The global asphalt mixing plant market is projected to grow at a CAGR of 2.8% in terms of value between 2020 and 2030. However, with the anticipated global economic slowdown due to the corona virus pandemic, the global asphalt mixing plant market shall stagnate until 2021 end. Post 2021, the market is set to regain traction, surpassing a valuation of US$ 2.4 billion.
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The road construction industry is witnessing significant upsurge, owing to rapid urbanization and industrialization. As a result, demand for adequate construction equipment is increasing, especially in developing economies such as China, India, and Brazil. Governments of these countries are allocating massive budgets for road and highway infrastructure in order to support economic development.
For instance, in its annual budget for fiscal year 2020 – 21, the Government of India allocated US$ 22.3 billion for building new transport infrastructure and accelerating highway construction. It also announced plans to construct around 15,500 km of highways nationwide.
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Such huge investments in road infrastructure has encouraged large & medium scale rod construction companies to invest in construction equipment, which has boosted demand for road construction machineries such as asphalt mixing plant.
Key Takeaways of Asphalt Mixing Plant Market
- Global asphalt mixing plant market is poised to create an absolute $ opportunity of more than US$ 585 million by the end of the forecast period (2020 – 2030). In the year 2019, it was valued at US$ 1.9 billion.
- Stationary asphalt mixing plant segment is anticipated to accumulate the majority share in terms of value, expanding at a CAGR of 3.1% during the forecast period.
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- Drum asphalt mixing plant segment is projected to grow at volume CAGR of 2.1% to create absolute $ opportunity of more than US$ 330 million. It is expected to gain 106 BPS into its market share by the end of forecast period.
- Asphalt mixing plants with production capacity between 50 and 150 TPH (tonnes per hour) are expected to hold around 30% of the market share in terms of value and is projected to grow by 1.2X more than asphalt mixing plant with production capacity above 300 TPH.
- Asia Pacific is projected to create an absolute $ opportunity of around US$ 230 million and is expected to hold more than 32% share in terms of value in the global asphalt mixing plant market by the end of the forecast period.
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“Global asphalt mixing plant market is primarily driven by growing demand of transportation facilities in developing economies. Manufacturers are focusing on developing asphalt mixing plants with additional features in order to increase customer base” says a Fact.MR analyst.
New Product Launches to Remain Trump Card for Market Expansion
The global asphalt mixing plant market is subject to technological advancements as requirements of customers vary from one project to another. Therefore, manufacturers are focusing on continuous development of its products. For instance, in March 2018, one of the leading asphalt mixing plant manufacturers Wirtgen Group launched iNOVA 2000 a portable asphalt mixing plant in South Africa.
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