(MENAFN- GlobeNewsWire - Nasdaq) The growth in infrastructural advancement because of a surge in paved roads is driving market growth.
New York, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global asphalt pavers market size was USD 3.10 billion in 2023, estimated at USD 3.26 billion in 2024, and is expected to reach around USD 4.84 billion by 2032, expanding at a CAGR of 5.1% from 2024 to 2032.
What is Asphalt Paver?
An asphalt paving machine disseminates and levels asphalt to convert coarse topography into smooth surfaces. It is also utilized to screed to compress the asphalt, decreasing its magnitude. Earlier, extensive construction teams pave asphalt manually with shovels and picks. The advancement of asphalt pavers rendered road paving a simpler and much speedier procedure. Tracked pavers are appropriate for taxing work conditions and projects that need broad pulls. A tracked paver functions on rubber tracks, conveying maximum steadiness, movability, and traction. Utilize a tracked paver if one plans to operate with complete load or petition pavement to the surfaces.
Download Free Sample PDF Copy of the Report:
Key Takeaways from the Report
The market is expected to exhibit a CAGR of 5.1%. The market for asphalt pavers is expanding due to rising construction projects sanctioning asphalt's productive and precise placement to generate elevated standard road surfaces. The asphalt pavers market analysis is primarily based on product type, screed type, operating weight, paving width, and region. Based on product type, the tracked pavers segment dominated the market. Asia Pacific dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.
Asphalt Pavers Market Dynamics
Growth Drivers
Ongoing Rise in Construction Projects : The asphalt pavers market size is expanding due to the continuing rise in construction and infrastructure projects, especially in surfacing economies such as India, Brazil, and China are fueling the demand for several construction equipment. Further, the government inventiveness and infrastructure scheming endeavours strengthened the construction sector's augmentation in these nations.
Introduction of Inventive Pavement Substances : Producers are initiating inventive pavement substances such as the Open Graded Friction Course (OGFC), Superpave, and Stone Matrix Asphalt (SMA). These progressions enhance working situations for the personnel at the pavement site, causing improved productivity and thus pushing the demand for the market.
Trends and Opportunities
Growing Public and Private Funding : The Asia Pacific region is assured of the notable acquisition of asphalt pavers over an expanded forecast period. The region showcases sizeable possibilities due to considerable public and private funding together with an assemblage of continuing road construction projects. For instance, in April 2022, the Chinese government, as a constituent of its tactical capabilities, demonstrated objectives to augment its authority in Bangladesh through the addition of the Belt and Road projects, which suggests that the asphalt pavers market demand is expanding.
Attractive Financial Alternatives : Manufacturers provide alluring financial alternatives with flexible disbursement duration to render ownership more pragmatic for contractors. These financing alternatives have become growingly obtainable, permitting contractors to buy asphalt pavers without significant pressure on their budgets.
Competitive Analysis
The market is portrayed by fierce contention with entrenched players depending on progressive technology, elevated standard commodities, and a robust brand image to push revenue growth. These firms engage in several strategies, such as research and development, mergers and acquisitions, and technological inventions, to augment their product portfolios and sustain a competitive edge in the market.
Request for a Discount on this Report Before Purchase:
Major players operating in asphalt pavers market
Ammann Astec Industry Caterpillar Fayat Group Sany Shantui Sumitomo Volvo CE VT Leeboy Wirtgen Group XCMG Zoomlion
Regional Insights
Asia Pacific : The escalated market share is driven by the growing demand for highway and road construction projects and surging domestic advancements. These pavers, acknowledged for their enhancing base, solidity, and aspects, are favored in the region, fueling the demand. Critical players in the market have been augmenting prevailing provisions and setting up corporate offices in Southeast Asia to profit from volume benefits and escalate their global market share.
Inquire more about this report before purchase:
Asphalt Pavers Market Segmentation
By Product Type Outlook
Tracked Pavers Wheeled Pavers
By Screed Type Outlook
By Operating Weight Type Outlook
5000–8000 Kgs 8000–12000 Kgs 12000–15000 Kgs Over 15000 Kgs
By Paving Width Type Outlook
Up to 1.5 m 1.5–2.5 m 2.5–5 m Over 5 m
By Region Outlook
North America (US, Canada) Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria) Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea) Latin America (Brazil, Mexico, Argentina) Middle East & Arica (Saudi Arabia, UAE, Israel, South Africa)
More Trending Latest Reports by Polaris Market Research:
In Vitro Diagnostics Quality Control Market Trends
Air Insulated Switchgear Market Size
Analytics as a Service Market Share
Air Insulated Switchgear Market Size
Analytics as a Service Market Share
About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
Contact:
Likhil G
8 The Green Ste 19824,
Dover, DE 19901,
United States
Phone: +1-929 297-9727
Email: ...
Web:
Follow Us: LinkedIn | Twitter
MENAFN09122024004107003653ID1108970998
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.