Precast concrete is a construction material that is cast and cured in a controlled environment away from the construction site. It finds applications in the construction of buildings, bridges, floors, walls, utility vaults, and others. Precast concrete reduce the on-site construction time and provides high durability. Rising urbanization and infrastructure development projects across the globe are increasing the demand for low-cost and high-quality construction materials.
The global Precast Concrete Market is estimated to be valued at US$ 106.12 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing infrastructure development projects are estimated to provide huge opportunities for precast concrete market players. Governments across the globe are focusing on substantial investments to improve transportation and energy infrastructure. As per Global Infrastructure Hub, over USD 94 trillion is required to be invested globally in infrastructure by 2040. Precast concrete provides an efficient and low-cost solution for infrastructure construction including roads, highways, bridges, residential buildings, and others. Prefabricated precast concrete elements can speed up construction timelines and reduce labor costs significantly. Rising infrastructure projects especially in developing economies will continue to drive the demand for precast concrete during the forecast period.
Porter's Analysis
Threat of new entrants: The precast concrete market requires high initial investments for setting up manufacturing plants. Longstanding customer relationships and economies of scale make market entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives. However, precast products enable faster construction at lower costs.
Bargaining power of suppliers: A large number of raw material suppliers exist. Switching costs are low, limiting suppliers' bargaining power.
Threat of new substitutes: Alternatives include site-cast concrete and wood. However, precast offers benefits like durability and leak resistance, restricting substitute threat.
Competitive rivalry: The market comprises large well-established players. Intense competition keeps prices in check despite high manufacturing and transportation costs.
SWOT Analysis
Strength: Precast products enable faster construction and require less labor. This drives demand from infrastructure and construction industries.
Weakness: Transportation of heavy precast elements increases costs. Projects located far from manufacturing plants become less viable.
Opportunity: Growing infrastructure investment in Asia Pacific and Middle East/Africa provides new avenues. Also, using precast for renovation cuts material wastage.
Threats: Economic slowdowns can postpone infrastructure and real estate projects, impacting demand. Substitute materials also vie for construction contracts.
Key Takeaways
The Global Precast Concrete Market Growth is expected to witness high at a CAGR of 6.4% during the forecast period of 2023 to 2030.
Regional analysis indicates that Asia Pacific dominates with over 35% share due to massive ongoing projects and planned investments especially in China, India, and Southeast Asia.
Key players related content comprises Key players operating in the Precast Concrete market are Curia, Genscript, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings, among others. Curia, Evotec and Eurofins Scientific are some of the major players based in Europe while Genscript and Laboratory Corporation of America Holdings are key players in North America. All major players are focused on new product launches, acquisitions and geographical expansion to strengthen their market position.
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