When you are planning to put a lot of money into a house or business project, you want it to pay off in the long run. If you sell the property, you don’t want that project to decrease the amount you get for the property. Is precast concrete worth the cost? Absolutely. Let’s look at the market trends and what this means for the average property owner.
Current Market Trends
In 2020, the global precast concrete market had a value of USD 92.14 billion. This accounts for the structural, architectural, water, and waste handling products, transportation, and all other precast concrete industries.
Experts expect a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028. The CAGR is the mean annual growth rate of investment for a period of time longer than a year.
This growth rate is primarily driven by an increase in structural use in Asian countries. Also, the use of precast concrete in infrastructure projects is a large portion of the growth.
Project managers of infrastructure projects like precast concrete because it helps to reduce the time to completion and brings significant savings – labor and raw material costs.
Impact on Average Property Owner
What does this market trend mean for the average home or business owner? It means your investment could retain its value.
Overall, an increase in the value of an industry means we will start seeing more of that product. People are starting to recognize more and more the benefits of using precast concrete for many of their projects. Homeowners and business owners alike are both starting to see the benefits too.
This means that the precast concrete fence that you install now will have value for future property owners. When you sell in the future, the precast concrete fence will be a valuable part of the property and not something the future owners hope to tear down.
Durability of Precast Concrete
One reason why the industry value has and continues to increase is the durability of concrete. Instead of replacing a wood fence over and over, you can install one precast concrete fence.
People are increasingly trending towards things that make their life easier – they are even willing to pay more for convenience. Think about meal prep kits or even delivery apps. They come at a higher cost, but people are willing to pay for that.
The durability of precast concrete makes maintenance easy for you and future property owners. Typically, all a precast concrete fence needs are an annual inspection and a wash. If there is a broken part, it is typically a simple matter of taking out the broken panel and replacing it with a new one.
A precast concrete fence retains its value. It continues to look good and function well for many years.
Let’s think about a wood fence for a minute. What does it look like in 10 years? Is the paint faded? Are panels broken or missing? It’s not a pretty sight and doesn’t add much value to the property.
Compare the wood fence with a precast concrete one. In 10 years, a well-made precast concrete fence (like one from American Precast) will still look as good as the day it was installed.
Since any pigment we add is mixed right into the concrete, the color won’t fade. All the panels are intact and clean.
American Precast Concrete Inc.
At American Precast Concrete Inc., we want to help you finish the projects of your dreams. Whether you need a residential or commercial fence, American Precast is here to help! Contact us today for a free estimate.