The brick market is anticipated to grow at a rate of more than 3% during the forecast time. The primary reason for the expansion of this market is the huge demand in the construction segment. Furthermore, various activities such as the rapid growth of urbanization, industrial expansion, and infrastructure projects by the government are predicted to boost demand for the product in the coming forecast. In addition, adverse conditions that have arisen because of the sudden outbreak of COVID-19 are limiting the expansion of the market that is being studied.
The largest consumer of the market for bricks is the construction segment. With rapid industrialization, urbanization, and a focus on building infrastructure this market is likely to grow over the next few years. Additionally, Asia-Pacific is expected to be the biggest market because of the massive consumption and production of bricks within the region.
Key Market Trends
The Building Segment to Increase the Brick Market
- The market for bricks in the world is driven by several factors that are driving the market, such as increasing urbanization, growing demand for non-residential and residential structures, as well as the construction of buildings to improve and expand the infrastructure.
- The overall expenditure in the construction industry across the globe generated approximately 13% of global GDP and was estimated to amount to 11 trillion dollars by the year 2019.
- The construction of non-residential homes in the United States was estimated at USD 531.11 billion in the year 2019 and it is predicted to be in the vicinity of USD 590.39 billion by 2023.
- Saudi Arabia, an oil-rich country, is planning to shift its concentration away towards oil. This is why Saudi Arabia’s Saudi state has decided to invest more than USD 450 billion for the improvement of its infrastructure as part of the Saudi Arabia vision plan 2030. The plan will positively impact the market being studied.
- These factors are likely to propel the construction segment in the market for bricks over the next few years.
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Asia-Pacific to Dominate Brick Market Studied
- The world over, Asia-Pacific holds a prominent part of the brick market and is expected to lead the market study over the forecast time.
- Asia-Pacific has experienced rapid urbanization in the past couple of years, while emerging countries, such as China, India, and Indonesia that are part of the region are now becoming an international hub for many companies from all over the globe.
- Asia-Pacific is the largest construction market and buildings are the largest segment across the globe, accounting for around 46% of all total construction spending sector.
- The Indian government has announced an ongoing announcement of its agreement, including the creation of 100 cities that are smart across India and constructing the infrastructure spending USD 28.18 billion to fund the planned project.
- The rising demand from different industries is expected to propel the study of the region during the forecast time.
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Brick market divided. Some of the companies in the market are Acme Brick, General Shale Brick Inc., Brampton Brick, Triangle Brick Co. as well as Glen-Gery Corporation.