Global Precast Concrete Products Market Report 2022-2026 - Precast Concrete Is Making Inroads Against Competitive Products in Structural Construction - ResearchAndMarkets.com

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:

• Increased commercial building construction
• 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

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:

• A rebound in underlying construction following losses during the pandemic
• Greater use of precast concrete at the expense of competing materials

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:

• 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.

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