The global paving materials market is experiencing a surge in demand, driven by a host of factors, including the rise in road construction activities and the adoption of smart highways. With an increasing number of vehicles on the road and a growing emphasis on infrastructure development, the market is poised for substantial growth in the coming years.
Composite Paving Materials Gain Popularity
Among the key paving materials, composite paving materials are gaining prominence due to their flexibility, versatility, and affordability. They can be molded into various dimensions and cater to a wide range of price points, making them a preferred choice. The construction sectors adoption of these materials, along with the escalating growth in the residential sector, is fueling the markets expansion.
Rising Demand for Road Pavements
The demand for road pavements is escalating globally, primarily due to increased traffic and government investments in road infrastructure development. In 2021, the total length of roads globally reached 64,285,009 kilometers, and this figure is expected to continue rising with population growth. The relentless increase in road length underscores the need for paving materials.
Smart Highways on the Horizon
The adoption of smart highways, replacing traditional ones, is another catalyst for market growth. With a rising number of road accidents worldwide, especially in hilly areas, the demand for smart highways is increasing. According to the World Health Organization (WHO), approximately 1.3 million people lose their lives annually in road accidents, creating a pressing need for safer road solutions. Smart highways are emerging as a solution, thus driving the demand for innovative paving materials.
Concrete Dominates the Market
Concrete is projected to dominate the paving materials market, accounting for the largest market share in the forecast period. Government investments in infrastructure development, road, and bridge improvements are propelling the growth of concrete-based solutions. Ready-mix concrete and precast goods save time and costs, further boosting this segments growth.
Asia Pacific Takes the Lead
The Asia Pacific region is set to dominate the paving materials market, driven by rapid population growth and significant investments in infrastructure and construction sectors. China, India, Indonesia, and other key markets in the region are witnessing surges in construction activities. China, in particular, has experienced substantial residential development, with 6 million residential projects built in 2020 alone. The regions commitment to addressing global warming and improving road infrastructure is also boosting the demand for innovative paving materials.
North America Sees Substantial Growth
North America is experiencing considerable growth in the paving materials market, with the United States and Canada at the forefront. Increased investments and expansion in the residential and commercial sectors are driving demand for paving products. The United States saw 6.9 million house sales in 2021, a number expected to rise to seven million by 2023, further bolstering the construction sector and regional market growth.
Key Players
Several prominent players are contributing to the growth of the paving materials market, including 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 Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/paving-materials-market
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