Precast Concrete Market to Record CAGR of 6.3% Over 2025-2032; Rapid Urbanization and Notable Rise in Population to Support Market Growth

Fortune Business Insights™ presents this information in its latest 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, Roads & Bridges, Wind Towers, and Others}), and Regional Forecast, 2025-2032”.

Concrete is formed in reusable molds through a precast process that occurs off-site in a controlled environment, allowing optimal curing and close supervision of the concrete. The construction sector's transition toward sustainable, cost-effective, and contemporary building methods is driving market growth. Furthermore, the increase in construction projects within developing countries, focused on enhancing infrastructure, is predicted to stimulate the market growth for precast concrete.

The COVID-19 pandemic significantly affected the building and construction sector, causing a suspension of activities and a decline in demand for precast concrete products, which led to overcapacity. The surge in COVID-19 infections led to a heightened need for modular healthcare structures, encouraging government actions to build additional facilities. This increased the use of precast materials.

Wells Purchased GATE Precast to Strengthen Its Market Presence

On July 15, 2024, Wells, a prominent supplier of prefabricated construction solutions in Minnesota, U.S., purchased GATE Precast, a division of GATE Petroleum. This acquisition has allowed Wells to grow to more than 20 locations in the U.S., which include 14 manufacturing plants and a team of 2,200 employees working across 30 states.

Rapid Urbanization and Notable Rise in Population to Support Market Growth

The global precast concrete market is witnessing growth mainly due to rapid urbanization and a notable rise in population. There is an increasing need for non-residential infrastructure, such as airports, sports complexes, shopping malls, and commercial buildings. This need is set to optimize the supply chain, shorten construction timelines, and enhance cost efficiency. Additionally, the need for residential units is rising due to the expanding population and government initiatives aimed at providing housing for the Economically Weaker Section (EWS). Furthermore, the pursuit of better career opportunities has intensified urbanization efforts, leading to increased use of office spaces and other commercial areas.

However, the regulations implemented by governments to decrease emissions from cement production facilities are expected to hinder the precast concrete market growth.

Leading Players to Partner with Suppliers of Raw Materials and Construction Companies to Enhance Their Global Presence

Leading companies in the industry include Holcim Ltd, CEMEX S.A.B de C.V, CRH, Bouygues Group, and Larsen & Toubro (L&T) Limited. These firms are significantly investing in the creation of additives that meet the increasing demands for sustainability and performance. To enhance their global presence and stay competitive, these market players are forming partnerships with suppliers of raw materials and construction companies.

Notable Industry Development

• November 2024: Boral partnered with the Gamuda and Laing O’Rourke Consortium (GLC) to create a groundbreaking precast mix designed to lower the embodied carbon footprint of the Sydney Metro West initiative. This mix contains 50% supplementary cementitious material (SCM), representing a first in Australia for the manufacturing of precast tunneling segments.

List of Key Companies Profiled 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.)


• The Wells Companies (U.S)


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


• Bouygues Group (France)


• Balfour Beatty plc (U.K.)


• CRH (Ireland)


• Tindall Corporation (U.S)

To get a detailed report summary and research scope of this market, click here:

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Further Report Findings

• The Asia Pacific region is at the forefront of the global precast concrete market, with China projected to grow the fastest, reaching USD 40.01 billion in 2024. Investments in infrastructure in China, India, and Japan, along with the expanding residential industry, are expected to drive the product demand, thereby contributing to the region’s growth.


• In North America, the market growth is fueled by advanced and sustainable construction methods, which stimulate the demand for high-quality products. The U.S. focuses on efficiency in time, resulting in a rise in the use of precast construction products.


• By product type, the columns & beams segment captured the largest precast concrete market share in 2024 and is projected to grow at a substantial rate in the coming years. This increase is due to heightened urbanization and the growing need for sustainable construction practices in both the commercial and residential sectors.

Table of Segmentation