[2023 Trending Report] Global Paving Materials Market to Surpass Valuation of $5.1 Billion by 2030 at CAGR of 4.5% | North America to Lead with Strong Investments in Maintaining and Upgrading Infrastructure Says Extrapolate

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Dubai, UAE, March 21, 2023 (GLOBE NEWSWIRE) — Extrapolate’s latest market research report has stated that the global Paving Materials Market was previously valued at USD 3.5 billion in 2021 and is projected to reach USD 5.1 billion by 2030 at a CAGR of 4.5% during the forecast period.

The demand for paving materials has been on the rise globally, driven by factors such as increased investments in public infrastructure and the need for better road networks.  Materials such as asphalt, concrete, and paving stones are commonly used in road construction, with asphalt being the most widely used material worldwide.

As environmental concerns become more pressing, the demand for sustainable and eco-friendly paving materials is increasing. These materials include permeable pavements, recycled materials, and alternative binders. Permeable pavements, for instance, allow water to pass through, reducing runoff and alleviating flooding issues in urban areas. Additionally, the global paving materials market is witnessing increased use of recycled materials like rubber from old tires, glass, and plastic in road construction to reduce waste and promote sustainability.

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Key Insights

• The increasing number of residential and commercial construction projects is expected to drive exponential growth of the paving materials market.
• Based on material, the concrete segment is projected to lead the market share during the forecast period.
• Based on application, the residential construction segment is expected to witness substantial growth.
• North America is anticipated to capture the leading market share owing to government initiatives for reducing greenhouse emissions.

Competitive Landscape of the Global Paving Materials Market:

The competitive landscape of the paving materials industry is relatively fragmented. With sustainability emerging as an integral need of the hour, key players operating in the market are investing heavily in research and development activities to produce more sustainable and carbon-neutral construction methods. For instance, in June 2021, CRH acquired Angel Brother Enterprises to improve asphalt paving and infrastructure solutions across the U.S. and Canada for a $700 million.

Key Players

• Veidekke
• Boral
• GCC
• Martin Marietta Materials
• Owens Corning
• MARINI SpA
• Caterpillar
• ASTEC INDUSTRIES INC
• AMMANN GROUP
• Unique Paving Materials Corporation
• Construction Partners, Inc.

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Global Paving Materials Market Segmentation 2023-2030

In terms of Material Type, the Paving Materials Market is segmented into:

• Сеmеnt
• Соnсrеtе Тіlеѕ
• Asphalt
• Flаgѕtоnеѕ
• Оthеrs

Concrete Segment to Hold Largest Share of Paving Materials Market

On the basis of material, the concrete segment is expected to dominate the paving materials market owing to its abundance and inexpensive nature. Concrete is widely used in the paving industry for its durability, strength, and versatility. In 2021, worldwide cement production was roughly 4.3 billion metric tons. China was the leading cement producer, accounting for approximately 55% of the total production, followed by India at 8%. Out of which, a significant portion of the cement was used as a paving material due to increased government expenditure on infrastructure development, rebuilding, and repair with ready-mix concrete and precast goods.  

However, the MIT Concrete Sustainability Hub has observed that the broad application of concrete across industries contributes to nearly 5% of global carbon emissions.  With renewable sources of energy, it is possible for the U.S. to achieve carbon-neutral concrete and utilize it in construction projects to promote sustainability across the country.

According to the Federal Highway Administration of the United States, more sustainable methods of construction and integration of artificial intelligence could potentially reduce 20-25% of the amount of cement utilized in concrete mixes to improve the material’s durability. The utilization of concrete pavement accounts for up to 2% of the total number of roads in the U.S. However, the interstate system alone is approximately 20% of the concrete pavements. According to the Portland Cement Association, in 2020, cement consumption in the United States was approximately 100 million metric tons, of which about 14% was used for concrete paving.

In developing countries, the use of concrete for paving is growing rapidly due to its durability, low maintenance requirements, and ability to withstand heavy loads. Concrete is also commonly used for sidewalks, driveways, parking lots, and other outdoor surfaces.

