Let’s talk about the future of precast concrete. It’s no exaggeration to say that the prospects for the precast concrete industry have never been higher. The future’s bright, as they say, and we’re all wearing shades.
At Columbia Precast Products, we’ve spoken — and written — at length about the history of concrete in general and precast concrete specifically. And we’ve delved into what we envision as the prospects for our industry moving forward. We typically write these pieces based on our own experience and the growth of our own business.
Still, it’s good to see that we’re not alone in our optimistic outlook for the future of precast concrete. We think this great bright future is due to three main factors: increased demand, sustainability, and customizability of precast concrete.
The worldwide pandemic has dampened the economic outlook across a wide range of industries. Supply chain problems and shutdowns have made a difficult problem even worse. But now, things are looking up.
According to a January 2022 release published by MarketWatch, “the global precast concrete market size is anticipated to reach USD 149.1 billion by 2026 growing at a CAGR (compound annual growth rate) of 6.6% during the forecast period.”
The updated forecast comes from a study by market research outfit Report Ocean.
Perhaps of paramount importance to precast concrete producers in the Pacific Northwest, MarketWatch also writes that “Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.” The markets specified in the report include India, China, and Japan.
The drivers behind this growth include, according to the report:
- increases in disposable income
- construction and renovation of residential buildings
- increasing population
Furthermore, precast concrete’s widely touted benefits — for example, durability, sustainability, customization, reductions in building and installation time, and offsite production capabilities — will contribute to new growth in the precast concrete market. This remains true for both government and private sectors.
Columbia Precast Products
Expect to read more about the development of infrastructure — buried and otherwise — formed in great part by precast concrete. According to the report, this includes “parks, museums, and other structures by governments, along with growth in construction in urban areas would support the growth in the coming years.”
Columbia Precast Products is primed and ready to embrace this increase in demand. Just like we’ve done since we first opened our facility doors, we continue to design and produce high-quality precast concrete forms for a wide variety of uses and applications.
We look forward to the opportunities that an expanded economic outlook provides for us. Our experts produce precast elements designed for use throughout the construction industry.
In fact, our precast concrete plant contributes so much precast concrete construction materials to construction projects — both commercial and residential — that it’s no exaggeration to suggest that our precast concrete products are just about everywhere.
Our sustainable, reproducible, and customizable production processes lead to shorter construction times than one finds in traditional construction facilities. This affects the construction trades in many ways, including allowing for efficiencies in production and in its simplified, on-site installations.
Get in touch with us today with any questions. We look forward to hearing from you!