The Precasting Market size is projected to grow at a CAGR of 4.6% during the forecast period 2022-2027 and reach US$104.8 billion by 2027. The growth of the Precasting Market is primarily dependent on the growth of the pharmaceutical and coating industries. Precast materials can be categorized into various types which include precast concrete, precast floor slabs, precast beams, precast walls, precast columns and more. They are primarily used in the construction industry in several applications involving floors, concrete frameworks, exterior and interior walls, staircases, wall cladding and other similar applications. An increase in construction activities across the world has led to considerable growth in the precasting Market.

Precasting Market: Key Segment is Residential Construction

On the basis of the end-use industry, the Precasting Market can be segmented into residential, commercial and industrial. The residential industry is evaluated to hold a significant share of the precasting market in 2021. During the forecast period 2021-2027, the residential segment is expected to grow with a CAGR of 4.9%. This can be attributed to various reasons such as the surging construction of residential buildings across the world. For instance, YIT Corporation commenced the construction of numerous residential apartment building projects in Finland, the CEE countries and Russia in December 2021, with total investments of around EUR 200 million (US$236.5 million). The projects are scheduled to be completed by the end of 2023.

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Precasting Market: Leading Region is the Asia-Pacific

On the basis of geography, the Precasting Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 35% share of the total revenue earned by the market globally. Asia-Pacific countries including China, India and Vietnam are comparatively ahead in terms of the growth of the construction sector. In August 2021, the construction of the new airport terminal commenced in Rajkot, India. The new airport is scheduled to be operational in 2023. Moreover, in 2020, the Ho Chi Minh City Committee in Vietnam announced the commencement of the development of a new high-rise commercial-financial service condominium Tower, in Tan Phu District which is scheduled for completion by the end of 2022.

Precasting Market: Competitive Landscape

Key companies holding major shares in the Precasting Market are Boral Ltd., LafargeHolcim, Gulf Precast, Olson Precast Company, Larsen & Toubro, Cemex S.A.B. de C.V., Tindall Corporation, Skanska AB, CRH Plc and Balfour Beatty Plc. The key strategies adopted by the company include product launches and acquisitions among others. 
In December 2021, Janaadhar, a precast solution provider based in India, launched its new precast concrete factory in India. The primary motive of this launch is to offer sustainable precast solutions that can lead to a significant reduction in energy and water consumption for the housing construction sector and deliver green affordable homes that are accessible to low-income families across India. Moreover, in January 2021, Jensen Precast, a precast concrete infrastructure solutions provider acquired EnCon United facilities in Camas and Puyallup, Washington. The acquisition strengthened the company’s position in the North American market.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.