Rising demand for AAC blocks and panels in construction projects is driving the global AAC blocks and panels market growth. The COVID-19 pandemic has adversely impacted the market. The Asia Pacific region is likely to lead the market in the future.
NEW YORK, April 7, 2023 /PRNewswire/ -- Research Dive has added a new report to its offerings titled, "Global AAC Blocks and Panels Market by Product Type (Blocks, Panels, Lintels, and Others), End User (Residential Construction, Commercial Construction, Industrial Construction, and Infrastructural Construction), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Industry Forecast, 2022-2031".
The global AAC blocks and panels market is expected to garner $34,361.6 million by 2031, growing at a CAGR of 6.2% from 2021 to 2031. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the AAC Blocks and Panels Market
The market is segmented based on product type, end-use, and region.
- The blocks sub-segment of the product type segment is anticipated to observe the highest growth in the estimated period. This growth is mainly because of the rising demand for ACC blocks owing to their load-bearing, excellent strength, and thermal insulating characteristics.
- The residential sub-segment of the end-use segment is anticipated to observe accelerated growth in the estimated period. This growth is mainly because of the rising use of ACC blocks in residential construction activities to boost overall protection.
- Among region, the Asia Pacific AAC blocks and panels market is projected to observe augmented growth in the estimated period. The growth of this region's market is mostly owing to the rising urbanization and growing focus on the construction of green buildings in this region.
AAC Blocks and Panels Market Dynamics
The key factors fueling the growth of the global AAC blocks and panels market are a significant rise in construction activities owing to rising urbanization and industrialization across the world. In addition, increasing demand for ACC blocks and panels for use in internal and external walls of buildings is projected to open doors to innovative opportunities for the market growth in the projected period. However, rising preference for red bricks over AAC blocks and panels is projected to deter the market growth during the forecast period.
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Impact of the COVID-19 Pandemic on the AAC Blocks and Panels Market
The COVID-19 pandemic has made a negative impact on the growth of the global AAC blocks and panels market in 2020. During the pandemic period, the construction sector witnessed a substantial decline, due to the implementation of strict lockdown and restrictions on transport activities. As a result, the demand for AAC blocks and panels greatly plummeted. Also, disruptions in supply chains have significantly affected the manufacture of AAC blocks and panels. All these factors hindered the market growth during the pandemic.
Top Players of the Market
The major players in the global AAC blocks and panels market are
- Aercon AAC
- AKG Gazbeton
- Biltech Building Elements
- JK Laxmi Cement
- CSR Ltd.
- CK Birla Group
- Forterra plc
- H+H International A/S
- Xella
- MASA GmbH
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in June 2021, Magicrete, India's leading manufacturer of AAC blocks and panels, dry mix mortars and precast construction solutions, launched novel, lightweight concrete ALC wall panels.
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Moreover, the report offers other key details such as business tactics, financial performance, and product/service range of the leading players along with Porter's five forces analysis and SWOT analysis.
More about AAC Blocks and Panels Market:
- Everything You Need to know About AAC Blocks and Panels
- India AAC blocks and Non-Reinforced Panels: A Concise Guide
- Global AAC Blocks and Panels Market Growth to Boost with Growing Innovations by Market Players
- Consumers' Requirement for Economical yet Sturdy Homes to Boost the Growth of India AAC Blocks and Non-reinforced Panels Market
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