Increase in government expenditures for development and reconstruction & repair of infrastructure, such as improvement of roads, bridges, and others.
PORTLAND, OR, UNITED STATES, September 26, 2021 /EINPresswire.com/ — Construction of all infrastructures needs concrete for building purpose. Concrete can be in the form of precast products such as block and bricks. Revenue generated by sales of these products represents the concrete block & brick manufacturing.
The concrete block & brick manufacturing market size was valued at $339.5 billion in 2020, and is expected to reach $558.1 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030.
Increase in government expenditures for development and reconstruction & repair of infrastructures in various countries leads to increase in demand for concrete precast products & elements. In addition, precast products reduce construction time, which, in turn, saves project cost and timeline. Moreover, these products are cost effective and reduce wastage of raw material. Furthermore, innovation in manufacturing technology boosts production quality and capacity. These factors are anticipated to propel the concrete block & brick manufacturing market Trends.
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However, initial investment costs are high to setup concrete precast production facility. In addition, there has been rise in environmental awareness, which has led to the adoption of sustainable and environment-friendly construction material to build houses and offices. Such factors hinder the concrete block & brick manufacturing market growth. Further, the outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to interruption of supply chain, which, in turn, hinders the growth of the market.
Key Market Players
Acme Brick Company
S.A.B. de C.V.
Midwest Block & Brick
Mona Precast (Anglesey) Ltd.
Key Market Segments
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Source: EIN Presswire