure was employed to arrive at the overall size of the global precast concrete market from the revenue of the key players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. These data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments. The breakdown of profiles of the primaries is depicted in the figure below:

To know about the assumptions considered for the study, download the pdf brochure

The precast concrete value chain includes raw material manufacturers such as Actividades de Construcción y Servicios (Spain), Komatsu (Japan), Bouygues construction (France), Larsen & Toubro (India). Furthermore, the products manufactured by these companies are used for the construction of residential and non-residential projects. The non-residential sector comprises commercial, industrial, healthcare, hospitality, educational, infrastructural, agricultural, utility, and sports-related constructions. The application of precast components in this sector covers construction of new buildings and non-building structures, renovations, and restructuring. The global market for the precast concrete market is dominated by players such as Actividades de Construcción y Servicios (Spain), Bouygues construction (France), Larsen & Toubro (India), Taisei (Japan), Balfour Beatty (UK), Skanska (Sweden), CRH (UK), Cemex S.A.B.DE C.V. (Mexico), Laing O’Rourke (UK), Julius Berger Nigeria (Nigeria).

Target audience

• Raw material suppliers
• Original equipment manufacturers
• Real estate agents
• Architects & engineers
• Building contractors
• Logistics partners
• Machinery suppliers
• Regulatory bodies
• End users
• Market research and consulting firms

Scope of the Report

The research report segments the precast concrete market into the following submarkets:

By Element:

• Floors & roofs
• Walls & barriers
• Columns & beams
• Utility vaults
• Girders
• Pipes
• Paving slabs

By Construction Type:

• Elemental construction
• Permanent modular buildings
• Relocatable buildings

By End-use Sector:

• Non-residential
• Residential

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to client-specific needs. The following customization options are available for the report:

Product Analysis

• Product Matrix, which gives a detailed comparison of product portfolio of each company

Geographic Analysis

• Further analysis of the precast concrete market for additional countries

Company Information

• Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Regional Scope
           1.3.2 Periodization Considered
    1.4 Currency Considered
    1.5 Unit Considered
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primaries
    2.2 Market Size Estimation
    2.3 Data Triangulation
    2.4 Research Assumptions & Limitations

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 30)
    4.1 Emerging Economies to Register High Growth in Terms of Demand for Precast Concrete
    4.2 Precast Concrete Market, By Element
    4.3 Precast Concrete Market, By Construction Type
    4.4 Precast Concrete Market, By End-Use Sector
    4.5 Asia Pacific Precast Concrete Market, By Element & Country
    4.6 Precast Concrete Market: Key Countries

5 Market Overview (Page No. - 34)
    5.1 Introduction
           5.1.1 Drivers
                    5.1.1.1 Increase in Population and Rapid Urbanization Translating to A Large Number of New Construction Projects
                    5.1.1.2 Growth in Infrastructure Investment and Industrialization
                    5.1.1.3 Increase in Concerns Toward Work-Zone Safety and Need for Lower Environmental Impacts
                    5.1.1.4 Need for Reduced Construction Time and Cost
                    5.1.1.5 Ease of Installation and Removal
           5.1.2 Restraints
                    5.1.2.1 Economic Downturn in Major Regions
           5.1.3 Opportunities
                    5.1.3.1 Rise in New Construction Projects in the Emerging Economies
           5.1.4 Challenges
                    5.1.4.1 Lack of Awareness About the Precast Concrete Method Among End Users
                    5.1.4.2 Volatility in Transportation Charges Can Create an Unpredictable Business Environment

