According to Research Dive analysis, the India AAC blocks and non-reinforced panels market is estimated to generate a revenue of INR 2,124.1 crore by 2027, increasing from INR 1,033.2 crore in 2019, at a healthy CAGR of 14.1%.
Impact Analysis of COVID-19 on the India AAC Blocks and Non-reinforced Panels Market:
The communal transmission of COVID-19 had a severe impact on commercial and industrial activities of the Indian AAC blocks and panels market. Delay as well as cancellation of construction projects amid COVID-19 pandemic is one of the major factors that is negatively affecting the market. Moreover, unavailability of resources and deliverables, contractual obligations, project delays or cancellations, and safety measures for the workers working is also predicted to affect the Indian AAC blocks and panels market in the forecast period.
India AAC Blocks and Non-Reinforced Panels Market Analysis:
Rise in the awareness about innovative and lightweight construction materials in construction is predicted to be the major driving factor for the market in the estimated period. The AAC blocks are pest & mold resistant, offering better compressive strength, being fire resistant, providing sound insulation, and being highly durable due to which most of the construction places use these blocks vastly, which is predicted to boost the market in the forecast period. Moreover, urbanization across India is one of the major factors to drive the market. Increasing urbanization has accelerated the development of construction sector, which is predicted to boost the market in the estimated period.
The cost involved in manufacturing of AAC blocks is predicted hamper the market growth at the estimated period. Red bricks cost comparatively less compared to AAC blocks. Such factors like increased cost and availability of cheaper alternative products to consumers is predicted to be the biggest restraint for the India market in the estimated period.
Based on product, the India AAC blocks and non-reinforced panels market is classified into AAC blocks and non-reinforced panels. Non-reinforced panels are further classified into wall panel, floor panel, roof panel, cladding panel, and others. The AAC block sub-segment generated a revenue of INR 931.1 crores in 2019 and is projected to reach INR 1,894.9 crores by 2027.
Based on the end user, the India AAC blocks and non-reinforced panels market is segmented into the residential, commercial, and others. The commercial sub-segment generated a revenue of INR 483.4 crores in 2019 and is estimated to reach INR 983.2 crores by 2027.
Based on geographical scope, the market was investigated across Bangalore, Hyderabad, and Chennai. Hyderabad market generated a revenue of INR 680.9 crores in 2019 and is estimated to reach INR 1,411.5 crores by 2027.