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Global Precast Concrete Market to Reach $138.6 Billion by 2026

Precast concrete is a kind of concrete construction product which is made, cast, and cured with the use of reusable molds off-site. This process is carried out in a factory, wherein the precast concrete units are combined to create a structure. The final product is then transported to the construction site for installation. In comparison to traditional building materials, precast concrete is considered to be more cost effective, practical and of better quality. It is generally employed for structural units such as tunnels, pipes, beams, wall panels, staircases, floors, and columns. Amid the COVID-19 crisis, the global market for Precast Concrete estimated at US$108.8 Billion in the year 2022, is projected to reach a revised size of US$138.6 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Columns & Beams, one of the segments analyzed in the report, is projected to record a 6.1% CAGR and reach US$47.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Floors & Roofs segment is readjusted to a revised 5.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $20.3 Billion in 2022, While China is Forecast to Reach $37.2 Billion by 2026

The Precast Concrete market in the U.S. is estimated at US$20.3 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$37.2 Billion by the year 2026 trailing a CAGR of 6.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR.

Growth in these markets is supported by increasing migration to eco-friendly, cost effective, and latest building methods. The emergence of novel technologies which are augmenting the efficiency and speed of infrastructure projects is also aiding market growth. Sophisticated technology is enabling construction to be more eco-friendly. Novel cooling techniques are emerging, which lower the carbon emissions of concrete production by lowering hydration`s heat. The rising adoption of blended cement is also expected to drive gains in the market along with increasing interest in HPC (high performance concrete). HPCs are produced using materials such as silican fume, blast furnace slag, fly ash, superplasticizer, or retarder. They offer better performance with regards to certain attributes of concrete, such as high resilience to environmental and chemical conditions, reduced permeability, increased compressive strength, and higher density. The growing use of corrosion inhibitors employed as an admixture on concrete is also aiding market growth. This leads to considerably lower corrosion without having any negative impact on the attributes of concrete such as permeability and compressive strength.

Walls & Barriers Segment to Reach $23.6 Billion by 2026

In the global Walls & Barriers segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$12.9 Billion will reach a projected size of US$18.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.7 Billion by the year 2026, while Latin America will expand at a 5.6% CAGR through the analysis period.