Spurred by rebounding construction activity, the country’s demand for precast concrete products is forecast to rise 6.4 percent annually, reaching some $12.2 billion in 2018.
According to the Freedonia Group market research report, “Precast Concrete Products,” these increases will be augmented thanks to the material’s ability to reduce the time and expense of construction projects while also improving quality.
Non-residential building construction applications accounted for the largest share of precast concrete products demand in 2013, and are expected to see the most rapid gains in demand going forward, according to analyst Matt Zielenski.
“Advances will be fueled by rebounding non-residential building construction expenditures and rising interest in precast concrete products because of their performance properties, such as their ability to support the roofs of large-sized structures,” he added.
The report predicts increased demand will also be due to precast concrete products’ ability to mimic building materials that can be more expensive and difficult to install, such as brick and natural stone.
The residential market for precast concrete is forecast to see above average growth, rising 7.9 percent annually to $2.3 billion in 2018. Further, demand for precast concrete products in the non-building market is expected to rise modestly through 2018. Overall gains will be restrained by tepid growth in government spending, which will limit the funds available for infrastructure construction. However, advances will be supported by the need to repair the nation’s aging network of bridges, highways, roads, water and sewer systems, and power distribution grids. Precast concrete products—such as bridge components, paving slabs, and manholes—are often specified due to their desirable performance properties.