New report forecasts 6.4% annual rise in demand for precast concrete products
According to a new report from the Freedonia Group, demand for precast concrete products in the US is forecast to rise by 6.4% annually to reach US$12.2 billion in 2018, thanks to rebounding construction activity. Demand for precast concrete products will be boosted by their ability to reduce the time and expense of construction projects while also improving quality. This will enable precast concrete products to take market share from more established materials, such as the site-poured ready-mix concrete and steel often used in construction projects.
Nonresidential 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.
The residential market for precast concrete is also forecast to see above average growth, rising 7.9% annually to US$2.3 billion in 2018. This will boost demand for roofing tiles, siding, and fencing for improvement and repair projects.