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INDUSTRY FOCUS
PRECAST & PRECAST EQUIPMENT

Fast Facts
 Modular segment holds the maximum market share of
the global precast construction market in 2020.
 The global precast construction market is projected to
reach $227,567.1 million by 2030.
 The global precast concrete market reached a value
of $115 Billion in 2021. Looking forward, IMARC Group
expects the market to reach a value of $158.2 Billion
by 2027, exhibiting a CAGR of 5.4% during 2022-2027.
 A rise in home renovation and rise in investment in
construction sectors are the key trends in the global
precast construction market.
 There is also a considerably huge demands for
building products that are cost-effective and require
low maintenance, which is likely to contribute to the
growth of the precast concrete market.

the recycling of municipal and industrial wastewater discharge. longer life cycle, reducing the risk of accidents on-site.
Growing restrictions on the discharge of untreated wastewater are A complete precast concrete structural system offers tremendous
expected to have a positive impact on the market growth. advantages and value for commercial buildings. The use of precast
The residential end-use segment led the market and accounted for columns and beams makes an ideal framework for hanging
a share of 36.0% in 2020. The residential end-use segment includes precast panels, creating a design that offers fast construction,
single-family houses and multi-story residential buildings. The structural stability, and enhanced fire resistance. A wide range of
product is witnessing growing adoption in residential applications options is available for creating the perfect system to achieve the
owing to its ability to significantly reduce the construction cost and size and shape required by any type of building. According to
time. In countries, such as Norway, Finland, Canada, and Sweden, Magicrete, there are numerous advantages of using precast in
extremely cold weather and shorter daytime bring the traditional construction projects. These include:
construction activities to a halt. As a result, precast concrete has High Performance Concrete: Concrete Mixture which contains
emerged as a logical alternative to conventional methods to one or more Cementious materials, which in comparison to
ensure the continuation of the construction activities. conventional concrete possess high strength and high durability.
High product adoption in the construction of warehouses and Easy and Quick Installation: with quick and straight forward
factory spaces is expected to drive the segment growth over installation, ensuring faster enclosure of the structure, minimal
the forecast period. The use of offsite construction helps in the delay to work being carried out by other trades, and limited site
early commissioning of the production facility. Tesla Inc., one of congestion.
the leading Electric Vehicle (EV) manufacturers in the world, has Durability: Made from concrete in various densities and
been one of the early adopters of precast concrete products while compositions, precast concrete is a strong, low maintenance
constructing its ‘Giga Berlin’ factory. The use of precast technology material that will endure the ravages of weather, time, pollution,
has helped the company to adhere to its plant completion and and other external forces with minimal degradation or damage.
commissioning timelines and start the production of EVs in the Lower Maintenance Cost: The overall cost of project in a given
Europe market. time span reduces with turn-key precast solution in comparison to
With ongoing advancements in material science and reusability of a conventional method of cast-in-situ, thus a significant amount
molds, precast concrete is gaining immense popularity among end can be saved.
users. Subsequently, growth in the construction of new commercial
and residential spaces and need for cost-effective building Need for speed
products will spur the sales in the market. Precast concrete construction offers significantly reduced
Additionally, rising concerns regarding the work-zone safety for construction time. Reduction in time also results in a reduction of
building bridges, buildings, and other construction projects will human labor, which leads to cost savings. Precast components are
fuel the demand for precast concrete components. As precast produced in factories under a controlled environment, enabling
concrete slabs and other components are usually made of natural easy adjustments and real-time monitoring. Unlike cast-in-situ
raw materials such as cement, gravel, sand, and stones, they have constructions, precast construction uses fewer resources such as

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