The report scrutinizes the market by an exhaustive analysis on Global Asphalt Pavers Market dynamics, market size, current trends, issues, challenges, Forecasts, competition analysis, and companies involved.
Pune, India -- (SBWIRE) -- 10/19/2020 -- According to the report, published by Fortune Business Insights, titled "Asphalt Pavers Market Size, Share & Industry Analysis, By Type (Track pavers, Wheel pavers & Screeds), By Pavement Width (Less than 2.5 Meters, 2.5 – 5 Meters & More than 5 Meters), and Regional Forecast, 2019-2026" the market size stood at USD 1.98 billion in 2018. The report provides an exceptional summary of the asphalt pavers market trends. It draws attention to the recent developments witnessed in the market and provides statistical data for the same along with market drivers and market restraints. Acquisitions and mergers commenced by key players in the market are thoroughly explained. Besides this, it also offers superior insights into the prevailing trends of the market.
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The global asphalt pavers market size is expected to reach USD 2.77 billion by 2026, exhibiting a CAGR of 4.4% during the forecast period. One of the key reasons boosting the growth of the market is the development in roads and infrastructure. According to the Virginia Asphalt Association, Recycled Asphalt Pavement (RAP) has been used widely for more than 30 years and for the tenth year in a row RAP is the most recycled product in America. Furthermore, every year nearly 100 million tons of RAP is recycled back into new asphalt pavement in the U.S. All the asphalt binder and aggregate are recycled back into the mix as asphalt binder and aggregate.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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1. By Type
- Track pavers
- Wheel pavers
2. By Pavement Width
- Less than 2.5 Meters
- 5 – 5 Meters
- More than 5 Meters
3. By Region
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, and Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, and Rest of Asia Pacific)
- Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
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Increasing Infrastructure Initiatives to Accelerate Growth
Increasing investment by the public as well as the private sector for the development of infrastructure in the emerging economies will bolster the growth of the market in the foreseeable future. The robust growth in the automobile industry will result in the upliftment of the asphalt pavers market shares during the forecast period. The increasing initiatives of local and state governments towards the construction of better roads will further enable the growth of the market. The ongoing development in design and production of machines by manufacturers to cater to the demand will further promote growth. Furthermore, the producers are establishing innovative pavement materials including Stone Matrix Asphalt (SMA), Open Graded Friction Course (OGFC), and Superpave to improve surroundings for workforces at the pavement site hence resulting in improved efficiency. These factors and trends together are boosting the market growth.
Launch of Commercial Class Pavers by Dynapac will Propel Growth
Dynapac North America announced the up-gradation of commercial class pavers range with the new FC1700C, FC1300 II, and FC1400 II. The new pavers are equipped with EPA Tier 4 Final certified emissions regulations-compliant engines and offer new features that take the Dynapac commercial class paver range to the next level. The launch of upgraded commercial class pavers is expected to offer impetus growth to the market owing to their operator controls, which are more intuitive and also include individual color displays on both consoles. Furthermore, the manufacturers are focusing on setting up their plants in emerging and developing economies in order to maintain their market share. These economies are proving to be cost-effective and high output regions for the companies, as they have an abundance of resources coupled with government initiations to boost the market revenue.
Prompting Infrastructural Development to Boost Growth in North America
North America is projected to show a significant growth owing to its presence of key players in the region. Asia Pacific generated a revenue of USD 0.42 billion in 2018 and is expected to dominate the market during the forecast period owing to the rapid development in countries such as India and China. Moreover, in Europe established and advanced infrastructural development will result in sales opportunities for the market.
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Some of the Prominent Companies in the Global Asphalt Pavers Market are:
- AB Volvo
- Fayat Group
- Astec Industry
- XCMG Construction Machinery Company
- AMMANN GROUP
- AUNG HEIN MIN CO., LTD.
- SANY GROUP
- Deere & Company
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