Asphalt Mixing Plant Market to Surpass Valuation of US$ 2.4 Bn on Back of Cost-Effectiveness and Recyclability
Roads constructed from asphalt offer numerous benefits, such as smoothness, as asphalt pavements require no construction joints. In addition, asphalt is cost effective, easy & fast to construct and more importantly, it is 100% recyclable. Such cutting edge advantages of asphalt has made it the most preferred paving material for mega projects such as highways or airport runway construction.
However, the outbreak of COVID-19 pandemic has inhibited the global asphalt mixing plant market as governments are redirecting their investments to healthcare relief work and suspending ongoing road construction work.
For instance, in March 2020, the government of Pennsylvania suspended all road and bridge construction work in the state except emergency work in response to the coronavirus outbreak. In addition, operations of the ongoing projects have been impacted drastically due to complete lockdowns imposed by the governments to prevent spread of COVID-19.
Due to the aforementioned facts, the global asphalt mixing plant market is projected to witness sluggish growth, at a CAGR of 2.8%, to surpass US$ 589 million during the forecast period (2020 – 2030).
Positive Demand for Portable & Drum Type Asphalt Mixing Plants to Stimulate Market Growth
Asphalt mixing plants are subjected to continuous structural development as customers prefer to procure customised asphalt mixing plant according to their requirement. Construction companies work on multiple projects in different locations.
Transportation of asphalt from the plant location to the construction site is time consuming and increases overall cost of the project. As a solution, manufacturers have introduced portable asphalt mixing plants which can be easily moved to other locations. In addition, other innovations, such as asphalt mixing plants that can use recycled asphalt up to 100%, has resulted in overall cost reduction of the project.
At the same time demand for drum asphalt mixing plants is increasing due to its numerous advantages. One of them is uninterrupted production capacity. Moreover, transporting asphalt mixture from plant location to the construction site is easy & convenient as it uses silos for temporary storage until the asphalt is trucked to the paving location.
However, global economic slowdown caused due to outbreak of COVID-19 has impacted the production of asphalt mixing plants. Fact.MR opines that portable asphalt mixing plant and drum type asphalt mixing plant segments will grow at a value CAGRs of above 3% over the forecast period.
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Developing Regions to Remain Frontrunners in the Global Asphalt Mixing Plant Market
Rapid urbanization and continuous investment in public infrastructure in the developing countries of East Asia has given impetus to the road construction industry in the region. However, economic slowdown caused by lockdowns imposed by governments to prevent spread of COVID-19 has hampered the ongoing mega road construction projects.
For instance, China’s trillion-dollar worth Belt and Road initiative has become dormant resulting in huge capital and monetary losses for the country. However, the effects of this economic slowdown are expected to fade after 2021 end, thus regaining traction. Fact.MR anticipates that East Asia will hold around 30% share of the global asphalt mixing plant market in terms of value by the end of forecast period (2020 – 2030).
Manufacturers Focused on Expansion through Product Launches
Global asphalt mixing plant market is highly consolidated and competitive in nature. Ammam Goup is the market leader with around 17% market share followed by FAYAT Group & Astec Industries Inc. which account for around 15% & 11% market shares respectively.
Leading asphalt mixing plant manufacturers are focusing on developing and launching new products in order to increase their customer base. For instance, in April 2019, one of the market leader Fayat Group launched an asphalt mixing plant that allows usage up to 100% recycled material. And, in 2017, Asphalt Drum Mixers Inc. launched upgraded version of its asphalt mixing plant EX10248 with increased production capacity.
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COVID-19 Market Insights
Outbreak of the COVID-19 pandemic is currently the biggest threat to the road construction equipment industry. Most cities of the world have imposed complete lockdowns, causing serious impediments to the business economy of the world. As the governments of the leading countries have shifted complete focus to the healthcare sector, leading mega road construction projects are facing rapid slowdown in operations.
At the same time, significant drop in the demand of the asphalt mixing plant globally has posed immense challenges to the global asphalt mixing plant market. The global asphalt mixing plant market is expected to be stagnant for a while and, after 2021 end, the market is expected to regain the traction.
The global asphalt mixing plant market is projected to grow positively during the forecast period. However, the market will be stagnant for next couple of years due to global impact of COVID-19 outbreak. Manufacturers are focusing on research and development functions to launch new products which will yield positive returns in the second half of the forecast period.
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Global Asphalt Mixing Plant Market: Scope of the Report
The recent global asphalt mixing plant market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global asphalt mixing plant market. A detailed segmental analysis, based on product, type, capacity and regions, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global asphalt mixing plant market.
In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the asphalt mixing plant market.
Asphalt Mixing Plant Market: Segmentation
FactMR’s study has done the segmentation of the asphalt mixing plant market on the basis of product, type, and capacity across 6 major regions.
- Drum Plant
- Batch Plant
- Below 50 TPH
- 50-150 TPH
- 151-300 TPH
- Above 300 TPH
- North America
- Latin America
- East Asia
- South Asia Pacific
Asphalt Mixing Plant Market: Report Summary
Study offers a comprehensive overview on diverse features that are inducing demand, revenue generation and sales in asphalt mixing plant market across the globe.
A comprehensive estimate on asphalt mixing plant market has also been made accessible by the experts, who have considered the market estimates on the basis of a likely scenario, an optimistic scenario, and a conservative scenario regarding sales of asphalt mixing plant during the forecast period. Analysis and estimation of price point comparison by region and by product with the global average price has been included in this study.
Asphalt Mixing Plant Market: Analysis on Market Size Evaluation
Predictions of asphalt mixing plant market, encompassing current as well as forthcoming projected values estimate and analysis on region-wise demand trends and price index have been assimilated in the report.
Market estimates at the regional and global scale for asphalt mixing plant are available in terms of value “US$ Mn” and volume “Units”. A Y-o-Y growth contrast on prominent asphalt mixing plant market segments, along with the market attractiveness valuation computes understandings brought in the report. Metrics mentioned above are also followed based on asphalt mixing plant applications where asphalt mixing plant witness a steady demand.
Asphalt Mixing Plant Market: Scrutinized Assessment on Regional Segments
Weighted sections have been elaborated in the report on asphalt mixing plant market, which delivers projection on the regional markets. These chapters brighten the regional macros (political economic, and business environment outlook), which are expected to have a significant impact on the growth of asphalt mixing plant market during period of forecast.
Country-specific valuation on demand for asphalt mixing plant has been offered for each regional market, along with the market scope estimate and forecast, price index, price point assessment, and impact analysis of dynamics of prominent regions and countries. For all regional markets Y-o-Y growth estimates have also been incorporated in the report.
Asphalt Mixing Plant Market: In-depth Analysis on Competitive Landscape
The report ends with a section on the competition scenario of asphalt mixing plant market, along with the profiles of major companies contributing to the market expansion. Essential and up-to-date data as well as information correlated to the market performers, who principally engage in the production and supply of asphalt mixing plant, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to plan preemptive steps to advance their businesses.
Impact of Covid-19 on Asphalt Mixing Plant Market
The report includes a scenario based assessment of impact of Covid-19 across key regions for all four quarters of 2020. The report discusses the market forecast under optimistic, probabilistic and pessimistic scenario.
Under the three scenarios, the demand loss and recovery has been illustrated and described through L-shaped and U-shaped recovery curves. Alongside, the Covid-19 impact has been benchmarked with previous crisis including sub-prime crisis, Eurozone crisis and SARS pandemic.
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