Asphalt Plant Market Size (2021-2031) and Regional Overview
The Asphalt Plant Market size is projected to reach US$ 6.7 billion by 2031 from US$ 5.2 billion in 2023. The market is expected to register a CAGR of 3.2% in 2023–2031. Rising awareness of mobile asphalt is one of the recent trends in the industry. These mobile plants are compact, thus offering high flexibility. Another trend in the industry is that traditional plants are now becoming more data-centric. Modern plants are using various IoT technologies that offer in-depth data on the production, temperature, and energy consumption of equipment.
Asphalt Plant Market Analysis
The adoption of the cold asphalt mix technology is growing rapidly. In this technology, the heating at the high-temperature step is totally removed, and used bitumen emulsion process is used. Further, the trends of asphalt recycling have increased in the past few years. Asphalt plant utilizes residue asphalt from the sites and uses it in their plant to produce new asphalt. This not only helps to reduce the overall operational cost but also helps in reducing overall carbon footprint. The global asphalt plant market is driven by a variety of factors, such as infrastructure activities globally and growing demand for construction equipment.
Asphalt Plant Market Overview
Owing to increased urbanization, the demand for infrastructure has increased rapidly. This has led to increased demand for the asphalt plant. Mobile/Portable asphalt plants are gaining traction owing to their benefits. Some of the benefits of these plants are reduced resource wastage. On-site preparation enables the usage of the exact required amount of materials that ultimately reduces the overall operation cost. In addition, the capital investments for these plants could be higher as it has low capacity and require small and medium machinery. The Asia Pacific dominates the global asphalt plant market, whereas the European region accounted for the second largest share in the global market. The increased government funding mainly drives the European market. The European Commission has allocated approximately US$ 30 billion for the transportation infrastructure. Such factors are driving the growth of the asphalt plants in the European region.
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Asphalt Plant Market: Strategic Insights
Market Size Value in US$ 1.93 Billion in 2018 Market Size Value by US$ 2.47 Billion by 2027 Growth rate CAGR of 2.8% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Asphalt Plant Market: Strategic Insights
| Market Size Value in | US$ 1.93 Billion in 2018 |
| Market Size Value by | US$ 2.47 Billion by 2027 |
| Growth rate | CAGR of 2.8% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Asphalt Plant Market Drivers and Opportunities
Increasing spending for road infrastructure in the Asia Pacific
Due to increased industrialization and urbanization in the Asia Pacific region, the demand for road infrastructure has increased. Thus, governments in the region are spending heavily on the development of road infrastructure. For instance, as per the data published by the Alliance for Innovation and Infrastructure in February 2024, China spent approximately 5% of its GDP to develop its inland transport infrastructure in 2021. Such initiatives are driving the demand for asphalt, ultimately driving the asphalt plants in the Asia Pacific region.
Adoption of innovative technologies and sustainable production
The introduction of digital technologies for production plants has increased in the past few years. Many software companies are introducing innovative tools for the optimization of production processes. In addition, many companies such as Glencore and Astec are developing autonomous systems for the asphalt plants to minimize human intervention, ultimately reducing labor costs. Such technologies are expected to reduce operational costs and increase profits. Apart from the innovative technologies, the concept of green asphalt has emerged. Many studies are undergoing to replace bitumen with cellulose and bio-based lignin to produce asphalt. One of the main driving factors for the development of green asphalt is increased sustainability trends in the road construction sector.
Asphalt Plant Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Asphalt Plant Market analysis are type, product, and application.
- Based on type, the Asphalt Plant Market is divided into drum plants and batch plants. The drum plant segment held a larger market share in 2023.
- By product, the market is segmented into stationary plants and portable plants. The stationary plant segment held the largest share of the market in 2023.
- In terms of application, the market is road construction, aggregate processing, and others. The road construction segment dominated the market in 2023.
Asphalt Plant Market Share Analysis by Geography
The geographic scope of the Asphalt Plant Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific region dominated the global asphalt plant market in 2023. Countries like China and India are investing aggressively in road construction infrastructure. India is estimated to grow with the highest CAGR during the projected owing to increased government spending on road infrastructure. For instance, as per the data published by the government in 2023, the expenditure in 2022-2023 has increased to approximately US$ 30 billion from US$ 8 billion in 2014.
Apart from the Asia Pacific, the growth of the asphalt plant is estimated to be high in the Middle East and Africa region. Middle Eastern countries like UAE and Saudi Arabia are expanding their construction sector notably.
Asphalt Plant Market Report Scope
Asphalt Plant Market News and Recent Developments
The Asphalt Plant Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for asphalt plants and strategies:
- Construction Partners, Inc. announced that it has acquired SJ&L General Contractor, LLC, a hot-mix asphalt and site work company headquartered in Huntsville, Alabama (Source: Construction Partners, Inc, Press Release/Company Website/Newsletter, 2024)
- Astec showcased the RX-405 cold planer at the World of Asphalt/AGG1 2024 event in Nashville, Tennessee, which included the premier of its premium camera system capable of providing a bird’s eye view of the entire machine from the operator console. (Source: Astec, Press Release/Company Website/Newsletter, 2024)
Asphalt Plant Market Report Coverage and Deliverables
The “Asphalt Plant Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Product , Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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