New York (US), April 10, 2023 (GLOBE NEWSWIRE) -- Hollow Concrete Blocks Market Overview
The MRFR analysis reports predict that the “Hollow Concrete Blocks Market Research Report, by Product Type, Region, and Application - Forecast Till 2030”, the global market for Hollow concrete blocks is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 2.60%. The reports anticipate the market acquiring a valuation of around USD 4,87,269.10 million by the end of 2030.
Market Scope
The global market for Hollow concrete blocks has displayed massive development in recent times. The main aspect causing a surge in the performance of the market is the rise in consumer desire for green buildings. Furthermore, the developments in raw sustainable materials sediments and synthetic sand are also considered to be one of the crucial parameters supporting the development of the market over the assessment era.
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Competitive Analysis
The listing of the prominent leaders across the global market for Hollow concrete blocks includes players such as:
- Midland Concrete Products
- Brampton Brick (US)
- CEMEX S.A.B. de C.V. (Mexico)
- Taylor Concrete (US)
- CRH plc (Ireland)
- Tri-Star Brick & Block LTD (US)
- Acme Brick Company (US)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 4,87,269.10 million |
| CAGR | 2.60% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase in investments in construction industry and urbanization |
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Market USP Covered
Market Drivers
The global market for Hollow concrete blocks has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rise in consumer desire for green buildings. Furthermore, the developments in raw sustainable materials sediments and synthetic sand are also considered to be one of the crucial parameters supporting the development of the market over the assessment era. Moreover, the factors such as higher durability of Hollow Concrete Blocks, lightweight & low cost, and an increase in demand for lightweight materials in contemporary development are also projected to have a positive impact on the performance of the market over the coming years.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The fluctuating raw material cost is the primary parameter restricting the market's growth. Furthermore, the requirement for proper investment and funding to conduct research and development activities is also considered one of the main challenges faced by the market players over the coming years.
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COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Hollow concrete blocks market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Segment Analysis
Among all the product types, the Smooth-faced hollow concrete block segment is anticipated to secure the top position across the global market for Hollow concrete blocks over the assessment era. The wide scope of application in residential & commercial construction projects is considered the main parameter supporting the segment's expansion.
Among all the applications, the residential segment is projected to secure the top spot across the global market for Hollow concrete blocks over the coming years. The product performs better in the incidence of natural calamities such as earthquakes, tornados, and hurricanes. The growing demand from earthquake-prone areas is the main aspect backing the development of the segment.
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Regional Analysis
The global Hollow concrete blocks market is analyzed across five major geographies: North America, Latin America, the Middle East & Africa, Europe, and Asia-Pacific.
The MRFR analysis reports suggest that the Asia-Pacific region showcased the maximum expansion across the global market for Hollow concrete blocks in 2018. The regional market accounted for nearly 45 percent in the last evaluation period. The main parameter supporting the development of the regional market is the growing investments in the building and construction industry across the emerging nations present across the region. Furthermore, the refurbishment and rehabilitation of existing buildings are also considered crucial parameters supporting the regional market's development. Moreover, the escalating demand for hollow concrete blocks across the region is also likely to positively influence the performance of the regional market over the assessment timeframe. In addition, the increasing public and private sector investments in infrastructure construction projects across developing nations such as India and China are also projected to offer lucrative possibilities in the hollow concrete block market in Asia-Pacific.
The North American regional market for Hollow concrete blocks held the second spot across the globe in the forecasted period ending in 2018. The primary aspect causing a rise in the market's performance is the presence of key market participants across the United States.
The Middle East & African region is anticipated to grow significantly across the global market for Hollow concrete blocks over the assessment era. The growing tourism and urbanization across the region are considered the main parameter supporting the regional market expansion. Furthermore, the Government plans to enhance investments in infrastructure development, fast-tracking key projects, and transportation, which is also projected to impact the regional market performance over the review era positively. Moreover, the rising expansion of medical amenities and educational facilities across the GCC nations is also anticipated to cause a surge in the market revenue share over the coming years.
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