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According to the new research report published by The Insight Partners, titled “Asphalt Plant Market - Global Analysis and Forecast to 2027”, the global asphalt plant market was valued US$ 1.93 Bn in 2018 and is expected to reach US$ 2.47 Bn by 2027 with a CAGR growth rate of 2.8% in the forecast period from 2019 to 2027.
In 2018, Asia-Pacific is estimated to account to hold the largest market share, growing at a CAGR of 3.9%.
The global asphalt plant market is experiencing exponential growth owing to the growing number of highway development projects. The companies operating in the asphalt plant market are focusing on offering technologically advanced products that meet the varying demands of the customers. Another factor supporting the growth of the asphalt plant market is urbanization, which is supporting the increasing demand for modern infrastructures such as new roads and highways. The market for asphalt plant consists of large and well-established players as well as tier-2 and tier-3 companies around the globe, which invests significantly in the R&D activities for the development of modular asphalt plant to attract more customers and gain a strong customer base. Also, the construction industry across the globe is experiencing a significant growth rate attributing to the demand from the mass. Owing to the various rules and regulations regarding the emissions, the asphalt plant market is witnessing a substantial need for asphalt plants that meets the emission standards while providing fuel efficiency and a high production rate.
Asphalt mixing plants are widely used in road and highway construction, and most of the roads around the globe are paved with asphalt. Asphalt is prevalent for road construction as it offers high durability and excellent performance in trafficked conditions. The asphalt used for highway construction is a mixture of bitumen, aggregate, and filler, and the roads can be paved using a hot or cold mix asphalt. The asphalt mixing plant is a crucial road construction equipment that is used for manufacturing asphalt that is used for road construction. Several governments emphasize the speed of construction and quality of roads that are to be constructed. For instance, MoRTH, NHAI, and other departments of India emphasize that the quality of roads should be in line with the global standards. The dual objective of speed and quality can be achieved using new technologies for road-building in which asphalt mixing plants play a significant role. The two types of asphalt mixers used in road construction are continuous and batch type. Continuous mixing plants are popular in North America; however, batch type asphalt mixing plants are widely used in other regions.
In addition to this, the demand for asphalt plant is expected to grow in the MEA region owing to the strong oil and gas sector. Various Middle East and Africa countries are experiencing remarkable growth in terms of urbanization. The construction industry in countries such as UAE, Saudi Arabia, Qatar, Egypt, and South Africa is significantly expanding owing to growth in job opportunities. This factor is creating lucrative business opportunities for construction market players to acquire contracts of residential sector construction, roadways, airports, and other industries. The construction companies in the region are becoming increasingly familiar with asphalt as the awareness related to the benefits of the same is growing.
Key findings of the study:
In 2018, the Asia-Pacific region accounted for the largest market share, Asia-Pacific is a crucial driving engine for the global asphalt plant market. The remarkable development in Asia-Pacific countries is continuously demanding for the rebuilding of older infrastructure and the construction of newer structures. This factor has created an established asphalt plant business in the region. Several countries in the region such as India, China, and Thailand, are majorly relying on mending new roads, the demand for asphalt is at a continuous growth, which is ensuring a strong growth rate of asphalt plant market in the future.
In Asia-Pacific, India is among the fastest-growing economies in APAC. The government authorities related to construction industry such as NHAI and Ministry of Road Transport and Highways are focusing on the speed of development and quality of roads. The growing concerns regarding the quality of roads is expected to support the growth of asphalt plant market in India.
By type, batch plant dominates the market, however, the drum plant is expected to witness a high growth during the forecast period. Asphalt drum plant is a type of continuous mixing plant, which produces hot mix asphalt in a continuous process. Drum plants require the use of soil for temporary storage before the mix has been trucked to the paving location. The drum mixing plant can integrate the drying and mixing process together and provides an uninterrupted production process. The asphalt drum plant simplifies the process and helps in reducing the handling time and labor cost associated with the asphalt mixing. The asphalt drum mixing plant is ideal for construction sites where the asphalt mixture is required in large quantities, and there is a lesser focus on the quality of the asphalt mix. The companies operating in the market are offering continuous and stationary asphalt drum mixing plants with varying production capacity according to the users’ requirements.
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