Asphalt Pavers Market Share, Size, Trends, Industry Analysis Report, By Product Type (Tracked Pavers, Wheeled Pavers); By Screed Type; By Operating Weight; By Paving Width; By Region; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 116
- Format: PDF
- Report ID: PM1745
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global asphalt pavers market was valued at USD 3.10 billion in 2023 and is expected to grow at a CAGR of 5.1% during the forecast period.
Asphalt pavers are heavy construction equipment for laying asphalt on roads, parking lots, and other surfaces. They are designed to evenly distribute and compact asphalt material, creating a smooth and durable pavement surface. Asphalt pavers typically consist of a tractor unit with a hopper for holding the asphalt mix, a conveyor system for delivering the material to the rear, and a screed unit for spreading and leveling the asphalt. The screed can be adjusted to achieve the desired thickness and surface texture. Asphalt pavers play a crucial role in road construction projects, ensuring asphalt's efficient and accurate placement to create high-quality road surfaces.
Several key factors primarily drive the market growth in the asphalt paver industry, that increase in infrastructural development due to a rise in paved roads. Additionally, emerging economies actively develop their road networks, further contributing to market growth. Strong government support and investment, often in collaboration with the private sector, are also significant drivers. Finally, there is a growing demand for energy-efficient construction equipment, including asphalt pavers.
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The Asia-Pacific region is poised for significant adoption of asphalt pavers over an extended forecast period. The region presents substantial potential due to substantial public and private investments, coupled with an array of ongoing road construction projects.
- For instance, in April 2022, the Chinese government, as part of its strategic initiatives, expressed intentions to expand its influence in Bangladesh through the extension of the Belt and Road projects. Beijing has allocated RMB 7.26 million for a road development project aimed at enhancing Bangladeshi road infrastructure. The escalating demand for road traffic necessitates ongoing construction and enhancement of roads in both urban and rural areas, likely fueling global market demand.
Manufacturers offer attractive financing options with flexible payment terms to make ownership more feasible for contractors. These financing options have become increasingly available, allowing contractors to purchase asphalt pavers without significant strain on their budgets. For example, companies like Deere & Co. provide financing solutions that include loans, leasing, and installment options for construction equipment, including compactors. Such offerings by manufacturers are expected to drive the sales of asphalt pavers in the future.
Additionally, producers are introducing innovative pavement materials such as Open Graded Friction Course (OGFC), Superpave, and Stone Matrix Asphalt (SMA). These advancements improve working conditions for the workforce at the pavement site, resulting in enhanced efficiency. Consequently, the demand for asphalt finishers is expected to impact market growth positively.
Industry Dynamics
- Growth Drivers
- Rise in the construction and infrastructure sector
The construction sector's growth is poised to create significant opportunities for asphalt pavers. The ongoing surge in construction and infrastructure projects, particularly in emerging economies like India, Brazil, and China, is fueling the demand for various construction equipment. Additionally, government initiatives and infrastructure planning efforts bolstered the construction sector's expansion in these countries. Urban and rural infrastructure projects encompassing roads, highways, dams, railways, metros, and power infrastructure development are expected to offer favorable prospects for the asphalt pavers market in the coming years.
Developing robust public infrastructure is crucial for sustainable growth and economic advancement worldwide. By 2028, global roadway expenditure is projected to triple the current spending, covering approximately 80% of the existing road network. China and India alone accounted for about 50% of paved roads and are anticipated to contribute further in the forecast period.
Report Segmentation
The market is primarily segmented based on product type, screed type, operating weight, paving width, and region.
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By Product Type |
By Screed Type
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By Operating Weight
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By Paving Width |
By Region |
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By Product Type Analysis
- The tracked pavers segment accounted for the highest revenue share in 2023
In 2023, the tracked pavers segment accounted for the highest revenue share due to the superior efficiency of tracked pavers compared to wheeled pavers. Tracked pavers are preferred due to their excellent traction and flotation, which enhance stability and maneuverability, particularly in tight spaces. Tracked pavers are well-suited for hilly and mountainous regions with steep terrain. They can operate without slipping and possess the capability to push trucks uphill or prevent them from rolling downhill, further highlighting their advantages over wheeled counterparts.
By Paving Width Analysis
- The 2.5-5 segment is expected to witness the highest growth during the forecast period.
The 2.5-5 segment is expected to witness the highest growth during the forecast period. These asphalt pavers are versatile and suitable for various road sizes and purposes, offering flexibility in asphalt spreading. They are the most commonly used type, especially in locations where the road dimensions remain relatively consistent. Pavers with widths less than 2.5 meters are anticipated to demonstrate a steady growth trajectory, primarily serving applications such as parking lots, parks, and rural areas. Additionally, those exceeding 5 meters are expected to exhibit moderate growth. This is attributed to the increasing preference for concrete in paving wider roads, especially in emerging economies where concrete is favored for such applications.
Regional Analysis
- Asia Pacific accounted for the largest market share in 2023
In 2023 Asia Pacific accounted for the largest market share, primarily driven by the growing demand for highway and road construction projects and rising residential development. These pavers, known for improving base, density, and appearance, are preferred in the region, further fueling their demand. Key players in the asphalt pavers market have been expanding existing facilities and establishing corporate offices in Southeast Asia to benefit from economies of scale and increase their global market shares.
In particular, China will require approximately USD 150 billion over the next ten years to develop and maintain roads. Given the substantial capital demand, the government and bank loans alone cannot meet these requirements due to the country's economic slowdown and sluggish growth.
The governance of India introduced the Bharatmala Pariyojana, a roadway infrastructure plan aimed at developing 24,800 km of highways with a total investment of approximately USD 72.0 billion. The National Highways Authority of India (NHAI) presented Infrastructure Investment Trusts to monetize assets and attract additional funds to support such infrastructure projects.
Competitive Insight
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include;
- Ammann
- Astec Industry
- Caterpillar
- Fayat Group
- Sany
- Shantui
- Sumitomo
- Volvo CE
- VT Leeboy
- Wirtgen Group
- XCMG
- Zoomlion
Recent Developments
- In April 2022, Dynapac introduced its latest addition to the highway pavers market in the United States. The new model, the 8-foot tracked paver D25T, was unveiled to cater to the growing demand for advanced paving equipment. This development coincided with the United States federal government's commitment to allocate a substantial budget of USD 1 trillion towards road and highway development initiatives.
- In February 2022, Wirtgen launched its latest innovation in the market: the SP 102i concrete pavers. These modular concrete pavers allow customers to adapt and customize the machine according to their specific requirements.
- In September 2020, Dynapac, a Swedish engineering firm operating under the Fayat Group of companies, unveiled the IMIX system. The IMIX system addresses material segregation and temperature optimization challenges encountered in asphalt paving. The IMIX system provides advanced solutions for effectively managing temporal segregation and optimizing temperature control during paving.
Asphalt Pavers Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 3.26 billion |
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Revenue forecast in 2032 |
USD 4.84 billion |
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CAGR |
5.1% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Product Type, By Screed Type, By Operating Weight, By Paving Width, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
Asphalt Pavers Market Size Worth $ 4.84 Billion By 2032
The global key market players include Wirtgen Group, Ammann, Sumitomo, Sany, Zoomlion, Fayat Group
Asia Pacific IS contribute notably towards the Asphalt Pavers Market.
The global asphalt pavers market is expected to grow at a CAGR of 5.1% during the forecast period.
Asphalt Pavers Market report covering key segments are product type, screed type, operating weight, paving width, and region.
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