CLEVELAND, May 11, 2022 /PRNewswire/ — Commercial buildings are the largest market opportunity for precast concrete products, as the leading and one of the fastest growing markets through 2026. According to new analysis from Freedonia Group, strong growth opportunities demand in this market stems 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 when constructing a variety of commercial structures (including high-rise offices, hotels, and industrial buildings) due to their durability and uniformity, which is particularly important for large commercial buildings that require large volumes of materials as it can speed up construction. As skilled labor becomes more expensive and harder to find, the efficiencies offered by pre-engineered products are gaining in importance.
Structural components will be the fastest growing product type in the commercial building market
The growing use of precast concrete products on structures such as child care centers, VA hospitals and other healthcare facilities will support demand gains for precast concrete products in the commercial market, according to the analysis. Structural building components represent the largest category in terms of demand and will experience the fastest growth due to large increases in demand for:
- precast concrete slabs, due to their durability and ability to reduce construction time
- pre-engineered building systems, as builders are increasingly specifying these products over site-built structures, as they are faster to build
- structural supports, as they are increasingly specified in high-rise commercial structures due to their tensile strength and uniformity
Architectural building component products are also widely used in the commercial precast concrete products market.
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Precast concrete products provides historical data for 2011, 2016 and 2021 and forecast till 2026 for the demand for precast concrete products in millions of dollars by product, market, region and sub-region.
- structural elements of the building
- architectural building elements
- water treatment products
- other products, including transport construction, utilities, cemeteries, agricultural and marine products
- commercial and residential buildings
- niche markets, including cemetery products, agricultural structures, landscaping, and consumer and commercial products
- Northeast (Middle Atlantic and New England)
- Midwest (central-northeast and central-northwest)
- South (South Atlantic, Centre-South East and Centre-South West)
- West (Mountain and Pacific)
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SOURCE The Freedonia Group