Market Research Future (MRFR) projects that the hollow concrete block market 2020 can procure considerable ground across the globe at a steady rate from 2019 to 2024 (which is the review period).
Market Drivers and Main Barriers
The United Nations (U.N) projects that the worldwide population by 2050 can surpass 9 billion. This expansion in global population is bound to necessitate the development of infrastructure, which in turn stimulates the demand for hollow concrete blocks. These blocks boast of exceptional strength that offers excellent resistance against harsh environmental conditions. For example, hollow concrete blocks do not compromise on their superior performance even during calamities like hurricane, earthquake and tornado. With respect to demand, the market is on track to expand rapidly, especially in earthquake-prone regions in the ensuing period.
The mounting popularity of hollow concrete blocks is also the result of their desirable characteristics, including their ability to lend an aesthetic appeal to the building structures and also facilitate excellent bonding between the surface and the mortar. Apart from this, they also offer efficient thermal insulation owing to the presence of numerous air spaces.
Furthermore, the growing preference for green buildings among consumers coupled with the developments in raw materials, such as manufactured sand and recycled aggregates have pushed the demand for hollow concrete blocks in recent years. Increasing research and development (RD) by leading manufacturers, in terms of efficient services as well as innovative designs also leads to the expansion of the hollow concrete block market size across the globe.
Market Segmentation
The main segments based on which the hollow concrete block market has been studied by MRFR analysts are product type and application.
The product types examined in the report are smooth-faced concrete blocks and split-faced concrete blocks. Between these two, the split-faced concrete blocks managed to take the top spot in the market owing to their fine textured finish. These concrete blocks are ideal for external and internal walls in loadbearing as well as non-loadbearing applications.
The primary applications of hollow concrete blocks are commercial, industrial and residential. In 2018, the lead was taken by the commercial segment and this will be the case throughout the review period. The increase in commercialization and urbanization in emerging nations like India, Brazil and China has uplifted the demand for commercial buildings, which increases the need to install more hollow concrete blocks. Therefore, their commercial applications are anticipated to increase tremendously over the coming years, given their design flexibility along with low maintenance properties.
Regional Insight
The hollow concrete block market is regionally dissected into Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW).
In 2018, the largest share of close to 45% in the global market was seized by APAC. The region shows an incredible potential to maintain its winning streak throughout the evaluation period, owing to the increasing number of activities like renovation and refurbishment of old buildings and the rising spending by leading players in the building construction industry. The residential construction industry is thriving in the region, which also benefits the hollow concrete block market. Several initiatives are being undertaken by the Indian government for the development of smart cities, which are bound to create attractive prospects for the hollow concrete block market in the coming years.
North America, with the second lead in the global market, is the hub for a huge number of leading vendors. Most of these well-known players are headquartered in the United States (US), which itself is a highly developed country boasting of an illustrious construction sector. The soaring demand for lightweight materials to build modern and sophisticated buildings is working in favor of the hollow concrete block field within the region.
The thriving tourism sector and the increase in urbanization have induced major growth in the RoW market, mainly in the Middle East and Africa (MEA). Government is increasing the spending on the development of transportation, smart city projects and infrastructure, leading to the emergence of better opportunities in the construction sector. Also, the favorable expansion of educational facilities and medical amenities across the GCC nations can also help the hollow concrete block market progress swiftly in subsequent years.
Significant Contenders
Some of the most significant contenders in the market for hollow concrete block include CEMEX S.A.B. de C.V. (Mexico), CRH plc (Ireland), McNear Brick Block (US), Columbia Block Brick (US), Midland Concrete Products Inc. (US), Taylor Concrete (US), Brampton brick (US), to mention a few.
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