Asia Pacific Precast Concrete Market Forecast to 2030 - Regional Analysis - by Structure System (Beam and Column System, Floor and Roof System, Bearing Wall System, Façade System, and Others) and End Use (Residential, Commercial, and Others)

The Asia Pacific precast concrete market was valued at US$ 75.76 billion in 2022 and is expected to reach US$ 1,40,920.13 million by 2030; it is estimated to register at a CAGR of 8.1% from 2022 to 2030.

Rise in Renovation and Remodeling Activities Across the Globe Fuels Asia Pacific Precast Concrete Market

Renovation involves reconstructing infrastructural facilities with modern and advanced construction materials with an aim to promote the structural properties of the building along with improving its life span and contributing to minimal environmental impact. Renovation and remodeling activities help to align infrastructural facilities which are compatible to present and future needs. With the rapid urbanization and industrialization, the demand for better residential and commercial facilities have risen. For instance, according to the World Economic Forum, the world's urban population is growing by 200,000 people every day, many of whom need affordable housing as well as social, transportation, and service infrastructure. In the face of such obstacles, the industry is almost morally obligated to transform. Further, the International Energy Agency (IEA) has called for a significant energy-efficient building renovation as part of a US$ 3 trillion revival plan to rebuild the global economy, which will propel the demand for precast concrete in the construction sector. Further, government organizations in emerging markets are aggressively investing and concentrating on building commercial and industrial infrastructures by introducing numerous initiatives and assigning projects, thereby accelerating the precast concrete business growth.

Growing renovation and development activities, driven by increasingly growing investments in the modernization of existing infrastructure, will further complement the precast concrete industry. Furthermore, rising remodeling and construction operations in non-residential spaces would also drive the demand for precast concrete during the forecast period. In addition, hotel and resort renovations are also on the rise. Further, the growing investments in the industrial construction by industry players are also expected to drive precast concrete adoption and generate business opportunities. The rising renovation and remodeling activities integrated with government support are further fueling the Asia Pacific precast concrete market growth.

Asia Pacific Precast Concrete Market Overview

The Asia Pacific comprises several developing and developed economies such as China, India, Japan, South Korea, Australia, among others. Countries like Australia, Japan, India, China, South Korea, Singapore, Taiwan, and Indonesia have large industries in a diverse sector such as construction, automotive, railways, and other industries. The manufacturing sector in these countries has experienced a huge shift over the years. The Asia Pacific manufacturing sector is highly adopting innovation accelerators which include advanced technologies & processes. Over the past decades, the manufacturing companies are spending of the region has grown significantly and is further anticipated to grow at the highest estimated growth rate.

Likewise, government initiatives and policies such as Make-in-India encourage the setup of different manufacturing plants in India. Rising foreign direct investments also lead to economic growth in the region. India, Japan, and China are amongst the major markets for precast concrete in the Asia Pacific region. The growing number of precast concrete uses in numerous end-user sectors including automotive and building & construction, is anticipated to increase the precast concrete demand in the Asia Pacific region. The building and construction industry is a strong contributor to the market's growth. For instance, in India, the construction industry is the second largest industry after agriculture, which accounts for about 11% of the country's GDP. Furthermore, a wide range of rail projects is either planned or under construction in the region, making it a most lucrative region for the precast concrete market. India and China are at the forefront in the development of wide railways projects. For instance, China has started its all-metro & railway projects discontinued due to the COVID-19 pandemic.

The Zhou Guanghui, Beijing Major Projects Construction, is prepared for twenty-one rail projects worth US$ 4.8 bn. Moreover, increasing investment in railways projects in India is further driving the growth of the market. Precast concrete is gaining interest in railway track systems for the plain track, switches and crossings, tunnels, and other applications. It is considered the most significant performing and preferred material for railway sleepers due to the factors such as long-term durability, enhanced elasticity of track, least life cycle cost, low maintenance cost, and environmental friendliness.

Asia Pacific Precast Concrete Market Segmentation

The Asia Pacific precast concrete market is segmented based on structure system, end use, and country.

Based on structure system, the Asia Pacific 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 the largest share in 2022.

In terms of end use, the Asia Pacific precast concrete market is segmented into residential, commercial, and others. The commercial segment held the largest share in 2022.

Based on country, the Asia Pacific precast concrete market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific precast concrete market in 2022.

CRH Plc, Heidelberg Materials AG, Cemex SAB de CV manufacturer, Holcim Ltd, Consolis Group SAS, Balfour Beatty Plc, and Laing O'Rourke Plc are some of the leading companies operating in the Asia Pacific precast concrete market.