6 Industry Trends (Page No. - 40)
    6.1 Introduction
    6.2 Supply Chain
           6.2.1 Product Development & Distribution are an Integral Part of the Supply Chain in the Precast Concrete Market
           6.2.2 Prominent Companies
           6.2.3 Small & Medium Enterprises
    6.3 Porter’s Five Forces Analysis
           6.3.1 Threat of New Entrants
           6.3.2 Threat of Substitutes
           6.3.3 Bargaining Power of Suppliers
           6.3.4 Bargaining Power of Buyers
           6.3.5 Intensity of Competitive Rivalry
    6.4 Macro Economic Factors
           6.4.1 Rising Population
           6.4.2 Increase in Middle-Class Population, 2009–2030
           6.4.3 Developing Economics, GDP (Purchasing Power Parity), 2015
           6.4.4 GDP & Contribution to the Construction Industry, By Country

7 Precast Concrete Market, By Element (Page No. - 50)
    7.1 Introduction
    7.2 Columns & Beams
    7.3 Walls & Barriers
    7.4 Floors & Roofs
    7.5 Utility Vaults
    7.6 Girders
    7.7 Pipes
    7.8 Paving Slabs
    7.9 Others

8 Precast Concrete Market, By Construction Type (Page No. - 55)
    8.1 Introduction
    8.2 Elemental Construction
    8.3 Permanent Modular Buildings
    8.4 Relocatable Buildings

9 Precast Concrete Market, By End-Use Sector (Page No. - 58)
    9.1 Introduction
    9.2 Non-Residential
    9.3 Residential

10 Precast Concrete Market, By Region (Page No. - 61)
     10.1 Introduction
     10.2 North America
             10.2.1 US
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 Germany
             10.3.2 Italy
             10.3.3 Russia
             10.3.4 France
             10.3.5 UK
             10.3.6 Rest of Europe
     10.4 Asia Pacific
             10.4.1 China
             10.4.2 Japan
             10.4.3 Australia
             10.4.4 India
             10.4.5 Indonesia
             10.4.6 Rest of Asia Pacific
     10.5 Middle East & Africa
             10.5.1 UAE
             10.5.2 Saudi Arabia
             10.5.3 South Africa
             10.5.4 Turkey
             10.5.5 Rest of Middle East & Africa
     10.6 South America
             10.6.1 Brazil
             10.6.2 Argentina
             10.6.3 Rest of South America

11 Competitive Landscape (Page No. - 112)
     11.1 Overview
     11.2 Market Ranking
     11.3 Competitive Scenario
             11.3.1 Contracts, Collaborations, Partnerships, Agreements & Joint Ventures
             11.3.2 Investments, Expansions & Divestments
             11.3.3 Acquisitions
             11.3.4 New Product Launches

12 Company Profiles (Page No. - 117)
(Business Overview, Services Offered, Recent Developments, SWOT Analysis, MnM View)*
     12.1 ACS, Actividades De Construccion Y Servicios, S.A.
     12.2 Bouygues Construction
     12.3 Cemex S.A.B. De C.V.
     12.4 Balfour Beatty PLC
     12.5 Laing O’rourke
     12.6 Larsen & Toubro Limited
     12.7 Taisei Corporation
     12.8 Skanska Ab
     12.9 CRH PLC
     12.10 Julius Berger Nigeria PLC
     12.11 Red Sea Housing Services
     12.12 Atco Group
     12.13 Vinci
     12.14 Kiewit Corporation
*Details on Business Overview, Services Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
     12.15 Other Players
             12.15.1 Oldcastle Precast
             12.15.2 Komatsu Ltd.
             12.15.3 Modular Space Corporation
             12.15.4 KEF Infrastructure India Pvt. Ltd.
             12.15.5 Preca Solutions India Pvt. Ltd.
             12.15.6 Nanaimo Precast
             12.15.7 Coreslab Structures
             12.15.8 Coltman Precast Concrete Ltd.
             12.15.9 Metromont Corporation
             12.15.10 Styl-Comp Group
             12.15.11 Smeet Precast

13 Appendix (Page No. - 158)
     13.1 Discussion Guide
     13.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.3 Introducing RT: Real-Time Market Intelligence
     13.4 Available Customizations
     13.5 Related Reports
     13.6 Author Details

