DUBLIN--(BUSINESS WIRE)--The "Global Precast Concrete Products Market Report 2022-2026" report has been added to ResearchAndMarkets.com's offering.
Through 2026, demand for precast concrete products is forecast to increase 5.9% per year to $18.5 billion.
Gains will be driven by:
Commercial Building Market to Drive Demand Growth
Commercial buildings are the most important outlet for precast concrete products, as both the leading market and one of the fastest growing through 2026. Strong opportunities for demand in this market stem from:
Precast concrete products are increasingly specified during the construction of a variety of commercial structures (including high-rise offices, hotels, and industrial buildings) because of their durability and uniformity, which is particularly important for large commercial buildings that require significant volumes of materials because it can speed construction. As skilled labor becomes more expensive and difficult to come by, efficiencies offered by precast products are growing in importance.
Infrastructure Law to Boost Precast Concrete Demand
Precast concrete product demand will be bolstered by the Infrastructure Investment & Jobs Act, which was passed in late 2021 and allocates $1 trillion (over eight years) for a wide array of infrastructure related projects around the US. Many of these projects - including the renovation of bridges, railroads, roads, highways, public utility structures, and water and sewage facilities - will provide opportunities for precast concrete manufacturers.
Precast Concrete Is Making Inroads Against Competitive Products in Structural Construction
Structural building components account for the leading share of precast concrete demand by product, and demand is expected to grow at the fastest pace through 2026. Precast concrete products will be increasingly specified as concrete slabs, prefabricated buildings, foundations, and supports because of their:
However, precast concrete products will continue to compete with poured-in-place concrete - throughout the forecast period and beyond - due to the latter's lower cost and familiarity among building contractors.
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