New York, United States, July 13, 2022 (GLOBE NEWSWIRE) -- 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.
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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.
Booming Construction Industry to Create Lucrative Opportunities for the Global Hollow Concrete Blocks Market
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.
Report Scope
| Report Metric | Details |
| Market Size | USD 500 Billion by 2030 |
| CAGR | 5% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | CEMEX SAB de CV, CRH plc, UltraTech Cement Ltd, Brampton Brick Ltd., Acme Brick Company, Magicrete Building Solutions Pvt. Ltd, B.G.C. Pty Ltd, Taylor Concret Products Inc, Ublock International Company Limited |
| Key Market Opportunities | Developing Construction Industry Worldwide |
| Key Market Drivers | Growing Demand for Lightweight, Durable, and Reliable Construction Material Infrastructural Development in Asia-Pacific and the Middle East |
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Impact of COVID-19
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.
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Competitive Players in the Global Hollow Concrete Blocks Market
- CEMEX SAB de CV
- CRH plc
- UltraTech Cement Ltd
- Brampton Brick Ltd
- Acme Brick Company
- Magicrete Building Solutions Pvt. Ltd
- B.G.C. Pty Ltd
- Taylor Concret Products Inc
- Ublock International Company Limited.
Global Hollow Concrete Blocks Market: Segmentation
By Product
- Split-Faced
- Smooth-Faced.
By Application
- Residential
- Non-Residential
By Regions
- North America
- Europe
- Asia-Pacific
- Central and South America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Hollow Concrete Blocks Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Product Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Split-Faced
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Smooth-Faced
5.3.1 Market Size & Forecast (Value & Volume)
6 Application Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Residential
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Non-residential
6.3.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 U.S.
7.2.4 Canada
7.2.5 Mexico
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.3 Brazil
7.3.4 Argentina
7.3.5 Colombia
7.3.6 Rest of Central and South America and the Caribbean
7.4 Europe
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.3 Germany
7.4.4 France
7.4.5 The U.K.
7.4.6 Italy
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.3 China
7.5.4 Japan
7.5.5 India
7.5.6 Australia
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.5 Qatar
7.6.6 Oman
7.6.7 Turkey
7.6.8 The Rest Of Middle East
7.7 Africa
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.3 Nigeria
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 CEMEX SAB de CV
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Portfolio
8.4 CRH plc
8.5 UltraTech Cement Ltd
8.6 Brampton Brick Ltd.
8.7 Acme Brick Company
8.8 Magicrete Building Solutions Pvt. Ltd
8.9 B.G.C. Pty Ltd
8.10 Taylor Concret Products Inc
8.11 Ublock International Company Limited.
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/hollow-concrete-blocks-market/toc
Market News
- In June 2021, Oldcastle APG, a CRH company, acquired EP Henry, which manufactures masonry products and hardscape products in the Mid-Atlantic region of the US. The acquisition aids the company in expanding its manufacturing and distribution facilities and strengthening its position in the building materials and masonry markets.
- In February 2021, CEMEX USA acquired Beck Readymix Concrete Co., Ltd., including its three ready concrete plants in Texas. The acquisition aided the company in increasing its production capacity and network in San Antonio, Houston, and Dallas-Fort Worth.
News Media:
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