New York, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global AAC blocks and panels market is anticipated to rise at a stable CAGR of 6.2%, thereby garnering a revenue of $34,361.6 million by 2031. This comprehensive Research Dive report presents a brief outlook of the current framework of the AAC blocks and panels market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the AAC Blocks and Panels Market
Drivers: In the last few years, there has been a considerable increase in the applications of AAC blocks and panels in construction activities across the globe. This increased applicability is predicted to be the primary growth driver of the AAC blocks and panels market in the forecast period. Additionally, the rapid pace of urbanization is expected to further push the market forward.
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Opportunities: Growing industrialization across the globe, especially in developing economies such as India is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, rise in demand for AAC blocks and panels for construction of internal and external walls is anticipated to augment the growth rate of the market.
Restraints: However, growing popularity of red bricks may restrict the growth of the AAC blocks and panels market in forecast period.
Impact of Covid-19 on the Market
The global construction industry was one of the most severely affected sectors due to the Covid-19 pandemic and the subsequent lockdowns. Naturally, the AAC blocks and panels market, too was negatively affected. The shortage of labor due to travel restrictions and disruption in the supply of raw materials required for construction was the main reason behind this slump.
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Segments of the AAC Blocks and Panels Market
The report has fragmented the AAC blocks and panels market into segments based on product type, end-use, and region.
Product Type: Blocks Sub-segment to be the Most Lucrative
By product type, the blocks sub-segment is expected to fastest growth rate by 2031. AAC bricks and blocks are quite popular due to their superior strength, load-bearing, and thermal insulating characteristics which is anticipated to help in the growth of this sub-segment.
End-Use: Residential Sub-segment to be the Most Dominant
By end-use, the residential sub-segment of the AAC blocks and panels market is expected to have the highest market share by 2031. The demand for AAC blocks has increased due to the increasing adoption of sustainability in India's real estate sector which is predicted to be the primary growth driver of the sub-segment in the forecast period.
Region: Market in the Asia-Pacific Region to be the Most Profitable
By regional analysis, the AAC blocks and panels market in Asia-Pacific region is predicted to grow rapidly in the 2022-2031 timeframe. India’s increasing emphasis on the construction of green structures to create a sustainable future is expected to become the main growth driver of the market in this region.
Prominent AAC Blocks and Panels Market Players
Some leading players in the AAC blocks and panels market are
- MASA GmbH
- Biltech Building Elements
- H+H International A/S
- Aercon AAC
- CSR Ltd.
- CK Birla Group
- AKG Gazbeton
- Forterra plc
- Xella
- JK Laxmi Cement, among others.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market. – Inquire Here to get access to the key companies’ Development Strategic Report
For instance, in July 2022, HIL, a leading building material company, announced the acquisition of Fast Build Blocks Pvt. Ltd., a leading manufacturer of AAC blocks. HIL is a subsidiary of CK Birla Group, a multinational conglomerate and this acquisition is predicted to help HIL and, in turn, CK Birla Group to cater to the demands of the construction sector is a much more comprehensive way.
Finally, this comprehensive report also summarizes many crucial aspects of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about AAC Blocks and Panels Market:
- Global AAC Blocks and Panels Market Growth to Boost with Growing Innovations by Market Players
- Everything You Need to know About AAC Blocks and Panels