List of Tables (99 Tables)

Table 1 Asia Pacific Urbanization Trend, 1990–2050
Table 2 North America: GDP, By Country, 2015–2022 (USD Billion)
Table 3 North America: Contribution to the Construction Industry, By Country, 2014–2021 (USD Billion)
Table 4 Europe: GDP, By Country, 2015–2022 (USD Billion)
Table 5 Europe: Contribution to the Construction Industry, By Country, 2014–2021 (USD Billion)
Table 6 Asia Pacific: GDP, By Country, 2015–2022 (USD Billion)
Table 7 Asia Pacific: Contribution to the Construction Industry, By Country, 2014–2021 (USD Billion)
Table 8 Middle East & Africa: GDP, By Country, 2015–2022 (USD Billion)
Table 9 Middle East & Africa: Contribution to the Construction Industry, By Country, 2014–2021 (USD Billion)
Table 10 South America: GDP, By Country, 2015–2022 (USD Billion)
Table 11 South America: Contribution to the Construction Industry, By Country, 2014–2021 (USD Billion)
Table 12 Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 13 Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 14 Precast Concrete Market Size, By Construction Type, 2015–2022 (USD Million)
Table 15 Precast Concrete Market Size, By Construction Type, 2015–2022 (Million Square Feet)
Table 16 Precast Concrete Market Size, By End-Use Sector, 2015–2022 (USD Billion)
Table 17 Precast Concrete Market Size, By End-Use Sector, 2015–2022 (Million Square Feet)
Table 18 Precast Concrete Market Size, By Region, 2015–2022 (USD Million)
Table 19 Precast Concrete Market Size, By Region, 2015–2022 (Million Square Feet)
Table 20 North America: Precast Concrete Market Size, By Country, 2015–2022 (USD Million)
Table 21 North America: Precast Concrete Market Size, By Country, 2015–2022 (Million Square Feet)
Table 22 North America: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 23 North America: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 24 North America: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (USD Million)
Table 25 North America: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (Million Square Feet)
Table 26 US: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 27 US: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 28 Canada: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 29 Canada: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 30 Mexico: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 31 Mexico: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 32 Europe: Precast Concrete Market Size, By Country, 2015–2022 (USD Million)
Table 33 Europe: Precast Concrete Market Size, By Country, 2015–2022 (Million Square Feet)
Table 34 Europe: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 35 Europe: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 36 Europe: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (USD Million)
Table 37 Europe: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (Million Square Feet)
Table 38 Germany: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 39 Germany: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 40 Italy: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 41 Italy: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 42 Russia: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 43 Russia: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 44 France: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 45 France: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 46 UK: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 47 UK: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 48 Rest of Europe: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 49 Rest of Europe: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 50 Asia Pacific: Precast Concrete Market Size, By Country, 2015–2022 (USD Million)
Table 51 Asia Pacific: Precast Concrete Market Size, By Country, 2015–2022 (Million Square Feet)
Table 52 Asia Pacific: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 53 Asia Pacific: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 54 Asia Pacific: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (USD Million)
Table 55 Asia Pacific: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (Million Square Feet)
Table 56 China: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 57 China: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 58 Japan: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 59 Japan: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 60 Australia: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 61 Australia: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 62 India: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 63 India: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 64 Indonesia: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 65 Indonesia: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 66 Rest of Asia Pacific: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 67 Rest of Asia Pacific: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 68 Middle East & Africa: Precast Concrete Market Size, By Country, 2015–2022 (USD Million)
Table 69 Middle East & Africa: Precast Concrete Market Size, By Country, 2015–2022 (Million Square Feet)
Table 70 Middle East & Africa: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 71 Middle East & Africa: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 72 Middle East & Africa: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (USD Million)
Table 73 Middle East & Africa: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (Million Square Feet)
Table 74 UAE: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 75 UAE: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 76 Saudi Arabia: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 77 Saudi Arabia: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 78 South Africa: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 79 South Africa: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 80 Turkey: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 81 Turkey: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 82 Rest of Middle East & Africa: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 83 Rest of Middle East & Africa: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 84 South America: Precast Concrete Market Size, By Country, 2015–2022 (USD Million)
Table 85 South America: Precast Concrete Market Size, By Country, 2015–2022 (Million Square Feet)
Table 86 South America: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 87 South America: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 88 South America: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (USD Million)
Table 89 South America: Precast Concrete Market Size, By End-Use Sector, 2015–2022 (Million Square Feet)
Table 90 Brazil: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 91 Brazil: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 92 Argentina: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 93 Argentina: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 94 Rest of South America: Precast Concrete Market Size, By Element, 2015–2022 (USD Million)
Table 95 Rest of South America: Precast Concrete Market Size, By Element, 2015–2022 (Million Square Feet)
Table 96 Partnerships, Agreements, Contracts, Collaborations, & Joint Ventures, 2017–2018
Table 97 Investments, Expansions & Divestments, 2016–2018
Table 98 Acquisitions, 2016–2018
Table 99 New Product Launches, 2016

