Global Precast Concrete Products Market Report 2022-2026 – Precast Concrete Gaps Its Way Against Competitive Products in Structural Construction – ResearchAndMarkets.com

Dublin – (work wire) – The report “Global Precast Concrete Products Market Report 2022-2026” has been added to ResearchAndMarkets.com Show.

By 2026, the demand for precast concrete products is expected to increase by 5.9% annually to $18.5 billion.

Gains will be achieved through:

  • Increased construction of commercial buildings

  • Massive influx of federal funding for infrastructure projects

  • The increasing specification of precast concrete over competing products due to its durability, strength, ease of installation and ability to customize

Commercial building market to drive demand growth

Commercial buildings are the most important outlet for precast concrete products, as both the leading and fastest growing market up to 2026. The strong demand opportunities in this market stem from:

  • Recovery in basic construction after losses during the epidemic

  • Increased use of precast concrete at the expense of competing materials

Precast concrete products are increasingly selected 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 especially important for large commercial buildings that require large amounts of materials because they can speed up construction. As skilled labor becomes more expensive and more difficult to obtain, the efficiencies offered by off-the-shelf products are becoming more and more important.

Infrastructure Law to Increase Demand for Precast Concrete

Demand for precast concrete products will be boosted by the Infrastructure Investments and Jobs Act, which passed in late 2021 and allocates $1 trillion (over eight years) to a wide range of infrastructure-related projects across the United States. Many of these projects – including the renovation of bridges, railways, roads, highways, public utility structures, and water and wastewater facilities – will provide opportunities for precast concrete manufacturers.

Precast concrete is making its way against competitive products in structural construction

Structural building components account for the major share of precast concrete demand by product, and demand is expected to grow at the fastest pace until 2026. Precast concrete products will increasingly be identified as concrete slabs, precast buildings, foundations and trusses due to:

  • Ease of installation, which reduces construction costs and labor needs, a major factor as the scarcity of workers in general and skilled workers in particular is increasing

  • More durability than competing products such as cast-in-place concrete

  • Consistent quality due to its production in factory settings

However, precast concrete products will continue to compete with cast-in-place concrete – throughout the forecast period and beyond – due to the latter’s lower cost and familiarity among building contractors.

For more information on this report, visit https://www.researchandmarkets.com/r/he9ydt

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