USD 2135 million
Report ID: SQMIG20X2007 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 63 | Figures: 75
Global Asphalt Pavers Market size was valued at USD 2135 million in 2021 and is poised to grow from USD 2228.94 million in 2022 to USD 3284 million by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).
Smart city initiatives are increasing demand for asphalt pavers as a result of the increased funding by governments for high quality roads and highways to enable quick flow of products and passengers even from rural regions to all major cities worldwide.
132,500 km was the total length of India's national highways. While in the US, it is 259,032 kilometres. Due to the economy's ongoing development, India's construction industry is expanding at a double-digit rate, yet many distant places still lack adequate road access.
Due to the rising demand for road traffic, both urban and rural roads will need to be upgraded and built upon and will likely drive the demand in global market. Over the forecast period, it is anticipated that increasing investments in the public infrastructure sector across nations like India, China, South Korea, and Japan will make the region a profitable niche.
For instance, according to the India Brand Equity Foundation, the Indian government plans to build 65,000 kilometres of national highways by 2022, spending US$741.51 billion. These expenditures should be beneficial for the market's expansion.
The Belt and Road Initiative (BRI), which aims to improve connectivity between the six key economic corridors that include China, Mongolia and Russia, Euroasian nations, Pakistan, and other nations of the Indian subcontinent, is also receiving significant funding in China.
Construction firms all over the world are putting more of an emphasis on sustainable project development in order to obtain certifications for energy efficiency. Manufacturers are refocusing their efforts on the development of user-friendly, energy-efficient, and low-emission construction equipment, and asphalt pavers are no exception. This is because these certifications demand that the construction industries reduce their pollution and emission footprint throughout the entire project lifecycle. A wide range of upgraded asphalt paver models with a high performance level are being introduced by major manufacturers. Asphalt paver manufacturers are working harder to create machines that are energy-efficient and perfect for a variety of jobs, including building roads, dams, homes, and maintaining the land.
US Asphalt Pavers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2135 million
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Asphalt Pavers Market has been segmented based on type, pavement width analysis, and region. Based on type, the Asphalt Pavers Market is segmented into track pavers, wheel pavers & screeds, and asphalt pavers. Based on the pavement width, the Asphalt Pavers Market is segmented into less than 2.5 meters, 2.5 – 5 meters & more than 5 meters. Based on region, the asphalt pavers market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Asphalt Pavers Market Analysis by Type
The wheel pavers are anticipated to have a significant market share, as these pavers are utilised to repair existing road conditions, for full-depth or variable-depth repairs, as well as for grade and slope management,. Since these pavers may be used in a variety of applications, their expansion is also anticipated to drive the market.
Screeds give asphalt sorting together with density, resulting in superior material interlock. This has increased the use of pavers in areas such as bridge decks, private roads, and taxiways, as well as airport runways.
Due to their limited applications, track pavers are anticipated to experience a moderate rise throughout the projection period.
Rubber tyres or crawlers make up these pavers. To improve the arrangement of the asphalt, crawlers are utilised in locations where there is a need for higher traction on the ground. Conversely, rubber tyres are utilised on already-paved pathways, requiring less traction and ground control.
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Asia Pacific accounts for a largest portion of revenue and is expected to maintain its dominance during the projection period, due to increase in building activities and the development and upkeep of roads to lower the number of accidents. Additional variables that are projected to fuel the target market expansion include the region's expanding infrastructure construction activities and renovation projects. Additionally, it is anticipated that developing nations like China and India will want a better road network due to the rise of automobiles and freight transportation. In a document published by the Government of India Planning Commission, it is stated that the Indian government is concentrating on approving the Road Requirement Plan (RRP), which will increase the length of national highways to 200,000 km.
North America is anticipated to dominate the global asphalt pavers market over the forecast period due to rising construction of structures like office buildings, shopping malls, and other similar buildings, along with significant investments in the region's road network in nations like the US and Canada. Due to urbanisation, rising disposable income, and rising government spending on infrastructure development in developing nations like Brazil and South Africa, the Middle East and Africa asphalt pavers market is predicted to expand at a moderate rate.
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Asphalt Pavers Market Driver
Asphalt Pavers Market Restraint
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Due to a small number of worldwide competitors and a large number of regional players, the global asphalt paver market is only somewhat fragmented. The majority of technologically sophisticated multinational players are headquartered in North America and Europe. To meet the needs in the region, new businesses are opening up across Asia Pacific. To increase sales in the industry, major manufacturers are introducing cutting-edge asphalt pavers. Manufacturers like Volvo CE are expanding into Asian regions, which is anticipated to accelerate the market growth throughout the forecast period. For instance, in July 2020, Gencor Industries announced a definitive agreement to acquire paver business from Blaw Knox, the Pennsylvania, U.S.-based paver equipment manufacturer.
Top Players in the Global Asphalt Pavers Market
Asphalt Pavers Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by type, wheel paver dominated the global asphalt pavers market in 2021 and is anticipated to maintain their dominance throughout the forecast period. In 2021, Asia Pacific dominated the globe, the asphalt pavers market owing to the region's building activities and the development and upkeep of roads to lower the number of accidents.
|Market size value in 2021
|USD 2135 million
|Market size value in 2030
|USD 3284 million
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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For the Global Asphalt Pavers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Asphalt Pavers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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