Portland,OR, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Interlocking concrete pavers, also known as pavers, paving stones, or interlocking pavers, are one of the favorite choices for both commercial and residential applications due to their beautiful appearance, affordable price, and durability. Further, this interlocking paving stone comes in various shapes, sizes, colors, and thicknesses. Pavers are used to make beautiful, simple-to-build concrete pavement surfaces for a variety of uses, including pathways, parking lots, patios, driveways, and more.
Allied Market Research published a report titled, "Interlocking Concrete Pavers Market by Thickness (50-60mm, 60-80mm, and more than 80mm), Application (Driveways, walkways, Patios, and Others), and End User (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global interlocking concrete paver industry generated $15.4 Billion in 2020 and is anticipated to generate $27.2 Billion by 2032, witnessing a CAGR of 4.9% from 2023 to 2032.
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Prime Determinants of Growth:
The global interlocking concrete pavers market is experiencing growth due to several factors, including developments in the construction and infrastructure industries, growth in urbanization, and the advantages of interlocking concrete pavers. However, the fluctuating cost of raw materials and high investment and maintenance costs constrain the growth of the market. On the contrary, rapid urbanization and rise in government expenditures for development and reconstruction, and repair of infrastructures in various countries are expected to offer lucrative opportunities for the growth of the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2020 | $15.4 billion |
| Market Size in 2032 | $27.2 billion |
| CAGR | 4.9% |
| No. of Pages in Report | 226 |
| Segments Covered | Thickness, Application, End User, and Region |
| Drivers | Developments in the construction and infrastructure industry |
| Growth in urbanization | |
| Advantages of interlocking concrete pavers | |
| Opportunities | Technological Advancements |
| Restraints | High initial investments |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the global interlocking concrete pavers market, owing to a downfall in construction activities during the lockdown.
- Not only the interlocking concrete pavers market but also the production of other types of construction materials was hampered due to the closure of manufacturing units across the world, especially in the initial period of the pandemic.
- However, the market has recovered, and the global interlocking concrete pavers market is growing steadily.
The 60-80mm segment to maintain its leadership status throughout the forecast period-
Based on thickness, the 60–80 mm segment held the highest market share in 2020, accounting for more than two-fifths of the global interlocking concrete pavers market revenue, and it is anticipated to maintain its leadership status during the forecast period. These pavers have a good load-bearing capacity with a thickness of 60–80 mm. It can withstand heavy vehicles, making it ideal for driveways, parking lots, and industrial areas where rugged pavement is required. The thick profile of these pavers increases their durability. It is designed to withstand the effects of freeze-thaw cycles, resist cracking, and maintain structural integrity over time. This makes it a durable choice even in outdoor areas exposed to changing weather conditions. However, the more than 80mm segment is projected to manifest the fastest CAGR of 5.3% from 2023 to 2032. These are suitable for areas where durability and strength are paramount, such as residential driveways, commercial parking lots, and streets. Moreover, an increase in the construction of residential and commercial buildings is expected to drive market growth.
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The walkways segment to maintain its lead position during the forecast period-
Based on application, the walkways segment held the highest market share in 2020, accounting for more than two-fifths of the global interlocking concrete pavers market revenue, and is expected to maintain its lead position during the forecast period. Interlocking concrete pavers are used in residential settings for walkways that connect different areas of the property. Interlocking concrete pavers provide a durable and visually pleasing surface for pedestrians, whether it’s a front walkway, a path through a garden, or a walkway leading to a backyard patio. In addition, interlocking concrete pavers are widely utilized in commercial and public spaces for walkways. However, the driveways segment would display the fastest CAGR of 5.2% from 2023 to 2032. Interlocking concrete pavers offer a wide range of design options, allowing homeowners to create unique and customized driveways. These come in various shapes, sizes, colors, and textures, enabling the creation of intricate patterns or designs that complement the overall aesthetic of the property. These are also known for their strength and durability. All such factors are anticipated to boost the application of interlocking concrete pavers in driveways.
The residential segment to rule the roost by 2032-
Based on application, the residential segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global interlocking concrete pavers market revenue, and is projected to rule the roost by 2032. The growth is attributed to an attractive and durable surface for creating outdoor living areas such as patios, courtyards, and garden spaces. In addition, these are commonly used to create safe and visually appealing walkways, connecting different areas of residential properties. However, the commercial segment is expected to portray the fastest CAGR of 5.1% from 2023 to 2032. A rapid rise in commercial construction can be witnessed globally, which is attributed to the rapid rise in urbanization. Moreover, the rise in the global population has also positively affected non-residential construction.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global interlocking concrete pavers market. Asia-Pacific had the highest interlocking concrete pavers market share and is anticipated to secure the leading position during the forecast period due to extensive demand in the construction and infrastructure segments. On the other hand, the LAMEA region is expected to witness the fastest CAGR of 5.3% from 2023 to 2032. The construction industry in the LAMEA region is growing, fueled by increased investments in residential, commercial, and infrastructure projects. Interlocking concrete pavers are widely used in these projects for outdoor paving, creating driveways, walkways, courtyards, and other functional and decorative spaces. In addition, the rise in urban development and infrastructure projects, including the construction and renovation of roads, sidewalks, public spaces, and commercial areas, is expected to boost the growth of the market.
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Leading Market Players: -
- CRH Company (Oldcastle APG),
- Fendt Builder
- Island Block and Paving
- Premier Building Material Sdn
- Reackon Polyplast
- Secoin Corp
- Sunway Group
- Techo-Bloc
- Unilock
- Western Interlock.
The report provides a detailed analysis of these key players in the global interlocking concrete pavers market. These players have adopted different strategies to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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