Increase in Road Construction due to Growing Number of Vehicles to Drive Market
Among the two key paving materials, i.e., composite, and quarried, the former is more flexible and popular than quarried stones. They can also be easily moulded into various dimensions and are available in several price ranges. While these functional attributes of composite paving materials will remain instrumental to the built-up of paving materials market, the increase in on-road vehicle parc, as well as the rampant growth of residential sector are significantly driving the paving materials market. The rise in adoption of paving materials by construction sector is also projected to drive the paving materials market during the forecast period.
Demand for road pavements is increasing in every country due to increased traffic. Several countries are spending heavily on road infrastructure development. Moreover, the growing number of vehicles on the road, as well as the increasing demand for the new road, are expected to drive up the demand for paving materials. In 2021, the total kilometres of road length were 64,285,009 km. The continual increase in the total length of the road globally, with the increase in the population, will drive the growth of paving materials market in the coming years.
Adoption of smart highways, and the replacement of traditional highways with smart highways will further propel the growth of global paving materials market. The growing number of road accidents around the globe especially in the hilly area is increasing the demand for smart highways. According to WHO, annually, approximately 1.3 million people lose their lives due to road accidents while 20 to 50 million suffer from minor to moderate injuries. With such growing incidents of road accidents, the demand for the smart highway is increasing, thus driving the market for paving materials.
Concrete to Acquire the Market Major Share due to Increased Availability of Ready-Mix Concrete
The Concrete segment is projected to acquire the largest market share in the forecast period. Increased government spending on infrastructure development, rebuilding, and repair, such as road and bridge improvements, drive the segment growth. Furthermore, ready-mix concrete and precast goods and pieces save a significant amount of time in manufacturing, shipment, and installation. These products are also less expensive to manufacture because there is less waste, thus boosting the growth of the segment. The increase in demand for ready-mix concrete mixture by emerging countries for the construction of new projects such as airports, shopping malls, trains, and metro infrastructure has steadily increased the overall ready-mix concrete market share and has only resulted in favourable results.
The Asia Pacific to Dominate Paving Materials Market due to Increase in Number of Residential Projects
The Asia Pacific is projected to dominate the paving materials market over the coming years. Due to the region's rapid population growth and the presence of some of the world's largest markets, such as India, Indonesia, and China, Asia Pacific is seeing substantial investments in infrastructure and building and construction sectors. Furthermore, the Asia Pacific building business is expanding rapidly. During the projected period, this is expected to fuel demand for paving materials in the Asia Pacific. The rise in global warming in Beijing, China, the increased demand for good road infrastructure in India, and an increase in road maintenance and reconstruction activities in countries such as Malaysia, and Vietnam are driving the demand for cool paving materials in the Asia Pacific.
China accounted for a major share of the market in the region. Rising family income rates, as well as population migration from rural to urban regions, are likely to fuel the demand for residential development in the country in the coming years. Increased emphasis on affordable housing in both the public and private sectors would spur growth in the residential construction sector. In 2020, a total of 6 million residential projects were built in China creating a sales revenue of over Yuan 17 trillion. Wi such a rapid development in the construction sector in the country, the demand for paving materials will increase in the country, thus driving the growth of paving materials market across the region.
North America will see considerable growth in the coming years. North America has a high need for paving products because of countries such as the United States, and Canada. One of the reasons for North America's growth is the enormous number of investors available in the region. With, the expansion of the construction sector, there is a high demand for the products. In recent years, there has been a significant increase in both the residential, and commercial sectors, which has boosted the market growth. In 2021, there were 6.9 million house sales in the United States, with this figure expected to rise to seven million by 2023. This factor will increase the construction activity in the nation, which will propel the growth of the regional market.
Global Paving Materials Market: Competitive Landscape
In June 2021, Angel Brother Enterprises, a Texas-based asphalt paving, and infrastructure solutions company, was bought by CRH. CRH also completed seven acquisitions in the United States and Canada for a total of US$0.7 Bn. In February 2021, Cemex has introduced Viabase, a designed asphalt concrete. The product, according to the company, is especially appropriate for use in roadways in a housing society, where it would be exposed to construction traffic before being surfaced when residences are erected.
Few of the players in the paving materials market include CRH, Coco Group, Boral, Brampton Brick, The Miller Group, Unique Paving Materials Corporation, Basalite Concrete Products, Belgard, Beaver Valley Stone Ltd, Techo-Bloc Inc., Lafarge, Nichireki Co., Ltd., Shikoku Chemicals Corporation, Mino Ceramic Co., Ltd., and Cemex.
Global Paving Materials Market is Segmented as Below:
By Market Type
Key Elements Included In The Study: Global Paving Materials Market
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