Global Asphalt Paver Market - Market Size & Forecast To 2032

GLOBAL ASPHALT PAVER MARKET - MARKET SIZE & FORECAST TO 2032

The global asphalt paver market is estimated to be worth of USD 2.43 Billion in 2023 and is growing at a CAGR of 4.43% during the forecast period from 2023 to 2032. Asphalt is laid down on roadways, bridges, airport roads, and parking lots using asphalt pavers, a type of construction tool. The advantages of asphalt road surfaces are numerous and they are inexpensive. These asphalt pavers condense the asphalt using a roller after flattening it somewhat. These pavers are crucial to the creation and construction of roads. Due of the numerous benefits, asphalt pavers are used to construct many roadways in different regions.

The growth of the global asphalt paver market is driven by the increase in construction activities around the world as well as the significant expenditures on maintaining roads and highways. The development of user-friendly, energy-efficient, and low-emission construction equipment is another factor that is anticipated to help the asphalt paver market grow. Additionally, the construction industry's spike in demand for asphalt pavers is propelling market expansion. Additionally, the market grows as a result of rising traffic brought on by on-going improvements to roads and highways Smart city efforts are increasing demand for asphalt pavers as a result of increased government investment on high-quality roads and highways to allow for quick flow of products and passengers even from rural regions to all major cities worldwide. Manufacturers across the board are offering updated models with useful features and top-notch performance levels. Manufacturers of road construction equipment are creating asphalt pavers that are energy-efficient and ideal for many operations, including road building, bridge construction, and highway construction and maintenance.

In order to grow their economies, some domestic governments are focusing on investing in road transportation infrastructure, which is projected to drive the market for road construction equipment and open up considerable prospects for asphalt paver manufacturers. However, the machine's high maintenance requirements and heating problems are some negative consequences that limit the product's ability to flourish in the market. On the other hand, technical developments like electrical pavers and the demand for environmentally friendly goods are supplying

The COVID-19 epidemic has halted manufacturing of a number of items in the asphalt paver industry, mostly as a result of the protracted lockdown in important international markets. This has considerably slowed the demand for asphalt pavers from last year, Equipment and machinery sales have already been impacted by COVID-19, and this impact is expected to continue throughout the year. The U.S., Germany, Italy, the UK, and China, which are all important manufacturing nations and are severely impacted by COVID-19, accounted for the majority of the equipment and machinery demand in the past. This demand has since stopped.

Some prominent players of the market are Volvo Construction Equipment (Sweden), Caterpillar Inc (US), Fayat Group (France), Sany GROUP (China), Ammann Group (Switzerland), Astec Industry (US), XCMG Construction Machinery Co. Ltd. (China), Leeboy Inc. (US), Sumitomo IHI Construction Machinery Co. Ltd.(Japan), AUNG Hein MIN CO, LTD (Myanmar), Weiler Inc (US), Vogele (Germany), B.G. Pavers Ltd (UK), King Machinery (US), Shantui Construction Machinery Co (China) , Mauldin paving products (US), Wirtgen Group (Germany), Apollo (INndia), AASPA Equipment Pvt Ltd (INndia), BLAW-KNOX (UK), YTO GROUP (China), and others.

The asphalt paver market report has been segmented by type, paving width, operating weight, Power, application, and region.

Based on type, the market is segregated into tracked pavers and wheeled pavers

The wheel pavers are utilized to repair existing road conditions, for full-depth or variable-depth repairs, as well as for grade and slope management, the wheel pavers are anticipated to have a significant market share. Since these pavers may be used in a variety of applications, their expansion is also anticipated to drive the market.

Due to their limited applications, track pavers are anticipated to experience a moderate rise throughout the projection period. Rubber tires or crawlers make up these pavers. To improve the arrangement of the asphalt, crawlers are utilized in locations where there is a need for higher traction on the ground. Conversely, rubber tyres are utilized on already-paved pathways, requiring less traction and ground control.

