Asphalt Pavers Market

Asphalt Pavers Market Overview

Global asphalt pavers demand is forecast to surpass a valuation of nearly US$ 2 Bn in 2022, with sales growing at a 5% CAGR over the assessment period. Increasing investments in the development of public infrastructures such as roads and highways are anticipated to drive the market. FMI has projected the market valuation to reach approximately US$ 3 Bn by 2032.

Rapid urbanization in emerging economies is driving investments in the construction sectors, which is expected to boost sales in the market. The construction of roadways and pathways in smart cities being established worldwide is another chief growth driver in the global asphalt pavers market.

In addition to this, growing need to improve road connectivity between cities and towns is expected to augment the growth in the market. Governments in various countries are investing in the construction and repairing of roadways, highways, and expressways to provide a smooth track for the movement of passenger and industrial vehicles.

Further, increasing migration of individuals from rural to urban areas is creating the need for convenient connectivity and better roads. Increasing construction of residential projects, universities, schools, and larger public places will continue driving sales of asphalt pavers over the assessment period.

In response to the growing demand for asphalt pavers, manufacturers operating in the market are focusing on improving the design and functionality of these machines. They are using innovative pavement materials such as SuperPave and Stone Matrix Asphalt (SMA), which potentially improve the lifecycle and efficiency of roads.

What is Driving the Asphalt Pavers Market?

Growing need for paved roads across the globe is spurring demand for technologically advanced asphalt pavers. These machines are being used for the construction of parking lots, asphalt playgrounds, roads, bridges, and other infrastructural projects.

Some asphalt pavers are dragged by dump trucks for laying the asphalt, however, with technological advancements, most of them are now self-propelled machines. Increasing development of smart cities across developing nations is expected to continue driving sales of asphalt machines over the forecast period.

Further, owing to rapid urbanization, governments and authorities worldwide are investing heavily in road maintenance and commercial infrastructure projects. Increasing road traffic in various parts of the world is also underpinning the need for better connectivity, which in turn is spurring demand for asphalt pavers.

Besides this, increasing incidence of road accidents in several countries is compelling regulatory authorities to invest in the renovation and repairing of broken roads. As per WHO, more than 1.3 million people die every year due to road accidents.

This is compelling authorities to pay more attention towards the development of smoother roadways and pathways, thereby driving the demand for asphalt pavers.

What are the Challenges in the Asphalt Pavers Market?

Heavy cost of machinery is expected to hinder sales in the market. Asphalt pavers are advanced machines that are only used while the construction of roadways and pathways. Most construction companies prefer not to invest in new equipment as they are not used throughout the years.

Manufacturers are offered pre-used and new asphalt pavers on rent to players in the construction sector. These rental services are gaining traction worldwide, which is deterring investments in new equipment. This is expected to hamper the growth in the market over the forecast period.

What is the Asia Pacific Asphalt Pavers Market Outlook?

As per FMI, sales in the Asia Pacific asphalt pavers market are projected to remain high owing to the expansion of the construction and public infrastructure sectors. Rising investments in the public infrastructure sector across counties such as India, China, South Korea, and Japan are expected to place the region as a lucrative pocket over the forecast period.

For instance, as per the India Brand Equity Foundation, the government of India is aiming to construct 65,000 kilometers of national highways worth US$ 741.51 Billion by 2022. Such investments are expected to bode well for the growth of the market.

Similarly, in China, huge investments are being made in the Belt and Road Initiative (BRI), which aims to build connectivity across the six main economic corridors, encompassing China, Mongolia and Russia, Euroasian countries, Pakistan, and other countries of the Indian subcontinent.

Nikhil Kaitwade

Principal Consultant

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Why is the Europe Asphalt Pavers Market Considered Lucrative?

Rapid expansion of the tourism sector, along with refurbishment activities in the public infrastructure sector are key factors expected to drive the Europe asphalt pavers market. Increasing influx of tourism in countries such as Germany, the U.K., France, and Italy is compelling the government and local authorities to invest in the roadway infrastructure. This trend will continue pushing sales in the market.

In addition to this, the presence of key market players in the region is expected to bode well for the market. Players are investing in the development of technologically advanced and cost-effective asphalt pavers to cater to a growing consumer pool. Such developments will augment the growth in the market over the assessment period.

Market Competition

Some of the leading players present in the global asphalt pavers market include Volvo CE, Caterpillar Inc., Weiler, Zoomlion Company Limited, Dynapac, Bomag GmbH, XCMG Construction Machinery Company Ltd, and Sany Heavy Industries Limited.

Leading players operating in the market are launching advanced asphalt pavers to improve sales in the market. Players such as Volvo CE are expanding their manufacturing facilities to Asian markets, which is expected to boost the growth in the market over the forecast period.

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Scope Of Report

Key Segments Profiled in the Asphalt Pavers Industry Survey

Technology:

• Hydrostatic
• Mechanical

Product Type:

• Wheeled Asphalt Pavers
• Tracked Asphalt Pavers

Working Width:

• < 1.5 m
• 1.5 m - 2.3 m
• > 2.3 m

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa