Manufacturing And Construction Construction Materials

Increase in the Number of Vehicles on the Road Expected to Drive Global Paving Materials Market over the Forecast Period: Ken Research

January 25, 2022

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A pavement in construction is an exterior floor or surface covering various types of paving materials that are available in the market. Some of these materials include asphalt, concrete, stones such as slabs, pavers and cobblestones, engineered stone, bricks & tiles. In the landscape architecture, a pavement belongs to the hardscape which is used on the sidewalks, pavements, patios, patios, etc. Some paving materials such as decorative concrete, offers much more design variety and allows a large selection of various colors and patterns. In addition, It’s applicability can be seen largely in residential, non-residential and commercial constructions.

Referring to the study, Global Paving Materials Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread). Some of the key companies that are presently operating in the global paving materials market include Grupo Cementos de Chihuahua SAB de CV, Nexe grupa d.d., Barrett Industries Group, Veidekke ASA, Cementos Portland Valderrivas SA, Martin Marietta Materials, Granit Construction Stock Co., KPM Industries, Nexe grupa d.d., Owens Corning and among others. Market players are constantly focusing on capacity expansion, entering into partnership agreements with distributors and other operational strategies to gain an advantage in the highly competitive market environment. These major players compete for prices and services. Moreover, the suppliers operating in the market strive to provide the highest quality products & services based on innovative technologies and proven practices. These key players also makes a significant investment for R&D and securing a guaranteed resource for the client.

Based on types, paving materials market can be segmented as concrete tiles, cement and flagstones. The cement segment is anticipated to exhibit substantial growth rate due to its high demand in construction applications for instance concrete and mortar mixes during the forecast period. Concrete tiles are also expected to register significant growth over the forecast period due to their use in both residential and commercial constructions. In addition, based on application, market can be segmented as transportation and construction.

Increase in the number of vehicles on the road, followed by need for more environmentally friendly materials to pave roads, growth of the global economy, rise in need for more durable and longer lasting roads and growth in urbanization are some major factors, which are responsible for growth of the paving materials market.

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Based on regional analysis, the North-America is a leading region in global paving materials market owing to rise in usage of paving materials in residential, non-residential, and commercial application across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to increase in number of domestic players in end-use industries coupled with superior growth of end-use industries over the forecast period. It is projected that future of the global paving materials market will be bright on account of rise in demand for paving materials for use in various constructional activities during the forecast period.