List of Figures (48 Figures)

Figure 1 Precast Concrete Market Segmentation
Figure 2 Precast Concrete Market, By Region
Figure 3 Precast Concrete Market: Research Design
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Precast Concrete Market: Data Triangulation
Figure 7 Assumptions of the Research Study
Figure 8 Limitations of the Research Study
Figure 9 Columns & Beams Segment is Projected to Be the Largest in the Precast Concrete Market, By Element, By 2022
Figure 10 Precast Concrete Market, By Construction Type, Was Dominated By the Elemental Construction Segment in 2016
Figure 11 Precast Concrete in the Non-Residential Sector is Projected to Grow at A Higher Rate During the Forecast Period
Figure 12 Asia Pacific Dominated the Precast Concrete Market in 2016
Figure 13 Market Growth is Attributed to the Growth of Construction Industry in Developing Countries
Figure 14 Utility Vaults to Dominate the Precast Concrete Market Through 2022
Figure 15 Elemental Construction to Grow at the Highest CAGR in the Precast Concrete Market
Figure 16 Non-Residential Segment to Dominate the Precast Concrete Market Through 2022
Figure 17 China Accounted for the Largest Share in 2016
Figure 18 China is Projected to Grow at the Highest Rate From 2017 to 2022
Figure 19 Rapid Urbanization and Industrialization are the Key Drivers of the Precast Concrete Market
Figure 20 Global GDP Growth Trend, 2005–2016
Figure 21 Supply Chain Analysis
Figure 22 Porter’s Five Forces Analysis
Figure 23 Projected GDP Per Capita, By Country
Figure 24 Precast Concrete Market Size, By Element, 2017 vs 2022
Figure 25 Precast Concrete Market Size, By Construction Type, 2017 vs 2022
Figure 26 Precast Concrete Market Size, By End-Use Sector, 2017 vs 2022
Figure 27 Geographic Snapshot (2017–2022): the Market in China is Projected to Grow at the Highest Rate, By Value
Figure 28 North America: Precast Concrete Market Snapshot: the US is Projected to Be the Fastest-Growing Market During the Forecast Period (2017–2022)
Figure 29 Europe: Precast Concrete Market Snapshot: Germany is Projected to Be the Fastest-Growing Country During the Forecast Period (2017–2022)
Figure 30 Asia Pacific: Precast Concrete Market Snapshot: China is Projected to Be the Fastest-Growing Country During the Forecast Period (2017–2022)
Figure 31 Companies Adopted Contracts, Collaborations, Partnership, Joint Ventures & Agreements as Key Growth Strategies From 2014 to 2018
Figure 32 ACS, Actividades De Construccion Y Servicios, S.A.: Company Snapshot
Figure 33 ACS, Actividades De Construccion Y Servicios, S.A.: SWOT Analysis
Figure 34 Bouygues Construction: Company Snapshot
Figure 35 Bouygues Construction: SWOT Analysis
Figure 36 Cemex S.A.B. De C.V.: Company Snapshot
Figure 37 Cemex S.A.B. De C.V.: SWOT Analysis
Figure 38 Balfour Beatty PLC: Company Snapshot
Figure 39 Balfour Beatty PLC: SWOT Analysis
Figure 40 Laing O’rourke: Company Snapshot
Figure 41 Laing O’rourke: SWOT Analysis
Figure 42 Larsen & Toubro Limited: Company Snapshot
Figure 43 Taisei Corporation: Company Snapshot
Figure 44 CRH PLC: Company Snapshot
Figure 45 Julius Berger Nigeria PLC: Company Snapshot
Figure 46 Red Sea Housing Services: Company Snapshot
Figure 47 Atco Group: Company Snapshot
Figure 48 Vinci: Company Snapshot

