The demand for precast concrete products is expected to increase through 2018, according to a recent market research study.

The study, conducted by the Freedonia Group of Cleveland, forecasts the precast concrete segment will grow by 6.4 percent per year to $12.2 billion in sales in 2018.

The forecasted growth is in part due to increases in construction spending after the 2008 financial downturn which deeply cut into new construction.

The versatility of precast concrete products is also a leading reason for the expected increases. Precast concrete is gaining in popularity thanks to the savings in construction time over pour-in-place concrete applications, according to the study.

The ease of installation of precast concrete products frees up construction sites from waiting for poured concrete to harden, allowing for the project to move forward in a more timely fashion.

The growth will come mostly from nonresidential projects following ongoing trends. But growth in the use of precast concrete products in residential construction is also expected to grow by 7.9 percent annually to $2.3 billion in 2018, according to the study.

“Advances will be fueled by rebounding nonresidential building construction expenditures and rising interest in precast concrete products because of their performance properties, such as their ability to support the roofs of large-sized structures,” said Matt Zielenski, a Freedonia analyst.

Use of precast concrete is also expected to increase in replacement of brick and stone, as the concrete material can easily be formed to resemble those more expensive finishes.

Public works use of precast concrete also is expected to increase, but at more modest levels as government spending is not expected to increase much through 2018. Precast concrete is used extensively in bridges, highways, roads, water and sewer systems and power distribution grids.

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