Paving Materials Market Trends and Forecast, 2022-2031
Paving Materials Market Outlook 2031
- The global paving materials market was valued at US$ 101.7 Bn in 2021
- It is estimated to grow at a CAGR of 7.6% from 2022 to 2031
- The global paving materials market is expected to reach US$ 222.4 Bn by the end of 2031
Paving Materials Market Introduction
Paving materials enhance the décor and esthetic appearance of an existing landscape. Paving materials include brick, stones, and concrete. There are many kinds of paver stones. The most common paver stones are bluestone, cobblestone, and travertine. Asphalt, a mixture of cement bitumen and bricks, is used as a paving material across the world. Rise in demand for paving materials can be ascribed to their versatility and durability. Increase in adoption of electric vehicles is driving the demand for sustainable paving materials such as asphalt and concrete. The global paving materials market is estimated to grow at a rapid pace owing to the favorable properties of paving materials, specifically for applications such as non-residential and residential construction.
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Pavers also can be classified as permeable pavers and non-permeable pavers. Permeable pavements are composed of a layer of concrete or fired clay brick. These pavers are separated by joints filled with crushed aggregate. Non-permeable paver is typically made of a concrete and sand mixture; and poured into a mold. These ‘traditional pavers’ are created in different styles and colors, and provide a smooth, hard surface that can be laid in a pattern. Rubber pavers and cement pavers are also gaining traction across the globe.
Rise in Construction Activities Driving Demand for Paving Materials
Paving materials are used in residential and non-residential construction sectors due to their unique properties such as strength, high rigidity, better surface quality, high resistance to extreme temperatures, and creep resistance in constant load & severe environments. Paving materials are available in various shapes. Increase in emphasis on esthetics is anticipated to boost the usage of paving materials during the forecast period. In the architecture sector, paving materials are considered important components that help enhance the design or appearance of an existing landscape. Residential construction activities have been increasing since the last few years primarily due to the increasing demand for single-family homes & multi-family homes and ease of financing. Non-residential construction such as education, malls, and office spaces are also major contributors to the paving materials market.
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Increase in Usage of Concrete Pavers in Pathways, Staircases, and Landscapes to Boost Concrete Segment
Based on type, the global paving materials market has been classified into concrete, stones, bricks, and others. The concrete segment dominated the global paving materials market with more than 46% share in 2021. This can be primarily ascribed to the increase in demand for concrete pavers in various applications such as pathways, staircases, and landscapes. Concrete pavers are strong and durable, and are commercially available in various colors. Concrete pavers can be manufactured at construction sites. Furthermore, the manufacturing cost of concrete pavers is lower than the other types of paving materials. Therefore, the segment is expected to grow at a notable CAGR of 6.6% during the forecast period.
Growth in Expenditure on Road Construction to Augment Global Market
Demand for building long-life pavements on roads is increasing in every country due to the rise in traffic. Several countries are investing significantly in development of road infrastructure. Traffic congestion is increasing in developing countries across the globe. Increase in number of vehicles on road and surging demand for the construction of new roads are likely to boost the demand for paving materials.
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Analysis of Key Players in Global Paving Materials Market
The global paving materials market is highly consolidated, with a small number of large-scale vendors controlling majority of the share. Most of the companies are investing significantly in comprehensive research and development activities. Expansion of product portfolios and mergers and acquisitions are key strategies adopted by prominent players. Lafarge, The Miller Group, Techo-Bloc Inc., Coco Group, Boral, Brampton Brick, Cemex, and CRH are the key entities operating in the global paving materials market.
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