Dublin, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The "Hollow Concrete Block Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The hollow concrete blocks market is anticipated to grow at a CAGR of 7.29% during the projection period.
- The growth in the construction industry is set to lead to an increase in the demand for hollow concrete blocks and for overall raw materials in the sector. Construction spending in the United States increased by 6.37% in 2023 from 2022. This growth gives the industry potential.
- According to data from Germany, the construction of 24,500 dwellings was permitted, with a total turnover of €344.9 bn. The estimated building costs of residential and non-residential buildings in the country were about 112 billion EUR in 2023.
- In Australia, major public infrastructure spending was valued at $230 billion over five years, a 4% increase from 2022.
- The government of Bangladesh is willing to have the use of concrete blocks from 2025 in all its constructions.
HOLLOW CONCRETE BLOCK MARKET DRIVERS:
Rising demand from the construction industry
The construction and building industry worldwide is showing a significant pace of growth and development. One of the primary reasons for the expansion of this industry is the growing global urbanization. According to the World Economic Forum, the majority of the population will live in the urban setup by 2080. This significant rise in the urban population is needed for urban infrastructure development. The large urban population demands parks, hospitals, hotels, restaurants, houses, buildings, etc. for the living.
The growth explains the dynamics of the industry. This increase in the demand for construction would not only increase employability but also the overall demand for raw materials in the sector. The use of hollow concrete blocks would likely increase as they are available in various sizes and shapes and can be used for a wide range of building applications. Their versatility is an important property for them to be used for various construction projects.
Growing demand for lightweight, durable, and reliable construction material
The use of hollow concrete blocks is rising due to their properties. They are lightweight, durable, and reliable construction materials. Solid blocks are heavier than hollow concrete blocks, making them difficult to transport and handle. The strength of the hollow concrete block is useful for good load-bearing capabilities. The versatility of the hollow concrete block makes it suitable for a range of construction applications. Hollow concrete blocks come in a variety of sizes and shapes.
Concrete hollow blocks have a favorable impact on sustainability and eco-friendliness. They can be made from natural materials that can be recycled. Using recyclable concrete hollow blocks makes it suitable for carbon-neutral construction of buildings and infrastructure. These materials are useful for the building's natural insulation, which enhances thermal efficiency. They are also useful as good fire resistance.
Rising application for the design construction
Rising demand for the designed construction is leading to the demand for the hollow concrete block. A hollow concrete block comes in different shapes and sizes, such as a stretcher block, which connects the corners of masonry units. Pillar blocks are designed to build pillars or piers so both ends can be visible.
Others included varieties of shapes such as jamb blocks, column blocks, corner blocks, split face blocks, bullnose blocks, and partition blocks. Hollow concrete blocks are versatile and lightweight, making them easier to apply, handle, and transport. They are generally more affordable than other building materials, making them more applicable to various settings.
Asia Pacific will dominate the hollow concrete block market during the forecast period
Major G20 countries, like India, China, Japan, Australia, Indonesia, and South Korea, dominate the APAC region. Thailand, Malaysia, Singapore, Vietnam, Taiwan, etc., are also emerging economies.
Among the competitive economics between the countries, India surpassed the number of billion-dollar real estate companies compared to China's real estate companies, according to the IBEF (India Brand Equity Foundation). India's logistics market is estimated to be US$ 317.26 billion in 2024 and is expected to reach US$ 484.43 billion by 2029, leading to the growth of the infrastructure and buildings.
According to the World Bank, China's infrastructure investment was USD34.28 billion in 2022, showing the robust demand for the infrastructure demand. Further, China remains the largest market for the growth and development of real estate. The new opportunity within the country lies in policy decisions such as new urban buildings being certified green buildings by 2022; these changes are needed products for sustainable raw materials.
Hollow concrete block market key developments:
- In March 2024, LafargeHolcim Bangladesh launched the Holcim block. Lafarge Holcim's concrete blocks are environment-friendly. These are more durable than conventional bricks. Their government targeted the use of concrete blocks in all its projects by 2025. They planned to close down the use of the traditional brick kilns. The country is currently undergoing rapid urbanization and economic growth. It is expected that the demand for blocks will increase in the future, as at present, 99 percent of the bricks in the Bangladesh market are traditional; concrete blocks would play a significant role in the journey towards sustainable construction.
- In December 2023, Betolar launched low-carbon concrete products in the UAE with Fujairah Concrete Products. They were paving for the products made of low-carbon concrete. As a concrete product manufacturer, FCP knows the importance of sustainability impacts and has acquired EPD environmental certification. FCP, part of Fujairah Building Industries, produces more than 25 million blocks and more than 800,000 square meters of paving annually, showing its high-quality concrete products' applications.
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. Analyst View
4. MARKET DYNAMICS
4.1. Market Drivers
4.1.1. Rising demand from the construction industry
4.1.2. Growing demand for lightweight, durable, and reliable construction material
4.1.3. Rising application for the design construction
4.2. Market Restraints
4.2.1. Cost constraint and other restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
5. HOLLOW CONCRETE BLOCK MARKET BY APPLICATION
5.1. Introduction
5.2. Residential
5.3. Commercial
5.4. Industrial
5.5. Others
6. HOLLOW CONCRETE BLOCK MARKET BY TYPE
6.1. Introduction
6.2. Split-faced
6.3. Smooth-faced
7. HOLLOW CONCRETE BLOCK MARKET BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Competitive Dashboard
9. COMPANY PROFILES
- Acme Brick Company
- Alweher
- Magicrete Building Solutions
- Midland Brick
- Parker Block (Ernest Maier)
- Taylor Concrete Products
- Tristar Brick and Block
- UltraTech Cement
- Brampton Brick
- CEMEX
- Al Manaratain
- Roadstone Ltd. (CRH)
- Kilsaran
- UBP Group
- STARK Building Materials UK
- Buildmate (Pty) Ltd
- Grange Builders Providers
- Milton Garden Products
For more information about this report visit https://www.researchandmarkets.com/r/qq31px
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