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CLEVELAND , May 10, 2022 /PRNewswire/ -- The Freedonia Group forecasts US demand for precast concrete products to increase 5.9% per year to $18.5 billion in 2026. Demand will be bolstered by the Infrastructure Investment & Jobs Act, which was passed in late 2021. This law both fills a void left by the recently expired FAST Act (which funded road and highway infrastructure) and significantly expands upon it, allocating over $1 trillion for a wide array of projects that fall under the larger banner of "infrastructure".
Precast concrete products are used in a variety of infrastructure applications, including:
Gains in precast concrete product demand will be fueled by increased specification of precast concrete products over site-poured concrete and steel in many of these applications because of their long lifespans, resistance to degradation, and quick installation times.
Roads & Bridges to Remain Largest Infrastructure Market for Precast Concrete Products
Roads and bridges will remain the leading outlet for precast concrete in infrastructure construction applications due to the nation's massive stock of bridges, highways, and roads, many of which will be repaired or upgraded using precast concrete products:
The bulk of the funding to address these shortcomings will come from the Infrastructure Investment & Jobs Act, which includes:
Precast concrete components will increasingly be incorporated into new and repair road and bridge projects despite their higher cost. For example:
Precast Concrete Products provides historical data for 2011, 2016, and 2021 and forecasts to 2026 for precast concrete product demand in millions of dollars by product, market, and region and subregion.
About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
Press Contact: Corinne Gangloff +1 440.842.2400 [email protected]
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