New York, USA, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the India AAC blocks and non-reinforced panels market. According to the report, the market is projected to surpass 11,095.0 thousand cubic meters and grow at a CAGR of 14.3% in the estimated period, 2020–2027. This all-inclusive report delivers a comprehensive overview of the current and future situation of the India AAC blocks and non-reinforced panels market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the market.
Impact of the COVID-19 Pandemic on the India AAC Blocks and Non-reinforced Panels Market
The outburst of the COVID-19 pandemic in 2020 has had a severe impact on the growth of the India AAC blocks and non-reinforced panels market. During the pandemic, decline in raw material production, interruption in supply chains for production and material equipment, and growing economic burden on builders are badly influencing the market growth. In addition, lockdown guidelines by the government of many countries resulted in the cancellation of construction projects, which is the key factor that impacted the market growth. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the India AAC Blocks and Non-reinforced Panels Market Growth
The key factors boosting the growth of the India AAC blocks and non-reinforced panels market are the increasing need for budget-friendly houses, growing focus on the advancement of soundproof and green buildings, and rising demand for lightweight construction materials. Furthermore, the increase in construction project has triggered the need for traditional building materials. Overall growth in construction and infrastructure projects has increased the need for commercial, industrial, and residential construction which is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the lack of awareness and the high cost associated with AAC blocks are anticipated to deter the market’s growth.
The report segments the India AAC blocks and non-reinforced panels market into product type, end-use, and region.
AAC Blocks Sub-Segment to Grab a Foremost Share of the Market
The AAC blocks sub-segment of the product type segment is expected to have the fastest market growth and it is projected that the market generates an income of INR 1,894.9 crores during the forecast period. This growth is mainly owed to the increasing number of construction projects in India.
Residential Sub-Segment to Witness Rapid Growth
The residential sub-segment of the end-use segment is predicted to grow enormously and surpass INR 983.2 crores by 2027. This growth is majorly because AAC blocks play a vital role in energy-efficient homes since they need slight energy for cooling and heat purposes, thus, minimalizing the use of fossil fuel consumption.
Hyderabad AAC Blocks and Non-reinforced Panels Market to Perceive Maximum Growth
The report analyzes the India AAC blocks and non-reinforced panels market across Hyderabad, Bangalore, and Chennai. Among these, the Hyderabad market is projected to observe significant growth and hit INR 1,411.5 crores by 2027. This growth is mostly due to increasing need from the construction areas for AAC blocks and non-reinforced panels and the presence of leading market players such as Fusion Block, Renacon, and others in this region.
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Key Players of the Market
The report states some of the foremost players operating in the India AAC blocks and non-reinforced panels market including
- Maxlite AAC Blocks (India) Private Limited
- Fusion Block
- GR Enterprises
- Mepcrete
- Brickwell
- Renacon
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the market- Inquire here to grab full report
For instance, in February, Big Bloc Construction, a concrete block and brick manufacturing company, announced that it is planning to set up a 500,000 cubic metres capacity plant for producing AAC blocks in Palghar, Maharashtra. This will be the biggest plant in terms of capacity in India.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the market.
More about India AAC Blocks and Non-reinforced Panels Market:
- India AAC blocks and Non-Reinforced Panels: A Concise Guide
- Consumers’ Requirement for Economical yet Sturdy Homes to Boost the Growth of India AAC Blocks and Non-reinforced Panels Market
