North America 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 North America precast concrete market was valued at US$ 36.26 billion in 2022 and is expected to reach US$ 60.31 billion by 2030; it is estimated to register at a CAGR of 6.5% from 2022 to 2030.

Significant Investment in Innovation and Product Development Boosts North America Precast Concrete Market

The precast concrete industry is constantly innovating, driven by changes in global markets, rise in consumer demands, and labor cost pressures. Producers are continually seeking ways to increase efficiency, boost quality, and increase their bottom line. Furthermore, increased environmental awareness and emphasis on project life cycles have increased the demand for sustainable construction practices-especially those designed to reduce waste, greenhouse gas emissions, and energy consumption-which will further propel the North America precast concrete market. Moreover, modern precast concrete production technologies enable material optimization. For instance, in 2019, the new Extruder E9 was introduced. It is the pinnacle of best-in-class extruders. The unit, which represents Elematic's 5th generation of extruders, establishes a new standard for high-speed casting in hollow-core slab production while maintaining low production costs.

Further, 3D printed precast concrete forms are also providing new creative solutions and a completely new way of thinking about design to the architectural precast industry. Molds that are 3D-printed have many benefits over traditional molds, such as they take less time to construct, produces highly replicable and long-lasting components, less material waste, and the molds can be used up to 200 times, which is an order of magnitude more than conventional molds, which can normally only be used for 15 to 20 concrete pours. This advantage reduces the marginal cost per piece for large, repetitive projects by spreading the mold's total cost over a larger number of concrete sheets.

In addition, the use of 3D-printed molds would increase the appeal of precast construction to architects and designers by enabling them to develop innovative and more complex building designs. The increasing innovations by the manufacturers in the development of cost-effective, eco-friendly, and performance-efficient precast concrete will create significant opportunities for the growth of the market.

North America Precast Concrete Market Overview

North America comprises of developed and developing countries such as the US, Canada, and Mexico. North America will account for a remarkable share in the precast concrete market. In the North America region, the US is a major market for precast concrete in the North America region, followed by Canada and Mexico. The extensive use of precast concrete in the construction activities of residential and commercial buildings is anticipated to drive the precast concrete market growth in North America. The construction industry in North America is expanding tremendously due to a strong economy, combined with an increase in federal and state funding for public works and institutional buildings. Precast concrete offers time and cost-benefit to the project and better-quality control than on-site concrete construction. Precast concrete provides absolute thermal protection, constant air/vapor barrier, efficient rain screens, excellent lifespan, lessened construction schedule, and on-site, high-quality labour control standards, faster and more efficient construction process. Besides, the precast concrete market in this region is growing owing to its increasing demand from the automotive and oil & gas industries.

The automotive & transportation industry is considered the fastest-growing consumer of this material. Rapid industrialization and urbanization are also fueling the growth of the precast concrete market in North America. As per the American Institute of Architects (AIA), spending on commercial buildings in North America is growing every year. Construction spending is estimated to witness robust growth over the forecast period. All these factors are further fueling the growth of the precast concrete market in North America.

Many domestic and international companies have a strong foothold in North American region. Some of the key players operating in the North America precast concrete market are Spancrete, Boral, Tindall Corporation and others. The manufacturers in the region are investing high amounts in the research and development of precast concrete which is expected to boost the market for precast concrete in the North American region in the near future. For instance, Tindall Corporation produces high-quality and innovative precast solutions. The company introduced the latest revolution in 100% precast floor systems. T-SLAB is the product offered by the company which delivers all the advantages of the industry's most effective building materials with the strength, speed, and performance of precast concrete.

North America Precast Concrete Market Segmentation

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

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 the largest share in 2022.

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

Based on country, the North America precast concrete market is categorized into US, Canada, and Mexico. The US dominated the North America precast concrete market in 2022.

CRH Plc, Heidelberg Materials AG, Cemex SAB de CV manufacturer, Holcim Ltd, Consolis Group SAS, and Balfour Beatty Plc are some of the leading companies operating in the North America precast concrete market.