The construction sector is an ever evolving field which continues to grow along with the increasing population. One of the primary changes that construction companies are making is the use of more energy efficient and eco-friendly products. The autoclaves aerated concrete is one such product and is made using fly ash that is left over in thermal power plants. The product is light weight, durable, and cost effective, which makes it one of the most sought-after products in the market.
In addition, the non-reinforced panels are made from crude and they also contain some traces of recycled plastic. All of these construction materials are environmentally friendly and have been slowly but surely replacing the conventional materials that have been used for years.
COVID-19 Impact on the Indian AAC and Non-reinforced Panels Market
Every country around the world was severely affected by the pandemic including India. The total lockdown that was implemented led to a lot of uncertainty among the construction sector. This caused a majority of them to shut down their projects indefinitely leading to a standstill for many companies. The severity of the situation was also felt when the entire supply chain was affected and production of raw material was also stopped which also added to the woes of many builders.
Companies, in the meantime, have been working of several innovative methods and practices of construction. They are also building up on their product inventory while the government has been working on several initiatives to bring business back on track. These efforts are set to help revive the AAC blocks and non-reinforced panels market.
Forecast Analysis of the Global India AAC Blocks and Non-reinforced Panels Market
Many organizations have been taking initiatives to ensure that their future products are made keeping in mind, the environmental factors. Many buildings today are moving towards a sustainable path are also built without compromising on the need or requirements of the customers. Since the products are made from recycled waste found in factories and other industries, it is also ensuring the sustenance of fossil fuels. Many of the renowned market players are hence ensuring the both the planet and homes are safe to live in.
According to the latest report by Research Dive, the India AAC Blocks and Non-reinforced Panels Market is set to witness an increase in revenue from INR 5,323.8 crores in 2019 to over INR 11,095.0 Crores in 2027 at a steady CAGR of 14.3%. The Hyderabad region is set to gain prominence in the market with a revenue growth from over INR 680.9 crores in 2019 to over INR 1,411.5 crores by 2027.
The market is witnessing rapid growth due to the increase in the urban crowd leading to urbanization and industrialization as well. Many consumers today are looking towards keeping their homes environment friendly which is why they demand for more eco-friendly raw materials. The fact products like AAC and non-reinforced panels make the homes lighter yet durable has led to a rise of the market.
On the contrary, many of these products need to maintain their quality which is majority of the times not found in the market. A lot of brands in the market also lack awareness about them which is also adds to the restraining factors of the market.
In recent times though, many infrastructure organizations have been placing emphasis on constructing structures that can withstand calamities such as earthquakes or even floods. This along with the rising demand for more innovative buildings is said to act as a factor for future growth for the market.