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In terms of Application, the Paving Materials Market is segmented into:

• Residential Construction
• Commercial Construction
• Others

Residential Construction Segment to Augment Growth of Paving Materials Market

The global construction materials market is expected to grow significantly in the coming years, with the residential construction segment projected to hold the dominant market position. This can be attributed to the increasing demand for aesthetic value in homes, rapid urbanization, and rising disposable incomes. Additionally, the growing number of residential sector families and dwellings within municipal areas is expected to drive market growth in the residential construction segment.

Asphalt is a widely used construction material expected to play a significant role in propelling the market growth. The increasing number of construction activities utilizing asphalt has led to the emergence of asphalt shingles as a cost-effective and waterproof roofing material, which is expected to drive market growth further. Moreover, asphalt concrete is used extensively to construct housing societies, further driving market growth.

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development recently announced the New Residential Construction Report released in January 2023. According to the report, the total units of privately-owned residential houses reached 1,406,000 in January 2023 compared to 1,392,000 in December 2022. The residential construction segment has witnessed a 9.8% increase within a month, showcasing the segment’s rapid growth, which is ultimately driving the growth of the paving materials market.

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In terms of Region, the Paving Materials Market is segmented into:

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa

North America to Exhibit Tremendous Growth & Capture Dominant Market Share

As per Extrapolate’s research, the US is projected to contribute majorly to the regional dominance in the global paving materials market. It has been found that most of the revenue would come from maintaining and upgrading existing roads rather than constructing new ones. The total length of public roads in the U.S. is approximately 4.18 million miles (6.73 million kilometers). However, the annual construction of new roads was not as significant. In recent years, new road construction in the U.S. has been in the range of 1,000 to 5,000 kilometers per year.

On the other hand, Canada’s road infrastructure consists of approximately 1.04 million kilometers (0.65 million miles) of roads. Like the US, Canada focuses on maintaining and improving existing roads rather than building new ones.

The US is home to approximately 3,500 asphalt manufacturing facilities, collectively producing around 350 million metric tons annually. With more than 2.6 million miles of paved roads nationwide, asphalt surfaces cover over 94%. American roads are estimated to have a staggering 18 billion tons of asphalt pavement. The federal government in the US has been investing heavily in public infrastructure development. President Joe Biden signed the Infrastructure Investment and Jobs Act into law in the United States in November 2021, which provided $1.2 trillion in funding for infrastructure projects, including $110 billion for roads, bridges, and other significant projects.

Over the past few years, the global paving materials market in the US has been witnessing a significant shift to sustainable construction activities. In line with this, the General Services Administration (GSA), the Department of Transportation’s Federal Highway Administration, and the Environment Protection Agency of the United States have collaborated to achieve the procurement of low-carbon concrete and asphalt to advance with environmentally friendly and sustainable methods of construction activities.

Browse Complete TOC: https://www.extrapolate.com/toc/Chemicals-and-Advanced-Materials/paving-materials-market/25811

Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Paving Materials Market
Chapter 5. Global Paving Materials Market Overview, By Material, 2017 – 2030 (USD Million)
Chapter 6. Global Paving Materials Market Overview, By Application, 2017 – 2030 (USD Million)
Chapter 7. Global Paving Materials Market Overview, By Geography, 2017 – 2030 (USD Million)
Chapter 8. North America Paving Materials Market Overview, By Countries, 2017 – 2030 (USD Million)
Chapter 9. Europe Paving Materials Market Overview, By Countries, 2017 – 2030(USD Million)
Chapter 10. Asia Pacific Paving Materials Market Overview, By Countries, 2017 – 2030 (USD Million)
Chapter 11. Middle East & Africa Paving Materials Market Overview, By Countries, 2017 – 2030 (USD Million)
Chapter 12. South America Paving Materials Market Overview, By Countries, 2017 – 2030 (USD Million)
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
Chapter 17. Market Effect Factors Analysis
Chapter 18. Future Outlook of the Market

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