Paving Materials Market Growing Demand and Huge Future Opportunities by 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

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Analysts' Viewpoint on Paving Materials Market Scenario

The paving materials market is primarily driven by the increase in number of vehicles on road and growth of the residential sector. The residential sector comprises families (units of organized individuals) and dwellings (within municipalities/urban forms). Companies in the paving materials market are focusing on high-growth non-residential construction applications such as education, malls and supermarkets, office spaces, and health care infrastructure in order to generate more revenue. Rise in adoption of paving materials in the construction sector is also expected to drive the paving materials market during the forecast period.

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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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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.

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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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