Precast Concrete Market: Advantages & Key Products

Precast concrete is a construction product manufactured by casting concrete in a reusable ‘form,’ subsequently cured in a regulated environment, moved to the construction site, and maneuvered into place. Employed in both interior as well as exterior applications, they are predominantly used in for the construction of highways, bridges, and hi-rise projects. As per Inkwood Research, the global precast concrete market is predicted to record a CAGR of 5.45% during the forecast years 2022 to 2030.

The market’s growth is driven by key factors such as the rise in renovation & remodeling projects, the advantages of precast concrete amid urbanization and population growth, and the surging popularity of off-site precast concrete.

Precast Concrete Market: Top Advantages

The use of precast concrete systems provides numerous potential benefits over on-site casting. For instance, since precast concrete production can be performed on the ground level, the process maximizes safety and offers greater control over workmanship and material quality compared to site-specific forms cured on-site.

Since the benefits of precast concrete play an essential role in fueling the material’s adoption across various sectors, let’s take an in-depth look at the top 5 advantages of precast concrete –

• Reduced Construction Costs – Precast concrete products are manufactured off-site, transported, and installed as per the given specifications and requirements. As a result, this process not only reduces site disturbances but also absorbs project schedules and lowers overall costs by engaging fewer construction companies and workers on-site. Moreover, according to the Journal of Construction Engineering, precast concrete slabs are typically 23.22% less expensive than cast-in-place concrete construction, and precast columns are nearly 21.4% less expensive, especially for large-scale production.

• Saves Time – Since the preparation of precast concrete is often done in precast plants or factories, construction engineers can focus on other on-site projects, like earthwork and surveys. This helps save a considerable amount of time, especially as construction can begin as soon as the precast elements are delivered to the site. Furthermore, to minimize the problem of project delays and labor shortages, builders and developers are implementing precast technologies, predominantly in emerging Asian-Pacific countries, including India and China. 

• High Durability – Precast concrete lasts longer and does not require significant maintenance. In addition, high-density precast concrete is typically manufactured with lab-tested components, thereby translating to more corrosion-resistant and durable products. Precast concrete is expected to record a significant increase in demand, predominantly in rail applications owing to the rising knowledge of its advantages, such as high durability, reduced maintenance requirements, as well as better track elasticity. This factor is expected to contribute to the rail segment, under the transportation product category, growing with the highest CAGR of 5.55% over the forecast years. 

• Improved Safety & Versatility – One of the key advantages of precast concrete is the elimination of unnecessary materials and clutter that may otherwise overcrowd the site. Moreover, since raw materials and potentially hazardous tools are not placed on the construction site, the area is relatively safer and better managed until the completion of the project. Precast concrete’s flexibility in design also makes it suitable for outdoor infrastructural applications, such as climbing walls, skate parks, and fences. Accordingly, infrastructure is projected to be the leading and dominating end use by 2030.xd 

• Promotes Sustainability – The trend of sustainable architecture is growing as businesses around the world aim to minimize their carbon footprint. This factor helps expand the global industry for green building materials, including the demand for precast concrete. Furthermore, the material is produced with the use of eco-friendly procedures, thereby making precast concrete sustainable in the short- to long-term.

Precast Concrete: Popular Products & Uses

Although different precast products can be utilized for different applications, the basic methods and materials used to create precast concrete products are similar. In this regard, based on the size, shape, and grade of concrete utilized, some of the main product types of precast concrete are:

Traffic Control & Transportation

• In addition to different types of roadside barriers, the majority of the car barriers, as well as curbs in parking areas, are made using precast concrete. In this regard, leading companies such as Holcim Ltd (Switzerland) provide engineered precast solutions, including concrete blocks and traffic management products.
• Precast concrete is also utilized in applications linked to road construction, such as bus stops, crossroads, and concrete pavement maintenance, as well as restoration. Some of the main elements fueling the demand for precast concrete for pavement applications entail long-lasting pavement performance and maintenance of traffic.
• Market Position – As per Inkwood Research’s analysis, the road segment under the transportation products type is set to progress with a CAGR of 5.05% over the estimated period.

Construction & Structural System Products

• The construction and restoration operations in essential sectors like homes, offices, educational institutions, hotels & restaurants, resorts, transportation buildings, and online retail warehouses are anticipated to develop significantly over the upcoming years.
• Precast concrete building components, as well as site amenities, are utilized architecturally as cladding, fireplace mantels, trim products, and curtain walls. In this regard, the structural applications of precast concrete entail foundations, floors, beams, walls, and components.
• Market Position – Inkwood Research estimates that the beam and column system segment, under the structural system category, is set to capture the highest revenue share of 56% by 2030.

Precast Concrete Market | Prominent Trends

The advantages of prefabricated structures, such as their quick on-site construction, good quality, low energy usage, and affordability, have led to the widespread promotion of precast concrete as a sustainable construction approach. As a result, IoTs, including sensors, electronic signalization, actuators, robots, and other internet-enabled physical devices, are presently being utilized in various precast concrete projects as a defense mechanism. This factor enables the traceability and visibility of industrial processes, in addition to facilitating information sharing and big data analytics.

Aligning with this, the advent of digital construction is anticipated to be one of the major factors driving the growth of the construction industry in leading economies. Also, the rapidly growing modular construction market, predominantly in Europe and North America, coupled with the increasing demand for sustainable and advanced construction practices, are among the key factors expected to propel the overall growth of the global precast concrete market during the forecast period.

By Shruti Vanjare