India Precast Concrete Market Size, Share & Trends Analysis Report By Product (Structural Building Components, Transportation) By Application (Infrastructure, Industrial), And Segment Forecasts, 2024 - 2030

India Precast Concrete Market Size & Trends

The India precast concrete market size was values at USD 6.16 billion in 2023 and is projected to grow at a CAGR of 9.2% from 2024 to 2030. The exponential rise in population and rapid urbanization in India, infrastructure development, sustainable construction, technological advancements, and the rising need for residential spaces are some of the factors driving the market growth.

According to the report by CREDAI-Liases Foras, India is expected to require an additional 64 million homes by 2036 due to population growth driven by urbanization and economic development. This highlights the need for significant infrastructure expansion to accommodate the growing population.

The growth in population, infrastructure development, and industrial advancement have led to a surge in the need for conventional construction materials and a rise in waste production. Consequently, India is integrating diverse alternative and sustainable materials for constructing roads to address this challenge. There is a notable focus on sustainability and safety to reduce the environmental repercussions of construction activities and lower road fatalities.

The Indian government’s emphasis on infrastructure development projects such as roads, bridges, airports, and metro systems has boosted the demand for precast concrete materials, also known as prefabricated or premade concrete. The government is proactively endorsing the use of premade concrete in road and bridge building to promote sustainability efforts and elevate safety measures. As per the National Highway Precast Concrete Policy, a minimum of 25% of non-foundation concrete volume for new construction, reconstruction, and widening of bridges/road structures must be sourced from precast elements within 100 km of the project site. This policy aims to reduce construction site pollution, accelerate project completion, and enhance aesthetics.

Precast concrete structures are known for their cost efficiency compared to traditional methods. The utilization of premade elements significantly reduces time, labor costs, and material wastage. Precast concrete provides a viable solution in a cost-sensitive market such as India, where developers are constantly looking for ways to optimize expenses without compromising on quality. For Instance, L&T, through its ‘Mission 96’ project, created a 12-storey residential building in 96 days by utilizing precast technology, which is acclaimed as the future of constructing residential towers. This innovative approach enables mechanized rapid construction with high-quality outcomes, emphasizing controlled manufacturing within a factory setting. As the construction industry continues to evolve, premade concrete is expected to play a crucial role in meeting the growing demand for efficient and sustainable building solutions in India.

Market Concentration & Characteristics

The industry growth rate is high, and the pace is accelerating. The industry is highly competitive, with players competing based on price, quality, and innovation. This competitive landscape underscores the focus on delivering high-quality premade concrete solutions at competitive prices to meet the construction industry’s needs. It drives innovation and efficiency in the industry, ultimately benefiting consumers by providing a range of high-quality premade concrete options at competitive prices.

In India, the market is experiencing high innovation with technologies including BIM, VR, AR, 3D Printing, and Bionic Exoskeletons. These advancements improve efficiency, safety, sustainability, and precision in construction, leading to better project management and increased productivity in the industry.

The companies operating in the industry witnessed moderate mergers and acquisitions (M&A) activities. Companies seek strategic partnerships to expand their reach and enhance product and service portfolios. For Instance, in September 2021, Infra.Market acquired RDC Concrete. The acquisition led to RDC Concrete expanding from 49 to 100 plants in 48 cities, with plans to reach 180 plants by fiscal year 2025. This strategic move highlights the dynamic growth and strategic positioning of both Infra.Market and RDC Concrete in the construction materials industry.

Regulations significantly impact the industry, influencing production, quality, and sustainability. They ensure compliance with energy conservation and environmental protection policies, and promote the use of precast technology for its sustainable benefits. The Bureau of Indian Standards (BIS) serves as the regulatory body overseeing precast concrete in India, setting essential standards, specifications, and codes of practice for various construction materials to uphold quality, safety, and efficiency within the precast concrete sector in the country.

