Whether you use precast concrete on your property or are interested in a career in the industry, you might be interested in the material’s future. If that’s the case, there’s plenty of good news to share, as precast concrete is a growing industry that’s continually gaining more widespread interest. More people are turning to precast concrete, from residential homeowners to commercial business owners, setting up a bright future for the industry.
What Does the Future Look Like for Precast Concrete Walls?
The compound annual growth rate (CAGR) for precast concrete is currently forecasted to remain consistent at a 5.7% rate, and if that prediction bears out, the industry will grow to a value of $134 billion by the end of 2023. When reviewing a ten-year forecast, the industry’s worth is expected to exceed $234 billion by 2033.
Closely examining that forecast for the precast concrete industry relates to market growth of $100 billion across the next decade. For those interested in the industry, the estimated growth suggests the market will continue to expand well into the future.
More Commercial Businesses Will Turn to Precast Concrete
There’s no denying that some of the benefits of precast concrete walls make the material an attractive option to commercial business owners. Since the manufacturing of precast walls takes place in an off-site facility, installing precast concrete saves time and money.
Of course, time and money are important factors, but they’re not the only ones business owners confront.
For instance, a growing effort to reduce carbon emissions and limit the waste of nonrenewable resources is prompting a shift to greener technology. Precast concrete can be produced with mixtures low in CO2 or green blends that meet or exceed government restrictions. Additionally, the longevity of precast concrete has made these walls more sustainable over several decades.
Precast Concrete Is an Attractive Alternative for Roads and Highways
We’ll likely also see more precast concrete walls adapted for use on highways and roads, providing better alternatives for barriers, girders, and other structures. Given precast concrete’s longer-lasting durability, engineers responsible for planning city and state infrastructures will use these products to simplify many projects.
Precast concrete is also an attractive option for these purposes due to the versatility of its components. Each piece of precast concrete is formed according to the customer’s unique specifications, which means it is possible to modify the concrete’s thickness, height, and shape to meet any set of needs.
Residential Property Owners Will Increase Market Sales
While the use of precast concrete is more common in the commercial and government sectors, there may be a shift in the coming years, as there’s a growing interest among residential property owners who want to use precast concrete walls as property barriers.
Simply by looking at the latest numbers, it is clear that sales from residential customers rose by 21% between 2020 and 2021. In 2020, residential precast concrete customers comprised $596.73 billion in sales in the United States. By 2021, that number rose to $722.38 billion.
While that sharp increase will likely level out, the residential market will still see gradual growth. Straits Research predicts a 5% rate of growth in this sector within the coming year.
Turn to the Precast Concrete Pros
American Precast Concrete was one of the earliest pioneers in the industry, and we have since grown to become a top supplier in the market. If you have an interest in precast concrete products, our team will help you design and create the products that suit your needs. Contact us to get started.