MarketsandMarkets projects that the precast concrete market size will grow from USD 104.03 Billion in 2017 to USD 138.96 Billion by 2022, at an estimated CAGR of 5.96%. The precast concrete market is expected to witness high growth as a result of the rising urbanization, large-scale investments in infrastructure & industrial sectors, and rising construction activities in emerging economies.

This report has been segmented on the basis of element, construction type, end-use sector, and region. The non-residential sector is projected to be the fastest-growing segment in the precast concrete market during the forecast period. The gradual shift of building contractors and consumers toward cost-efficient, eco-friendly, and modern building techniques are creating growth opportunities for the precast concrete market.

On the basis of the element, the columns & beams segment is projected to grow at the highest rate during the forecast period due to factors such as improved work-zone safety for workers, easier material handling, and minimized need for scaffolding encourage contractors and builders to adopt the precast construction technique. The girders segment is expected to play a key role in changing the precast concrete market and is projected to grow at the highest rate during the forecast period.

In terms of value, the elemental construction segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to factors such as keen interest from contractors and builders in using individual precast modules to build an entire structure across residential and non-residential construction sectors and increase in public and private investments in global infrastructural development, especially in the emerging economies of Asia Pacific and South America.

The construction industry witnessed a significant change with the introduction of precast technology as it allows building more structures with reduced time and cost as compared to the conventional on-site construction method. Being constructed under a closed and controlled facility, the precast modules are less affected by adverse environmental conditions such as excessive moisture, heat, and pollution. In addition to this, factors such as improved work-zone safety for workers, easier material handling, and minimized need for scaffolding are encouraging contractors and builders to adopt the precast construction technique.

Currently, Asia Pacific is the largest consumer of precast concrete products, with China, India, Japan, Indonesia, and Australia being the major markets. The Asia Pacific precast concrete market is projected to register the highest CAGR during the forecast period. The growth of the building & construction industry and improvements in financial conditions in the region have led to the increase in demand for precast concrete elements. The growth of the precast concrete market in these countries is driven by factors such as an increase in construction activities of residential and non-residential buildings, the rise in population, and economic development of the region.

Factors such as weak economic conditions in many European countries such as Spain, Greece, Romania, and the UK as the aftermath of the financial recession of 2007–2009 and skeptical mindset of people toward the quality of precast structures might restrict the growth of the market. The global precast concrete market is dominated by players such as Actividades de Construcción y Servicios (Spain), Bouygues Construction (France), Larsen & Toubro (India), Taisei (Japan), and Balfour Beatty (UK). Other players include Skanska (Sweden), CRH (UK), Cemex S.A.B.DE C.V. (Mexico), Laing O’Rourke (UK), and Julius Berger Nigeria (Nigeria). These players adopted various strategies such as contracts, collaborations, agreements, partnerships, and joint ventures to expand their presence in the precast concrete market.

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