Product Insights

The structural building components segment led the market with the largest revenue share of 36.40% in 2023 and is expected to grow at the fastest CAGR over the forecast period. Structural building components such as beams & columns, slabs & floor panels, walls, stairs & landings are fundamental elements in providing structural support, defining spaces, and ensuring building safety. Premade concrete for these components offers faster construction, improved quality control, cost-effectiveness, and design flexibility. This makes structural building components a preferred choice in modern projects for their durability, efficiency, and adaptability to various architectural designs.

The architectural building components segment is expected to grow at the fastest CAGR during the forecast period, due to their flexible design features, profitability, and growing demand for affordable housing and commercial properties. These components are favored for their exceptional finish, strength, precise dimensions, consistent quality, and stringent quality controls, making them a preferred choice among builders and contractors. For Instance, in 2022, the government established an initiative to construct 20 million affordable houses and 98 smart cities using precast concrete technology. This technology speeds up projects and cuts costs, offering better control over construction compared to labor-intensive traditional methods that lead to higher expenses, longer timelines, and quality variations.

Application Insights

Based on application, the infrastructure segment led the market with the largest revenue share of 41.47% in 2023, driven by substantial infrastructure investments that offer growth opportunities for the market. This focus on infrastructure development and housing needs, especially in developing countries such as India, has spurred significant financial support for infrastructure projects from corporate and government sectors. The construction of critical infrastructure, including dams, bridges, flyovers, and public facilities, is fueling the demand for precast concrete within the infrastructure segment. For Instance, in December 2021, The Sobha Dream Acres housing project in Balagere, near Bangalore, is India's first construction project fully utilizing precast technology. Precast concrete is expected to cut construction costs in India by 10-15%.

The industrial segment is expected to grow at a rapid CAGR during the forecast period, due to increased construction, industrial development, and the need for precast concrete in building factories, warehouses, and manufacturing facilities. The focus on updating infrastructure and the demand for durable, cost-effective materials drive the use of precast concrete in industrial projects. This surge in demand results from the material's durability, resistance to harsh weather conditions, and long-lasting properties, making it a preferred choice for industrial construction projects in India.

Key India Precast Concrete Company Insights

Some of the key players in the market includes SCHWING Stetter India, AACP Infrastructure Systems Pvt. Ltd., Suzlon Energy Limited, Toyota Forms, and B. E. Billimoria & Co. Ltd.

• SCHWING Stetter India provides innovative technologies in precast concrete, such as formwork systems and automated production processes, emphasizing efficiency and precision in manufacturing. The company has introduced premium Mini Excavators and other innovative products, demonstrating its ongoing commitment to advancing construction equipment technology

• B. E. Billimoria & Co. Ltd. is known for executing civil engineering construction contracts, infrastructure projects, and various construction services for residential, corporate, utility, and exceptional engineering projects. The company is renowned for delivering creative, value-oriented, and reputable construction solutions

Recent Developments

• In September 2023, The Home GRAVA project in Hyderabad, India, showcases precast construction with 180-meter tall towers spanning 43 stories each. My Home Construction leads this innovative project, demonstrating precast technology's impact in India's construction sector, with Elematic as a key partner driving industry innovation

• In December 2021, Reall's partner, Janaadhar, built a specialized precast concrete factory, funded by Reall, ensuring a significant decrease in energy and water usage for housing projects. This factory manufactures modular housing panels that, when assembled on-site, provide environmentally friendly and cost-effective homes for low-income families throughout India

• In May 2023, Precast India Connections, a new venture by Precast India Infrastructures Pvt. Ltd., has patented a horizontal Dowel-Sleeve connection method, revolutionizing the precast industry with the Precast India Connector (PIC). This innovative solution offers cost and time efficiencies, with global recognition across 20 countries for its quality and effectiveness

India Precast Concrete Market Report Scope

India Precast Concrete Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the India precast concrete market report based on product and application.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Structural Building Components

  • Architectural Building Components

  • Transportation

  • Waste & Water Handling Products

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Residential

  • Commercial

  • Infrastructure

  • Industrial