New York, USA, May 19, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the India AAC blocks and non-reinforced Panels market is anticipated to register a revenue of INR 1,033.2 crore at a CAGR of 14.1% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Rising urbanization and industrialization are the major growth-attributing factors of the market. Other factors enhancing the growth of the market include developing infrastructure sector, increasing demand for lightweight construction materials, and growing demand of the development of green buildings.
The cost associated with AAC is expected to restrain the growth of this market during the forecast period. Moreover, a large part of AAC block market is still unorganized which may pose a threat to the growth of the India AAC blocks and non-reinforced panels market in the upcoming years.
The major players of the market are focusing on construction projects with a high affinity for natural calamities such as earthquakes, which is predicted to unleash many opportunities for the market in the projected timeframe.
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Segments of the Market
The report has divided the market into different segments based on product type, end-user, and regional analysis.
AAC Blocks Sub-Segment is Predicted to Become the Most Profitable
The AAC Blocks sub-segment is expected to register a revenue of INR 1,894.9 crores during the forecast period. AAC blocks are thermally-insulated and energy-efficient properties. These blocks are also seismic-resistant, fire-resistant, pest-resistant, sustainable, lightweight, and quick and easy for application. This factor is predicted to significantly drive the market growth in the forecast years.
Commercial Sub-Segment is Expected to Be the Most Lucrative
The commercial sub-segment is anticipated to register a revenue of INR 1,001.3 crores during the forecast period. Indian government is taking various initiatives to promote energy efficient buildings in the commercial sector from recent years. This factor is contributing to the growth of the segment in upcoming years.
Hyderabad Region is Expected to Dominate the Market
Hyderabad regional market accounted for INR 680.9 crores in 2019 and is further predicted to register a revenue of INR 1,411.5 crores by the end of 2027. Rising demand for AAC blocks and non-reinforced panels from the construction industries in the state is expected to fuel the growth of the market.
Impact Analysis of COVID-19 on the Market
Just like all other industries, the Indian AAC blocks and panels market has experienced a drastic downfall during the coronavirus pandemic. Lockdowns imposed by the state governments in order to curb the spread of the virus has resulted in the cancellation of construction projects and supply of raw materials. This has affected the Indian AAC blocks and panels market in a negative way during the forecast period. In addition, decreasing supply of raw material, increasing financial burden on builders, and halts in supply chains because of the unpredictable revival of the virus is going to impact the market in an adverse way.
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Porter’s Five Forces Analysis for the India AAC Blocks and Non-Reinforced Panels Market
- Bargaining Power of Suppliers: The suppliers in the AAC blocks and non-reinforced panels market are moderate in number. Several companies are working on product designs that use different raw materials to avoid changing the supplier if the there is a hike in the price of a particular material. Thus, there is less threat from the suppliers.
Thus, the bargaining power suppliers is low. - Bargaining Power of Buyers: Buyers have moderate bargaining power; they demand best services at low prices. This increases the pressure on the AAC blocks and non-reinforced panels to offer good service in a cost-effective way. Thus, buyers can freely choose the convenient service that best fits their preference.
Thus, the bargaining power of the buyers is moderate. - Threat of New Entrants: Companies entering the AAC blocks and non-reinforced panels market are adopting new and sustainable technologies. Also, these companies are implementing various effective strategies such as offering discounts and value propositions.
Thus, the threat of the new entrants is high. - Threat of Substitutes: There is no alternative product for application security solutions.
Thus, the threat of substitutes is low. - Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense. These companies are coming up with new innovations and strategies.
Therefore, competitive rivalry in the market is high.