Growing demand for road construction creates opportunities for the asphalt paver market

Asphalt paver market

Asphalt Pavers Market Forecast, Trend Analysis, and Competition Tracking – Global Market Insights 2019 to 2029

UNITED STATES, Oct 18, 2021 / – The global asphalt paver market is expected to grow at a CAGR of 3.6% over the forecast period and reach a market size of $ 5.04 billion by 2028, an estimated $ 3.5 billion . in 2018 “according to a new Fact.MR study. The increasing developments in road infrastructure around the world would drive demand for the asphalt pavers. The proliferation of more efficient, more powerful and longer-lasting machines is seen as a boon to the growth of the market for Asphalt paver, despite the resulting complexity for manufacturers and suppliers.

The development of road infrastructure is driving the global asphalt paver market
The global asphalt paver market is expected to be mainly driven by the increasing development of road infrastructure and port infrastructure (seaport and airport) in key regions such as North America, APEJ, MEA and Western Europe. The growing population means that the demand for residential projects is attributed to the growth of the global asphalt paver market. In emerging economies like India, China, Brazil and Argentina, urbanization is accelerating and will contribute to the growth of the construction industry, which in turn will drive demand for asphalt pavers. A wide range of construction projects such as road construction, roads and highways, airport runways and many other projects that cannot be built without proper installation, which leads the demand for paving equipment and asphalt pavers, is one of the most attractive paving machines.

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12,000-15,000 kg asphalt pavers lead the operating weight segment over other asphalt pavers

The market for asphalt pavers is examined in terms of operating weight, paver type, screed type and paving width. Based on the operating weight, the 12,000-15,000 kg asphalt paver segment is estimated to have a significant market share of around 34% in 2018, followed by 8,000-12,000 kg asphalt pavers. The market share of 8000-12000 kg asphalt pavers is more than 33% in 2028.

With regard to the paver type, the tracked paver segment is leading the overall market with an estimated CAGR of around 3.2%. The chain paver segment held around 74% of the total market in 2018.

On the basis of the screed type, hydrostatic screed pavers dominate over mechanical screed pavers and hold a market share of around 67% in 2018, which is expected to be around 70% in 2028.

In terms of paving width, the 1.5-2.5 m segment dominates over other segments of asphalt pavers and is expected to grow with a CAGR of 2.7% and will hold a market share of around 38% in 2028, a significant market share of around 28% and expected growth with a moderate CAGR of 3.4% over the forecast period. The paving width is basically the working width of pavers up to which the screed can pave on the surface. More than 5 million segments are the fastest growing segment with a CAGR of around 5.2% in the forecast period.

In terms of the region, North America is expected to dominate the global asphalt paver market throughout the forecast period. The region’s market is expected to grow at a CAGR of 2.6% over the forecast period. The APEJ (Asia Pacific ex Japan) market is expected to be another key region expected to grow at a higher CAGR of 5.2% over the forecast period. These two regions are expected to have relatively high absolute dollar opportunities over the forecast period.

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Leading players in the asphalt paver market with a focus on expansion plans in emerging markets.

The global asphalt paver market is competitive and consists mainly of Japanese, U.S. and European players who hold significant share of the global asphalt paver market. Fact.MR has profiled some of the best-known players in the global asphalt paver market, including Dynapac & Bomag (Fayat Group), Caterpillar, Carlson & Roadtec (Astec Industry), Vogele (Wirtgen Group), Volvo, XCMG, Ammann, Sumitomo, Zoomlion, Sakai , Shantui, VT Leeboy and many other prominent players. These market leaders have focused in recent years on expanding their market presence in the Asia-Pacific region and other emerging markets. In addition, strategies such as expansion and product development are pursued by the asphalt pavers in order to enlarge the customer base and improve the sales and distribution network in the forecast period.

Industry players have recently focused on expansion plans and area sales expansions in Asia Pacific and other emerging markets to improvise sales in the asphalt paver market. In addition, the organic growth and product development strategies of the asphalt paver manufacturers to improve their sales and distribution network and improve their operational efficiency are expected to continue over the forecast period.

Growing demand for road construction creates opportunities for the asphalt paver market
With the growth of the infrastructure and industrial sectors in developing countries, significant spending has been placed on infrastructure projects and road maintenance activities, which has created a demand for asphalt pavers.

According to Energy Technology Perspectives (ETP), it is estimated that nearly 25 million kilometers of paved roads will need to be added to the world as only up to 60% of the world’s roads are paved. The asphalt paver has a number of advantages as it is efficient and uses a simple method of paving the roads.

It saves a lot of time and effort compared to the conventional way. Asphalt pavers are used to lay asphalt on bridges, roads, highways, and other locations. Pavers pave and compact asphalt before it is compacted by a roller. The increased demand for asphalt pavers in all road construction activities has opened up numerous opportunities for the asphalt paver market.

The introduction of asphalt pavers is gaining momentum in both large and small road construction, which will automatically increase demand in the coming years due to the increase in sales and the market. Asphalt pavers save time and reduce labor costs and are therefore preferable in road construction.

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October 18, 2021 at 8:52 pm GMT

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