Through 2022, demand for precast concrete infrastructure construction products is expected to increase 4.4% annually to $2.4 billion. Growth will be fueled by:
- the need to repair the nation’s aging network of bridges, highways, roads and railroad tracks
- increased adoption of precast concrete over less expensive site-poured concrete as more government officials recognize that the long-term cost savings provided by its durability outweigh short term considerations
- efforts by the federal government to increase spending on new infrastructure, particularly if the US Congress passes a significant new funding bill
Overall gains will be restricted by transportation infrastructure funding concerns at the state and local levels due to budget constraints. These and other trends are presented in Precast Concrete Products in the US, 4th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Through 2022, demand for precast concrete bridge components is expected to increase 5.8% annually to $1.1 billion, the fastest pace of any infrastructure component. Demand growth will be driven by:
- the high number of US bridges currently rated as structurally deficient that will require significant maintenance and repairs
- increased usage of precast concrete bridge components because the lack of required curing time allows bridge repair and replacement jobs to be completed more quickly, minimizing disruptions for motorists and waterway traffic
However, there will be applications for which site-poured concrete and steel will continue to be specified. Although steel components are susceptible to degradation and site-poured concrete can become damaged and cause structural deficiencies, some cash-strapped governments may opt to use these products because of the short-term cost savings they provide.
Precast Concrete Products in the US, 4th Edition (published 7/2018, 175 pages) is available for $5200 from The Freedonia Group. For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or email [email protected].
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