Interlocking Concrete Pavers Market Expected to Reach $27.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Interlocking Concrete Pavers Market," The interlocking concrete pavers market size was valued at $15.4 billion in 2020, and is estimated to reach $27.2 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032.

Interlocking concrete pavers are mainly made from cement or concrete and usually simulate the effect of a cobblestone path. This special connection allows easy laying of paving stones without the use of mortar. Interlocking concrete paving has the advantage of being an easy do-it-yourself paving material for homeowners and contractors. It is glued using sand and can be used to cover any patio, deck, driveway, or sidewalk. Interlocking concrete pavers are available in a variety of colors and designs. It is modular, meaning it can be connected to form different geometric designs.

The increase in demand for interlocking concrete pavers can largely be attributed to the rise in the number of construction of driveways, walkways, patios, pool decks gardens, courtyards, and others. Typically, interlocking concrete pavers is made up of materials such as cement, aggregates, water, pigments, and others. In addition, based on thickness, the 60-80mm segment accounted for the highest market share in 2020, owing to its abrasion and skid resistance, and durability.

The market is analyzed with respect to different applications such as driveways, walkways, patios, pool decks, and others. Out of these, the walkways segment accounted for the highest market share in 2020, owing to high demand from residential and commercial users. By end user, the market is bifurcated into residential and commercial. The market is mainly driven by the rise in industrialization in developing countries, and the increasing development of commercial infrastructure throughout the regions. However, the fluctuating cost of raw materials and high investment and maintenance costs constrain the growth of the market.

New construction projects and redevelopment or repair of old buildings, roads, and other infrastructures are the major driving factors of the interlocking concrete pavers market. In addition, the use of precast products saves a lot of construction time as well as avoiding wastage of material, further giving a cost-effective solution. Moreover, the development of manufacturing technology along with new and advanced machinery drives the growth of the interlocking concrete pavers market across the globe.

However, high investment to initially set up a precast manufacturing facility acts as a restraint for market growth. Moreover, rise in the use of sustainable building materials fuels the growth of the interlocking concrete pavers market. On the contrary, the rise in development plans in emerging countries is expected to act as an opportunity for the interlocking concrete pavers market growth during the forecast period.

In 2020, Asia-Pacific accounted for the largest share in interlocking concrete pavers market share, in terms of revenue. Moreover, the market in LAMEA is anticipated to grow with the highest CAGR, owing to growth in industrialization in the region.

An increase in government expenditures for development and reconstruction & repair of infrastructures in various countries leads to an increase in demand for concrete precast products & elements. In addition, precast products reduce construction time, which, in turn, saves project costs and timelines. Moreover, these products are cost-effective and reduce the wastage of raw materials. Furthermore, innovation in manufacturing technology boosts production quality and capacity. These factors are anticipated to propel the interlocking concrete pavers market.

The interlocking concrete pavers market is witnessing various obstructions in its regular operations due to the COVID-19 pandemic and inflation. Earlier, the worldwide lockdowns resulted in reduced industrial activities, eventually leading to reduced demand for interlocking concrete pavers from various sectors such as construction and industrial. However, the COVID-19 has subsided, and the major manufacturers in 2023 are performing well. Contrarily, the rise in global inflation is a new major obstructing factor for the entire industry.

The inflation, which is a direct result of the Ukraine-Russia war, and few long-term impacts of the coronavirus pandemic, has introduced volatility in the prices of raw materials used for manufacturing interlocking concrete pavers.  In addition, the cost of oil & gas has also increased substantially, and many countries, especially, the countries in Europe, Latin America, and developing economies in Asia-Pacific are experiencing severe negative impacts in industrial production, including the production of interlocking concrete pavers.

However, India and China are performing relatively well. In addition, inflation is expected to worsen in the coming years, as the possibility of the ending of the war between Ukraine and Russia is less. Moreover, the cost of construction has increased substantially, discouraging builders from initiating new projects, which is expected to negatively affect the interlocking concrete pavers market. However, a peace agreement between Ukraine and Russia can be devised, with continued talks between different countries.

KEY BENEFITS FOR STAKEHOLDERS

• The report provides an extensive analysis of the current and emerging interlocking concrete pavers market trends and dynamics. 
• An in-depth interlocking concrete pavers market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2032.
• An extensive analysis of the interlocking concrete pavers market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
• The interlocking concrete pavers market forecast analysis from 2023 to 2032 is included in the report.
• The key market players within the interlocking concrete pavers market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the interlocking concrete pavers industry.