The market for hollow concrete block is expected to register a CAGR more than 5 % globally during the forecast period. Concrete blocks have a core void area larger than 25% of the gross area. They are substitutes for conventional bricks and stones in building construction. They are manufactured using sand, cement, aggregates, and water. Owing to the versatile and favorable chemical properties of the hollow concrete block, its application in the automotive and construction industry is rising exponentially, consequently propelling the market growth.
-However, the fluctuating cost of raw materials to manufacture hollow concrete blocks is likely to hinder the expansion of the studied market.
-The growing awareness among consumers for lightweight materials in modern architecture is likely to deliver opportunities for the hollow concrete block market over the coming years.
-The Asia-Pacific region dominates the market across the world with the escalating consumption of hollow concrete block from countries, such as China, India, and ASEAN Countries.
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Key Market Trends
Commercial Segment to Dominate the Market
– The commercial segment stands to be the dominating segment owing to large scale consumption of hollow concrete block for construction and remodeling activity.
– In construction, hollow concrete blocks are used to construct floors, walls, construct footers, and foundations to support a building and other structural surfaces inside and outside a home.
– Beneficial attributes of hollow concrete block, like lighter than bricks, easier to place, and frugal, with respect to base cost and consumption of cement, are likely to drive the market growth. The air pockets present in hollow concrete blocks make them an effective heat insulation solution and high strength provides superior resistance against adverse atmospheric conditions are anticipated to drive the market growth over the forecast period.
– Refurbishing and renovation of old buildings increased investments in the building and construction industry. This in turn is augmenting the demand for hollow concrete block.
– Asia-Pacific countries, like China, India, Indonesia, Thailand, and Vietnam, have been registering strong growth in construction and remodeling activities. The hollow concrete block market is projected to witness growth in this region over the forecast period.
Asia Pacific Region to Dominate the Market
– The Asia-Pacific region stands to be the largest and fastest growing market for the construction industry. Factors, such as expansion in the residential and commercial construction sector, will drive the market growth in the region.
– Growing consumer inclination toward lightweight materials in modern architecture and government initiatives to develop smart cities are anticipated to further aid this growth, thereby propelling the demand for hollow concrete blocks over the forecast period.
– Further, rising investments in the infrastructural construction projects in the private and public sectors in developing countries, such as India and China, have proliferated the growth of the Asia-Pacific hollow concrete block market.
– The Chinese government planned for the movement of 250 million people to its new megacities in the coming years, despite efforts to rebalance its economy to a more service-oriented base.
– The construction industry in India is likely to remain buoyant in the coming years. The government’s focus on expanding building construction by 200%, till 2030, and rising number of acts, such as the new Metro Rail Act, which can attract private investment in construction, are exected to drive the flame retardantchemical market’s growth at a substantial rate in India during the forecast period.
– Hence, all such market trends are expected to drive the hollow concrete block market’s growth in the region during the forecast period.
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