Precast Concrete Market Size

Precast Concrete Market size was over USD 152.74 billion in 2023 and is projected to exceed USD 333.87 billion by 2036, growing at over 6.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of precast concrete is assessed at USD 160.32 billion.

The growth of the market can be attributed to the advantages of precast concrete, over conventional concrete, such as, reduced manpower, reduction in construction time, quality, and precision. The overall erection of buildings can be finished in much lesser time, using precast concrete, as it is treated in a controlled environment through reusable molds, instead of on-site treatment, which saves time. Increasing construction activities around the globe, especially renovation of old buildings, monuments, and heritage sites, is estimated to drive the market growth. Moreover, modern approach for construction, and growing demand for remodeling traditional structures, is further expected to boost the growth of the market. Furthermore, increasing urban population, has led to a raised demand for housing and work spaces. This is also projected to promote the market growth.