The global hollow concrete blocks market is expected to witness significant growth in the forthcoming years on account of lightweight and low cost of the product. Also known as concrete masonry units, these blocks consume less amount of cement, thus are easy to handle, which makes them user-friendly. Furthermore, high durability is expected to propel the product demand from residential as well as commercial construction sectors. This factor is anticipated to bode well for market growth over the projected period.
Hollow concrete blocks are manufactured using sand, cement, aggregates, and water. They are utilized to manufacture floors, walls, and structures inside and outside of the construction projects. The product is likely to be a substitute for common burnt clay bricks, concrete bricks, fly ash clay bricks, sand-lime bricks, and concrete bricks on account of its superior performance. These blocks aid easy construction process, thus reducing the overall time and labor required for the construction activity. Growing demand for lightweight materials in modern architecture is expected to have a positive impact on market growth over the forecast period.
These blocks can be manufactured in uniform shapes and sizes, which helps maintain the aesthetic appeal of the final structure. They have a rough surface, which allows better bonding between the surface and the mortar. Furthermore, the air pockets present in hollow concrete blocks make them an effective heat insulation solution. Their high strength provides superior resistance against adverse atmospheric conditions. The aforementioned factors coupled with the cost-effectiveness of the product is anticipated to bode well for market growth over the forecast period. Steel reinforcement and mortar are used to manufacture these blocks, which improves the bonding of mortar and plaster; making them stronger. These reinforced hollow concrete blocks are expected to witness high demand for construction of panel walls, interior walls, compound walls, and columns.
Commercially, split-faced and smooth-faced are the most widely used types of product. Smooth-faced hollow concrete blocks have a wide scope of application in residential and commercial construction projects. On the basis of applications, the hollow concrete blocks market can be segmented into residential, commercial, government projects including schools, office buildings, and hospitals. The product offers better performance in the incidence of natural calamities such as hurricanes, tornados, and earthquakes. As a result, the demand from earthquake-prone areas is expected to rise over the projected period.
The demand from Asia Pacific is expected to witness the fastest CAGR in the near future on account of rapid growth of construction industry. India is likely to be the key market owing to high investments in residential as well as non-residential projects. Improved GDP and significant growth of population are the critical factors for the growth of the construction sector in India. Increasing Foreign Direct Investments (FDI) is expected to further boost growth of commercial and industrial construction sector in India. 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.
Increasing tourism and urbanization is the primary driving factor for the growth of the market in the Middle East and Africa. Government plans to increase investments in the development of infrastructure, transportation, and fast-tracking key projects are expected to create better opportunities for the construction sector in the near future. Rising expansion of medical amenities and educational facilities across the GCC countries is expected to drive the expansion of the regional construction industry. This factor is anticipated to positively impact the market in the forthcoming years.
Growth of the construction sector in Brazil was stagnant for the past few years on account of the restricted credit supply, economic recession, and declining demand from residential and non-residential building segments. In addition, the corruption scandal by Brazil’s Petrobras caused a negative impact on operations of the major construction companies in the country. They delayed several projects, triggered the sale of emergency assets, and postponed investments in the construction sector. These aforementioned factors have resulted in a slowdown of the regional construction industry, which impacted the regional product demand.
Manufacturers face intense competition from the existing product alternatives such as traditional clay and concrete bricks. However, increasing adoption of lightweight materials in the new construction structures is expected to have a positive impact on the growth of the hollow concrete blocks market over the forecast period. Key market players include CRH plc, Acme Brick Company, CEMEX S.A.B. de C.V., UltraTech Cement Ltd., Xella Group, and Magicrete Building Solutions Pvt. Ltd.
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The global construction industry once booming due to the residential and commercial construction in China and the U.S., has been affected by the suspension of the construction activities across the impacted economies. The construction industry in the U.S. is expected to take a major hit due to labor shortages and the lockdown imposed by the government during COVID-19, which is expected to be aggravated by the resulting supply chain issues and financing pressures due to the non-adherence to the completion times. The report will account for Covid19 as a key market contributor.