Paving Materials Market to Witness Widespread Expansion by 2027

TMR

4 years ago

Global Paving Materials Market: Highlights

A pavement, in construction, is an outdoor floor or superficial surface covering. Various types of paving materials are available in the market. Some of them include asphalt; concrete; stones such as flagstone, cobblestone, and setts; artificial stone; bricks; and tiles. In landscape architecture, pavements is a part of the hardscape and they are used on sidewalks, road surfaces, patios, courtyards, etc.
Some paving materials, such as decorative concrete, offer more design versatility, facilitating a broad range of colors and patterns. Their applicability can be largely seen in residential construction, non-residential construction, and commercial construction.

Key Drivers of Global Paving Materials Market

Increasing demand for paving materials for use in various constructional activities has promoted growth of the global market for paving materials. There has been increase in constructional activities across the globe over the last few years. According to Statistics Bureau of Ministry of Internal Affairs & Communications of Japan, the country spent US$ 30,380 Bn on construction in 2017, out of which US$ 16,570 Bn were spent on residential buildings and US$ 13,810 Bn on non-residential buildings. Thus, with growth of the construction industry, the demand for paving materials is also expected to increase in the near future.
The U.S. has also spent significant amounts on construction activities. According to the U.S. Census Bureau, the U.S. Government spent US$ 1,303,469 Mn on overall constructional activities in the year 2019.

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Global Paving Materials Market, by Application

In terms of application, the global paving materials market can be segmented into residential construction, non-residential construction, commercial construction, and others. The commercial construction segment is projected to account for a major share of the global market by 2027.
Expanding at a significant growth rate, the non-residential construction segment is expected to create significant incremental opportunity during the forecast period
Growth rate of residential construction and others segments is expected to remain moderate to high during the forecast period

Asia Pacific to be a Key Market for Paving Materials

In terms of region, the global paving materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In Asia Pacific, the consumption of paving materials is much higher compared to other regions.
In terms of demand, Asia Pacific holds the maximum share of the global market, followed by North America and Europe. China was the leading market for paving materials in Asia Pacific, in terms of both volume and value, in 2018. Growing usage of paving materials in residential, non-residential, and commercial applications is expected to drive the market in the region during the forecast period. In China, the overall real estate investment increased by 6% since 2015 to reach over US$ 1.8 Trn in 2018. This investment has been largely focused on residential buildings.
North America also held a considerable share of the global paving materials market in 2018. Some of the factors driving the market in the region are superior growth of end-use industries and increased number of domestic players in end-use industries.
The paving materials market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period

Key Manufacturers Operating in Global Paving Materials Market

The global paving materials market was highly fragmented in 2018. Key manufacturers operating in the global market are: