As per the recent evaluation by Market Research Future Reports (MRFR), the global hollow concrete block market 2020 is estimated to augment considerably. The rising urbanization and growth of the construction industry are anticipated to be a significant factor in market expansion. The increasing construction activities are likely to augment market growth further. Besides, the growing inclination of consumers towards green building along with advanced raw materials. Moreover, the increased demand for the hollow concrete block from the past few years has resulted in market expansion. The exponential growth of the commercial industry and the demand for unique and innovative designs are estimated to increase the demand for hollow concrete blocks at a global level.
Moreover, the demand for real estate’s has increased considerably, especially in emerging economies, which is another significant reason for market expansion. These concretes are easy to install, durable, and preferred by customers in the construction industry. The manufacturers in the market are expanding their reach by making substantial investments and regional expansion. However, the unstable prices of the raw materials are likely to impede the market expansion of the worldwide hollow concrete block market.
The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Also, a precise study of factors augmenting and impeding the market in the post-COVID-19 period has been evaluated. We will provide COVID-19 impact analysis with the report.
The Hollow Concrete Block Market is estimated to register a USD 4,87,269.10 million CAGR of more than 2.60% globally during the forecast 2021-2030.
Market Segmentation
The worldwide hollow concrete block market can be segmented on the basis of application, product type, and region,
On the basic of application, the worldwide hollow concrete block market can be segmented into residential, commercial, and industrial.
On the basic of product type, the worldwide hollow concrete block market can be segmented into split-faced concrete blocks and smooth-faced concrete blocks.
On the basic of the region, the worldwide hollow concrete block market can be segmented into North America, Europe, Asia-Pacific, and rest of the world (RoW).
Regional Analysis
The geographical evaluation of North America, Europe, Asia-Pacific, and rest of the world (RoW) has been carried out. As per the study, the Asia-Pacific acquired the largest market share during the assessment period. The rising investment in the infrastructure construction projects in the private and public sector in the emerging economies such as India and China are the major contributor in expanding the regional market. China has proven to be the most lucrative market of the APAC region due to the presence of a massive customer base. The robust construction of residential and commercial buildings in developing nations like India, China, and South Korea is one of the most significant factors leading to the expansion of the regional market. Besides, the rising investments in the building and construction industry which raise the demand for hollow concrete blocks market in the region. The research reveals the second place has been obtained by North America. The region is speculated to experience significant growth during the review period. The region is likely to maintain its position throughout the forecast period. The region has the upper hand due to the presence of several established players.
The outbreak of COVID-19 is likely to change the market mechanism of several regions. Several markets have been influenced significantly due to the observation of nationwide lockdown in various countries.
Key Players
The global players of the global follow concrete market are Brampton brick (U.S.), Taylor Concrete (U.S.), CEMEX S.A.B. de C.V. (Mexico), CRH plc (Ireland), McNear Brick & Block (U.S.), Midland Concrete Products, Inc. (U.S.), Columbia Block & Brick (U.S.), and a few others.
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