Global Paving Materials Market Size, Share, and COVID-19 Impact Analysis, By Material (Cement, Concrete Tiles, Asphalt, Flagstones and Others), By Application (Residential Construction, Commercial Construction, and others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS   

The Global Paving Materials Market size was valued at USD 3.5 billion in 2021 and is expected to grow by USD 5.1 billion in 2030 at a CAGR of 4.5%.                

Pavement is an outdoor floor or superficial surface covering used in building. Paving materials come in a variety of shapes and sizes. Asphalt, flagstone, concrete, and cobblestone, are some of them, as are artificial stone, tiles, and bricks. Pavements are utilized on sidewalks, road surfaces, courtyards, patios, and other hardscape elements in landscape architecture. Some paving materials, such as ornamental concrete, provide greater design flexibility by allowing for a wider selection of colors and patterns. Residential construction and commercial construction are all examples of where they can be used. Growth of the paving material market is being aided by increased private and public sector investments in infrastructure projects in emerging markets.   

COVID-19 ANALYSIS  

The spread of the pandemic has slowed and significantly impacted the overall growth of the paving material market growth. The pandemic's expansion has wreaked havoc on numerous industries and businesses. On the other hand, several construction enterprises were forced to close as a result of the pandemic's expansion. This has caused the market to collapse, owing to a lack of raw materials such as clay and concrete, as well as a lack of transportation. In addition to this crisis, one of the main reasons for the market's problems is a lack of labor for the construction of structures during the pandemic period, as a result of social alienation.   

LATEST TREND

Increasing Use of Asphalt Additives in Roofing Applications Propel Market Growth 

Asphalt is generally utilized for waterproofing in building applications. It's also utilized in asphalt saturated felts; shingles and roll roofing as a saturate. Shingles are one of the most cost-effective roofing materials, and their popularity is growing throughout North America and Europe. The subprime mortgage crisis in the United States in 2007-2008 triggered a downturn in the building industry. However, the North American construction industry has recovered and is increasing at a moderate rate. The usage of asphalt in construction materials is predicted to increase as the demand for paving material grows in North America and Europe.     

DRIVING FACTORS  

Rising Investment in Infrastructure Projects Boost Market Growth 

The growth of the paving material market is being aided by increased public and private sector investments in infrastructure projects in emerging markets. Furthermore, the rise of the automobile sector is expected to stimulate growth, thus the government is spending more on road and highway infrastructure construction. This need is aimed at improvements in both the manufacturing and application of asphalt. 

The manufacturers are developing novel pavement materials such as Open Graded Friction Course (OGFC), Stone Matrix Asphalt (SMA), and Superpave. All of this contributes to a better working environment for workers at the pavement site, resulting in increased efficiency. Because of all of the aforementioned causes, the demand for paving material is likely to have a positive impact on the market's growth.   

RESTRAINTS

Price and Supply of Paving Material Are Both Volatile Limit Market Growth  

Paving material prices are highly volatile since it is a petrochemical, and changes in the price of petroleum are mirrored in the price of asphalt. Because asphalt is a main raw material required in road pavements, volatizing petrochemical prices result in uneven supply, hurting construction projects performed by governments and road contractors. As a result, the use of replacements such as gypsum, concrete, and bio-asphalt in the construction of road pavements is becoming more popular.      

SEGMENTATION  

The Global Paving Materials Market is segmented by Material, Application, and Region. Based on the Material, the market is categorized into Сеmеnt, Соnсrеtе Тіlеѕ, Asphalt, Flаgѕtоnеѕ, and Оthеr. Based on Application, the market is categorized into Residential Construction, Commercial Construction, and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.        

REGIONAL INSIGHTS

The Global Paving Materials Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.   

North America held the largest share of the market due to of the early adoption of the materials, indicating that the market is already mature. Furthermore, the industry is likely to be held up by moderate expansion in the automobile sector in rural areas. Furthermore, Europe as a whole is well-established and advanced in terms of infrastructure development, thus it is predicted to grow at a moderate rate. The quality of roads, even in rural areas, demonstrates this, leading in a limited scope of possibilities for the paving material market.

Asia Pacific is the fastest growing region of the paving material market due to the China is one of the region's most important countries, as it encourages infrastructure development at the provincial level. Manufactures also build machinery at a reduced cost, which leads to increased sales.  

During the projection period, the Middle East and Africa, as well as Latin America, are expected to increase steadily. The government's measures to improve infrastructural quality, as well as increased public and private sector investments in infrastructure development, have contributed to the expansion.   

KEY INDUSTRY PLAYERS   

Leading companies such as MARINI SpA., Caterpillar., ASTEC INDUSTRIES, INC., and AMMANN GROUP have a dominant position in the market. To maintain their market dominance, these firms are concentrating on establishing operations in rising and developing economies. Because they have a wealth of resources and government initiatives to develop the manufacturing sector, these economies are proving to be cost-effective and high-output destinations for businesses.    

KEY INDUSTRY DEVELOPMENTS:

February 2019- Construction Partners, Inc. purchased a liquid asphalt terminal in Panama City, Florida. The purchase was made in order to supply liquid asphalts.

LIST OF KEY COMPANIES PROFILED:

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

SEGMENTATION

By Material

• Сеmеnt
• Соnсrеtе Тіlеѕ
• Asphalt
• Flаgѕtоnеѕ
• Оthеrs

By Application

• Residential Construction
• Commercial Construction
• Others

By Region

• 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