The global precast concrete market is predicted to grow by over $54bn USD in the next four years as the modular construction method blooms
The global precast concrete market is predicted to grow at a compound annual growth rate (CAGR) of 6.6% from 2022 to 2027, reaching a value of USD 198.9bn in the next four years, according to MarketsandMarkets.
Reusable molds are used to set concrete products off-site, which can then be transported to the construction site and rapidly assembled. The use of molds ensures compliant and consistent high-quality concrete, and swift construction reduces cost and project duration.
As renovation and retrofit opportunities increase across both the UK and global markets, precast concrete has gained momentum as a modern method of construction.
Whilst there is still lingering pandemic volatility in raw material prices and supply chain issues, the figures suggest the global demand for precast concrete is growing.
The study identified key players in the market as:
Cemex S.A.B. de C.V. (Mexico)
LafargeHolcim Ltd (Switzerland)
Skanska AB (Sweden)
CRH Plc (Ireland)
Balfour Beatty Plc (UK)
Boral Limited (Australia)
As MMC becomes more common, applications of precast concrete are likely to increase
Precast concrete can be used to create a variety of construction components, such as columns, beams, floors, roofs, walls, pipes, paving slabs, staircases, utility vaults, manholes and sewer system products. However, girders are forecast at the highest CAGR in the next four years.
MarketsandMarkets suggests that this is due to the benefits of using precast girders in bridges i.e rapid construction, minimal traffic disruption, and less environmental impact.
Non-residential construction and permanent modular buildings are also forecasted to grow at a significant rate in response to increasing urbanisation and reduced costs in economically turbulent times.
You can read the full forecast on the global precast concrete market here.
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