At 6.5% CAGR, North America Precast Concrete Market is Projected to be Worth US$ 60,314.91 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America precast concrete market was valued at US$ 36,261.01 million in 2022 and is expected to reach US$ 60,314.91 million by 2030, registering a CAGR of 6.5% from 2022 to 2030. Need for cost-effective, safe, and eco-friendly products and rise in renovation and remodeling activities are among the critical factors attributed to the North America precast concrete market expansion.

Precast technology is often correlated with performance, protection, and durability, all of which are good advantages over traditional building methods. However, one of the essential advantages of precast is its potential to reduce construction costs and provide substantial savings before, during, and after the project. Moreover, unlike other materials used in conventional building components, precast components are usually made of locally available natural raw materials such as cement, stones, sand, and gravel, and they can be reused or recycled completely, which helps to reduce the environmental impact of raw materials over their life cycle. In addition to this, focus have been made to promote safe and digitized construction which could lessen the number of fatalities at the site. For instance, several reported incidents suggest the fatalities caused while lifting hollow-core slabs with clamps. Hence, the use of precast components in the construction work can has ensure the safety and protection at construction sites.

Precast concrete is also a popular building material for office buildings. The building's walls can be fabricated while the on-site foundations are being built, thereby saving time, and ensuring early occupancy. Due to the speed and ease with which precast structures can be constructed, precast has become a popular building material for parking structures. Precast concrete allows for safe, cost-effective construction in all weather conditions.

It also provides long clear spans and open spaces needed in parking structures. In addition, precast concrete saves time and money, and it has greater quality control than on-site concrete construction. Precast concrete construction has many benefits such as ecofriendly, earthquake resistance, energy- efficient, and others than cast-in-situ concrete structures, as well as steel, timber, and masonry structures. It allows for a faster and more reliable construction process. The rising focus toward cost-effective, safe, and environment-friendly products is expected to stimulate the growth of the North America precast concrete market.

On the contrary, volatility in raw material prices hampers the growth of North America precast concrete market.

Based on structure system, the North America precast concrete market is segmented into beam and column system, floor and roof system, bearing wall system, façade system, and others. The beam and column system segment held 25.6% share of the North America precast concrete market in 2022, amassing US$ 9,284.31 million. It is projected to garner US$ 16,397.89 million by 2030 to expand at 7.1% CAGR during 2022-2030.

In terms of end use, the North America precast concrete market is segmented into residential, commercial, and others. The commercial segment held 56.5% share of the North America precast concrete market in 2022, amassing US$ 20,484.65 million. It is estimated to garner US$ 35,173.82 million by 2030 to expand at 6.7% CAGR during 2022-2030.

Based on country, the North America precast concrete market is categorized into the US, Canada, and Mexico. The US held 91.1% share of North America precast concrete market in 2022, amassing US$ 33,043.77 million. It is projected to garner US$ 54,754.06 million by 2030 to expand at 6.5% CAGR during 2022-2030.

Key players operating in the North America precast concrete market are CRH Plc, Heidelberg Materials AG, Cemex SAB de CV manufacturer, Holcim Ltd, Consolis Group SAS, and Balfour Beatty Plc, among others.


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