The global Hollow Concrete Blocks market is forecasted to reach USD 602.69 Billion by 2027, according to a new report by Reports and Data. Hollow concrete blocks are lighter than bricks, simpler to position, and also prove frugal in terms of base costs and cement use. These blocks provide faster construction speed, even quality, lower labor involvement, and higher durability than conventional bricks. Builders use these blocks in construction works to build walls, floors, and the other structures on either side of a building. They are often used to develop foundations to sustain a house and disperse the building’s load equally.
Growing customer inclination in modern architecture toward lightweight materials and government initiatives to build smart cities are anticipated to support this development further, propelling te sales of hollow concrete blocks in the upcoming years. Growing investment in infrastructure building activities in the public and private sectors in emerging economies has further increased the market’s growth in the Asia Pacific. In the coming years, the Chinese government has decided to transfer 250 million individuals to modern megacities, prompting efforts to support the economy to an enormous service-oriented base. India’s construction industry is expected to remain buoyant in the years ahead. The government is focused on raising construction by 200% by 2030, and growing numbers of laws, such as the new Metro Rail Act, which can draw private construction investment, would drive market growth.
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Key participants include UltraTech Cement Ltd., Acme Brick Company, CEMEX S.A.B. de C.V., Magicrete Building Solutions Pvt. Ltd., Xella Group, CRH plc, Brampton Brick, Midland Brick, Taylor Concrete Products Inc., and Tristar Brick & Block Ltd., among others.
Further key findings from the report suggest
- Based on type, smooth-faced generated a revenue of USD 235.93 billion in 2019. It is projected to rise with a CAGR of 2.3% in the forecast period as it delivers better performance in natural calamities, including hurricane, tornado, and earthquake incidences. Therefore, demand from areas vulnerable to earthquakes is expected to increase over the projected period.
- The commercial sector is the major contributor to the Hollow Concrete Blocks market. The forestry area of the Asia Pacific region is the major shareholder of the market and held around 36.5% of the market in 2019. They become indispensable, especially since mechanized agriculture and sophisticated industrial sensing solutions are essential for efficient operation.
- The Asia Pacific dominated the market for Hollow Concrete Blocks in 2019. The increasing focus on innovative and cost-efficient procedures adopted in the region is driving the growth of the market. The Asia Pacific region held approximately 37.0% of the market, followed by North America, which contains around 25.0% market in the year 2019.
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For the purpose of this report, Reports and Data have segmented into the global Hollow Concrete Blocks market on the basis of type, distribution channel, application, and region:
Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
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Regional Bifurcation of the Hollow Concrete Blocks Market Includes:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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