Hollow Concrete Block Market Size, Share, Growth Analysis, By Type(Split-Faced Concrete Blocks, and Smooth-Faced Concrete Blocks), By Application(Residential, Commercial, and Industrial), By Region - Industry Forecast 2024-2031

North America hollow concrete block market will dominate, owing to rise in construction and maintenance activity which fuels the growth of the market in this region. North America is the second largest region in this market. It is estimated to reach an expected value of US$190 billion (about $580 per person in the US) by 2030 at a CAGR of 4.5%. Due to increased construction and renovation activity in the area. Furthermore, increasing demand for housing coupled with increased government subsidies for residential construction in U.S.-owned countries is expected to boost growth. and Canada including in the hollow concrete market in the residential use segment will significantly benefit.

Asia-Pacific market is expected to grow rapidly from 2024 to 2031. This is due to the easy availability of cheap concrete raw materials and skilled labor, which incurs transportation and construction costs. The emergence of the hollow concrete block market is the fastest growing market within Asia-Pacific. The Asia-Pacific region includes China, India, Bangladesh, Pakistan, Indonesia and Thailand, which are among the most populous countries in the world. A faster growth rate is observed as foreign investment in technology increases. For example, according to the National Bureau of Statistics (N.B.S.), by the end of 2020, China’s investment in infrastructure grew by 2.9% annually, and 0.4% in the period from January to July of the same year.