U.S. Precast Concrete Market Size, Share & Trends Analysis Report By Product (Structural Building Components, Transportation Products & Others), By Application And Segment Forecasts, 2024 - 2030

U.S. Precast Concrete Market Size & Trends  

The U.S. precast concrete market size was estimated at USD 19.77 billion in 2023 and is expected to register a CAGR of 6.0% from 2024 to 2030. U.S. offers one of the major markets for precast concrete on account of its highly developed economy, growing construction spending combined with a highly skilled workforce, and R&D initiatives to encourage product innovation. Rising demand for the expansion of floor space in various industries has led to the growth in new construction and renovation projects in the country.

In addition, an increasing number of large-scale infrastructure investment projects, including hotels and hospitals in major cities of U.S. such as New York, Missouri, and Los Angeles, are likely to boost construction industry growth and drive the demand for precast concrete products in the country. The increased growth rate of the industrial sector is likely to augment the demand for precast concrete products in the U.S. over the forecast period. Furthermore, the demand for the product is expected to witness rapid growth owing to the inclination of building contractors and customers toward eco-friendly, cost-effective, and modern construction solutions.

The state of California offers one of the major markets for precast concrete in the U.S. owing to the increasing construction of bridges, railroad, and aviation infrastructure. This is expected to increase the market for precast concrete over the forecast period owing to high product demand from the infrastructure application segment. In addition, California’s railroad construction project is further expected to spur the growth of the market during the forecast period. The construction of a high-speed light rail system that would connect Los Angeles, Central Valley, and San Francisco would be one of the largest railroad construction projects to be constructed in two phases with completion expected in 2029.

Market Concentration & Characteristics

Market growth stage is medium, and pace of the market growth is accelerating. The market is fragmented. There are several prominent players in the industry. The competition in market is high based on the product quality and pricing. The players sign long term procurement agreements with the end-users in order to increase competitiveness of the market. Small players are also adopting such strategies with a vision to increase their penetration in the U.S. market for precast concrete.

For the product innovation, the industry is focusing on strengthening the precast concrete products. Chemicals such as cement additives are being used to make the precast product stronger. The CAD/CAM software are used to design the precast products in order to improve the compatibility of products.

Multi-level integration is observed between the leading manufacturers to achieve optimum business growth in the market. Contracts, agreements, mergers & acquisitions, and joint ventures are undertaken to extend the business portfolio and reduce the overall costing of the product.

American Section of the International Association for Testing Materials (ASTM) have various standards for precast concrete construction. Every precast concrete product in the U.S. must comply with these standards.

The threat of substitute is moderate. Conventional cast-in site concrete is the main substitute. Another substitute that is present is the cross laminated timber. Due to its eco-friendly nature, it can be a better substitute for concrete products.

Product Insights

The structural building components segment dominated the market with a revenue share of over 37% in 2023. The segment is also the anticipated to witness the fastest CAGR of 6.4% during the forecast period. The major driving factor is the high demand of the structural building component products in the construction segment.  The array of products includes pillars, columns, joints and other products that are widely used in the construction of residential and commercial buildings. The product including precast slabs, façade, and others are increasingly used in the construction of industrial and manufacturing plants.

In addition, the rising use of structural building components in affordable housing is anticipated to be a major driver for this segment. The increasing number of hotels, malls, and hospitals coupled with growing industrialization across the U.S. is likely to propel the product segment growth over the forecast period. Precast structural building components require little or no maintenance which makes it highly preferable, which drives the product demand over the forecast period. In addition, the use of precast concrete columns, beams, and others help in reducing the cost associated with building materials. Moreover, precast concrete has a longer service life, and it helps in accelerating the construction process, which is projected to result in high product demand in residential and commercial construction activities.

Application Insights

The residential segment dominated the market with a revenue share of over 33% in 2023. The use of precast concrete products in residential construction is popular in North American countries including U.S. Superior strength, excellent durability, and easy installation process are the reasons that promote its application in the residential sector. Moreover, rise in demand for single-family homes and trends for rapid construction of homes is likely to ascend the demand for precast concrete products in the U.S. The design flexibility and excellent quality assurance offered by precast concrete products are projected to fuel its demand in the residential application segment. In addition, precast concrete offers all the benefits of concrete while eliminating many difficulties that are associated with on-site casting such as weather fluctuations, job site impacts, and extended duration of the construction period.

The infrastructure segment is expected to witness the fastest CAGR during the forecast period. Precast concrete is increasingly used in the construction of protective walls for highways to prevent the breakthrough of vehicles that have to take up high loads and are much more durable compared to that made of other materials. In addition, the high resistance of the precast concrete against the external impact of wind, storm, rain, and snow is projected to propel its demand over the forecast period. Since the precast concrete products have low maintenance cost and are of superior durability, they are widely used in infrastructure segment. Precast concrete structures are suitable for the construction of noise-cancellation walls as their surface is designed to minimize ambient noise caused due to highway traffic or trains. In addition, the design flexibility offered by concrete makes it apt for outdoor applications involving climbing walls, skate parks, and fences. Rising focus on energy-efficient construction practices in infrastructure sector is projected to benefit the demand for precast concrete market growth over the forecast period.

Key U.S. Precast Concrete Company Insights

The U.S. precast concrete industry is very competitive, which requires its players to improve their product quality and make it affordable. The majority of the market is under local manufacturers as the precast products need to be shipped from the factory to the construction site. Building & construction industry is the major end-user of precast products. Key participants in the market are focusing on technological developments for improving the quality of raw materials, components, and installation processes; thus, creating strong competition for new entrants. Additionally, the players are fulfilling the demand for high-end infrastructure projects to penetrate the market.

Recent Developments

• In August 2023, CEMEX purchased two quarries near Madrid as part of its strategic bolt-on acquisition strategy. The company is expecting to expand its global reach through this acquisition.

• In July 2023, Tindall Corporation expanded its Texas facility by 69 thousand square feet making it a total of 180 thousand square feet. With this heightened capacity, the company expects to better serve the commercial construction industry in the South & Central states. 

• In April 2022, Quikrete Holdings LLC, an Atlanta based company, acquired Forterra Pipe and Precast LLC. With this acquisition, the company aims to expand its product portfolio and customer base.  

U.S. Precast Concrete Market Report Scope

U.S. Precast Concrete Market Report Segmentation

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

• Product Outlook (Revenue, USD Billion; 2018 - 2030)

  • Structural Building Components

  • Architectural Building Components

  • Transportation

  • Waste & Water Handling

  • Others

• Application Outlook (Revenue, USD Billion; 2018 - 2030)

  • Residential

  • Commercial

  • Infrastructure

    • Tunnels

    • Bridges

    • Wind Towers

  • Industrial