Hollow Concrete Blocks Market Analysis, Share, Forecast To 2030

(MENAFN- Straits Research) Introduction

Instead of traditional bricks and stones, concrete blocks are used to construct structures. They are made of sand, aggregates, cement, and water. Hollow concrete blocks are cement, sand, complete, and water. They are utilized to construct floors, walls, and structures inside and outside infrastructure projects. The product is likely to substitute for standard burnt clay bricks, concrete bricks, fly ash clay bricks, sand-lime bricks, and concrete bricks due to its high quality. These blocks make the construction process more accessible, decreasing the time and labor required.

Market Dynamics Infrastructural Development in Asia-Pacific and the Middle East to Drive the Global Hollow Concrete Blocks Market

China, India, Bangladesh, Pakistan, Indonesia, and Thailand are among the world's most densely

populated countries. They are experiencing rapid industrialization and increased international investors. The government's expenses on new projects and improving the quality of existing infrastructure are expected to boost infrastructure construction activity in India. According to the India Brand Equity Foundation (IBEF), the country has a ten-million-unit housing shortage in urban areas. In addition, by 2030, 25 million units of affordable housing will be needed to meet the increasing population demand in urban areas. This is expected to fuel residential construction growth, positively influencing the hollow concrete blocks market.

The wealth generated by oil production has benefited the Middle East region greatly. Because of increased worker remittances, trade, and capital flows resulting from oil export, the region now has a lot of money and potential for residential and non-residential development. Saudi Arabia, Iran, Israel, and Dubai have the most advanced infrastructure and technology. Dubai is thought to have world-class aviation and surface infrastructure, and further advancement is expected to propel market growth favorably.

In the recent decade, the construction industry in Asia-Pacific has increased. Hollow concrete blocks have been used in commercial, residential, and industrial uses due to numerous technological innovations and the prevalence of unique architectural styles. Due to multinationals and IT hubs' growing demand for office space, India is establishing a slew of special economic zones (SEZs).

Furthermore, the organized retail sector has seen significant growth as young consumers adopt luxurious consumer goods to meet better living standards. The retail industry increasingly uses hollow concrete blocks for exterior load-bearing, interior load-bearing, and retaining walls to store consumer-accessible products.

The end-users are rarely the buyers in this market. National and local governments, property developers, and other clients in various industries who want to construct commercial and infrastructure projects or repair or extend existing structures are all potential buyers for this product. Governments worldwide invest in low-cost housing and other civil construction projects. This is expected to boost demand for hollow concrete blocks worldwide.

COVID-19 has negatively impacted the global economy, affecting the global hollow concrete block market and slowing revenue generation. Governments in various countries imposed strict regulations to curb the spread of the virus, reducing the supply of hollow concrete blocks. Nonetheless, sectors are focusing on advancements post-lockdown, which could help grab the interest of the majority of players during the forecast period.

Regional Insights

Asia-Pacific holds the largest share of the global hollow concrete blocks market. It is estimated to reach an expected value of USD 240 million by 2030 at a CAGR of 6%. The construction industry in the developing nations of India, Bangladesh, Indonesia, and Vietnam is expected to grow due to rising population, developing economies, and foreign investment. As a result, the demand for hollow concrete blocks is likely to increase in the near future.

Due to the rise in the frequency of construction and renovation projects carried out in the region, North America is the second-largest region. It is estimated to reach an expected value of USD 190 million by 2030 at a CAGR of 4.5%. An increase in government assistance for residential construction in countries like the United States and Canada will benefit the demand for hollow concrete blocks in the residential application segment. In addition, the rapid expansion of commercial activity in the region is likely to create new opportunities for various industries to grow their respective markets, such as the hospitality and retail industries, among others.

Key Highlights

• The global hollow concrete blocks market was estimated at USD 322 billion in 2021, and it is anticipated to reach USD 500 billion by 2030, growing at a 5% CAGR during the forecast period (2022–2030).
• By product, the global hollow concrete blocks market is segmented into split-faced and smooth-faced. The split-faced product segment dominates the market, and it is estimated to reach an expected value of USD 310 million by 2030 at a CAGR of 5%. The most significant factor contributing to the product's growth is its low cost and fast construction process.
• By application, the global hollow concrete blocks market is segmented into residential and non-residential. The non-residential application segment dominates the market, and it is estimated to reach an expected value of USD 305 million by 2030 at a CAGR of 5%. Commercial, infrastructure, and industrial buildings are included in the non-residential application segment.