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With the growing awareness about the advantages offered by the asphalt, the construction companies across the world are focusing on adopting asphalt for construction, which in turn is driving the growth of the asphalt plant market.
The asphalt plant market revenue is expected to grow from US$ 1.93 Bn in 2018 to US$ 2.47 Bn by the year 2027. This represents a CAGR of 2.8% from the year 2019 to 2027. Whereas, in terms of volume, the asphalt plant market was valued at 4,127 units in 2018 and is anticipated to reach 4,831 units by 2027 thereby registering a CAGR growth rate of 1.8% from 2019 to 2027.
The construction activities in the region such as South America and Africa are growing rapidly owing to the increasing road networks, expansion of highways, and other infrastructure projects. With the growing awareness about the advantages offered by the asphalt, the construction companies across the world are focusing on adopting asphalt for construction, which in turn is driving the growth of the asphalt plant market. The construction activities in South America are increasing due to the increasing number of public and private infrastructure projects. Rapid urbanization in countries such as South Africa, Zimbabwe, and Algeria, is leading to increase in construction activities. With the growing construction industry and the increasing focus of the construction companies towards the adoption of asphalt, the demand for asphalt mixing plants is expected to grow. Therefore, the high rate and urbanization and growing construction industry in the region are creating lucrative business opportunities for the companies operating in the asphalt plant market to gain a strong customer base.
The asphalt plant market is growing significantly in emerging economies owing to the growing number of construction activities and increasing urbanization. However, increasing pollution and growing awareness regarding the emission from the asphalt plant are the major factors that might hinder the growth of the asphalt plant market. The companies operating in the asphalt plant market are focusing on offering a modular solution that meets the client's requirements. The fixed asphalt mixing plant is well-suited to mix asphalt mixture, modified asphalt mixture, and colored asphalt mixture. It is widely used in classified highway construction, highway building project, urban road construction, airport construction, and port construction. The stationary asphalt mixing plants offers higher production capacities than portable asphalt plants. The companies operating in the asphalt plant market are focusing on offering contractors with full packages, which consist of drying and heating systems, cold aggregate supply systems, finished product storage systems, hot aggregate lifting systems, mixing systems, and electric control systems.