CLEVELAND , May 12, 2022 /PRNewswire/ -- 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, according to a new Freedonia Group analysis. Precast concrete products will be increasingly specified as concrete slabs, prefabricated buildings, foundations, and supports because of their:
ease of installation, which reduces construction costs and labor needs, a key factor as workers in general and skilled laborers in particular become increasingly scarce
greater durability than competitive products like poured-in-place concrete
consistent quality due to their production in factory settings
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.
US Precast Concrete Products Demand to Grow Nearly 6% Annually Through 2026
The Freedonia Group projects demand for precast concrete products to increase 5.9% per year to $18.5 billion in 2026. Gains will be driven by:
a massive influx of federal funding for infrastructure projects
the rising specification of precast concrete over competitive products because of its durability, strength, ease of installation, and ability to be customized
Precast Concrete Products provides historical data for 2011, 2016, and 2021 and forecasts to 2026 for precast concrete product demand in millions of dollars by product, market, and region and subregion.
other products, including transportation construction, utility, cemetery, agricultural, and marine products
niche markets, including cemetery products, agricultural structures, landscaping, and consumer and commercial products
Northeast (Middle Atlantic and New England)
Midwest (East North Central and West North Central)
South (South Atlantic, East South Central, and West South Central)
About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
Press Contact: Corinne Gangloff +1 440.842.2400 cgangloff@freedoniagroup.com
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