New York, US, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Asphalt Mixing Plants Industry Overview:
As per an Extensive Research Report by Market Research Future (MRFR), “Asphalt Mixing Plants Market Research Report Information by Product Type, Production Capacity, Application, End User, and Region - Forecast Till 2032”, the Asphalt Mixing Plants market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 3.50%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 7.4 Billion by the end of 2032. As per the reports, the market was priced at almost USD 5.5 Billion in 2022.
Market Scope: The Asphalt Mixing Plants market has recently advanced. Maintenance and rehabilitation are the main features causing a rise in the global Asphalt Mixing Plants market's performance.
Competitive Analysis
The list of the top leaders across the global asphalt mixing plants market includes players such as:
- ASTEC
- Benninghoven
- AMMANN Group
- Nikko Company Limited
- Speed Crafts
- Arky Construction
- 4B Construction Corporation
- Atlas industries
- Solmec Earthmovers Pvt. Ltd
- MARINI S.p.A
- Among others.
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Market USP Covered
Market Drivers
The Asphalt Plants market has recently advanced. The main features causing a rise in the global Asphalt Mixing Plants market's performance are the maintenance & rehabilitation, rising popularity of warm mix asphalt (WMA), demand for high-quality asphalt, infrastructure development programs to stimulate economic growth, and focus on sustainability construction practices.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 7.4 Billion |
| CAGR during 2023-2032 | 3.50% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Trends in the contracting and construction industry |
| Key Market Dynamics | Growing demand for asphalt in other applications such as airport runways, parking lots, and roofing. |
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Market Restraints
On the contrary, various aspects may harm expanding the global market for Asphalt Mixing Plants. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
Asphalt Mixing Plants Market Segment Analysis
Among all the product types, the batch mix segment ensured the leading position across the global market for Asphalt Mixing Plants in 2022. Compared with the continuous mix or drum mix plants, batch mix plants are more adaptable and can produce a wide range of asphalt mixes. In addition to that, they are cheap to buy and run.
Among all the application areas, the road construction segment ensured the leading position across the global market for Asphalt Mixing Plants in 2022. Because of wear and tear over time, several current roads and highways need repair, restoration, and maintenance. Road construction services are constantly in demand, given the current requirement for resurfacing, repaving, and rehabilitation projects as roads deteriorate.
Among all the production capacities, the below 240t/h segment ensured the leading position across the global market for Asphalt Mixing Plants in 2022. Smaller local projects, maintenance jobs, and road repairs are best suited for Asphalt Mixing plant facilities with under 240 tons per hour capacity. In suburban and urban areas, these plants are in high demand for jobs like small-scale building projects, resurfacing roads, and fixing potholes.
Among all the end-users, the non-residential category ensured the leading position across the global market for Asphalt Mixing Plants in 2022. Economic growth usually causes greater company activity. To back their growth, businesses require new office space, manufacturing facilities, and retail locations. Construction of non-residential structures is propelled by commercial space requirements, particularly in urban areas.
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Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The North American Region ensured the prime position across the Asphalt Mixing Plants market in 2022, with a maximum share of about 45.80%. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Asphalt Mixing Plants market is the requirement for strong transportation networks across the region, given its vastness for efficient movement of people and products. Asphalt mixes are considerably utilized in the construction and maintenance of highways, interstates, and other major roadways, which in turn is also likely to positively impact the growth of the regional market over the coming years.
The European Region is estimated to hold the second position across the Asphalt Mixing Plants market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Asphalt Mixing Plants market is the construction and modernization of infrastructure. It contributes to the supply of building supplies for platforms and access roads.
The Asia-Pacific region will grow at the maximum CAGR across the Asphalt Mixing Plants market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. Rapid urbanization is the primary aspect boosting the development of the regional Asphalt Mixing Plants market since a considerable portion of the population has moved to urban areas. Roads, highways, and urban infrastructure projects are required given to urbanization, and all these projects need the usage of premium asphalt mixes produced in Asphalt Mixing plant facilities.
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COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has not only impacted public health but also caused a severe disruption in industrial operations of almost all kinds. The global market for Asphalt Mixing Plants is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
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