On the basis of paving width, the market is divided into Up-to 1.5m, 1.5 -2.5m, 2.5-5m, More than 5m

Asphalt finishers with a pavement width of 2.5 to 5 meters are frequently used for a variety of purposes and widths of roads because they offer flexibility in spreading the asphalt area. Additionally, because they may be utilized in locations where area sizes do not fluctuate greatly and because these widths are typically employed in the greatest number of roadways, this is the most popular form of asphalt pavers.

Due to its use cases in parking lots, parks, and rural areas, among other places, less than 2.5 meters pavers are anticipated to experience continuous expansion. Additionally, growth above 5 meter’s is anticipated to be low during the predicted period. This is a result of concrete being used more frequently to pave wide highways, as well as concrete roads being used for the same purpose in rising nations.

Based on operating weight, the market is categorized into by 5000 - 8000 Kgs, 8000 - 12000 Kgs, 12000 - 15000 Kgs and over 15000 Kgs

The segment that is expected to increase the Asphalt Paver Market by Operating Weight is the Over 15000 Kgs category. This is because the demand for larger and heavier pavers is increasing due to the growing need for constructing highways, airports, and other large-scale infrastructure projects. The Over 15000 Kgs category includes high-capacity pavers that can handle large volumes of asphalt and cover a wide area in a short amount of time. Moreover, the Over 15000 Kgs category includes advanced and high-performance pavers that are equipped with modern features such as telematics, automated grade and slope controls, and intelligent paving technologies. These features make the paving process more efficient, accurate, and precise, which is essential for large infrastructure projects that require high-quality paving. Overall, the increasing demand for large infrastructure projects, the need for advanced and high-performance pavers, and the growing demand for durable and long-lasting pavements are driving the growth of the Asphalt Paver Market in the Over 15000 Kgs category.

On the basis of power, the market is segregated into Up to 75 HP, 75-110 HP, 110-150 HP, more than 150 HP

The segment that will increase the Asphalt Paver Market by Power is More than 150 HP. This is because the use of high-powered asphalt pavers is necessary for large-scale paving projects, such as highway construction and airport runways. These projects require heavy-duty equipment that can handle large volumes of asphalt and achieve high paving speeds, which can only be accomplished with powerful pavers. Asphalt pavers with more than 150 horsepower are capable of delivering high paving speeds and are equipped with features such as larger screeds, wider paving widths, and improved maneuverability. These features enable the pavers to lay down asphalt more quickly and efficiently, which is necessary for large-scale paving projects.

Based on application, the market is segregated into highway, urban road and others

Asphalt pavers are used to pave roads and parking lots in urban areas. The ability to put down a smooth surface with fewer joints is the fundamental benefit of employing an asphalt paver in these situations. As a result, motorists will have a better driving experience and the pavement will last longer. Asphalt pavers can also be used to fix pavement surfaces that have already been harmed by weather or traffic. Highways are built and maintained using asphalt pavers. It is a vehicle that moves by itself that spreads asphalt on roads. The asphalt mix is fed into a hopper, moved to the screen by an auger, and then moved forward by a conveyor system.

Based on region, the asphalt paver market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2022, the Europe accounted for the significant share xx.xx% in the global Asphalt paver market. This region was valued at USD xx.xx million in 2022, and it is projected to grow at a CAGR of xx.xx% during the forecast period, reaching USD xx.xx million by 2032.

The Asia-Pacific area will continue to be the world's largest market for asphalt pavers, and advances in the industry will only continue to increase during the projection period. The high rate of highway and road development in the area is one reason for this expansion. The need for asphalt pavers has increased as a result of high and road development in nations like India, China, and ASEAN. Additionally, Covid-19 has had an impact on the market thoroughly. Due to the lockdowns, all active government projects and private development were suspended, which decreased demand for asphalt paving.

Due to its early adoption of the devices, North America is predicted to experience a moderate rise, indicating that the market is well established. Furthermore, it is anticipated that the market growth will be restrained by the moderate growth of the automobile industry in rural areas. Furthermore, Europe as a whole has a developed infrastructure and is established, thus a moderate growth rate is anticipated. This is clear from the high standard of roads, especially in rural areas, which limits the market opportunity for asphalt finishers.