Cold Milling Machine Market - By Type (Crawler, Wheel), By Milling Width (Below 2ft, 2ft - 5ft, Above 5ft), By Application (Concrete Pavement, Asphalt Pavement) & Forecast, 2022-2030
Published on: 2024-07-30 | No of Pages : 240 | Industry : Industrial-Machinery
Publisher : MIR | Format : PDF&Excel
Cold Milling Machine Market - By Type (Crawler, Wheel), By Milling Width (Below 2ft, 2ft - 5ft, Above 5ft), By Application (Concrete Pavement, Asphalt Pavement) & Forecast, 2022-2030
Cold Milling Machine Market Size
Cold Milling Machine Market size valued at USD 2 billion in 2021 and is expected to grow at over 4.5% CAGR from 2022 to 2030. Increasing highway and roadway reconstruction projects will fuel the industry growth.
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Roadway rehabilitation is a prominent project undertaken at periodic intervals to ensure smooth and efficient transportation. The rising need to eliminate asphalt & concrete surfaces quickly and efficiently will increase the demand for cold milling machines. These products, when used to remove asphalt/concrete surfaces, create a foundation with the required width and depth specifications that help to pave new uniform asphalt/concrete surfaces.
Report Attribute | Details |
---|---|
Base Year | 2021 |
Cold Milling Machine Market Size in 2021 | USD 2 Billion |
Forecast Period | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR | 4.5% |
2030 Value Projection | USD 3 Billion |
Historical Data for | 2018 to 2021 |
No. of Pages | 230 |
Tables, Charts & Figures | 313 |
Segments covered | Type, Milling Width, Application |
Growth Drivers |
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Pitfalls & Challenges |
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What are the growth opportunities in this market?
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Increasing government expenditure on new road construction activities across developed & developing economies will have a profound impact on the market for cold milling machines. For instance, in November 2021, the U.S. Congress passed an infrastructure bill that aims to set aside close to USD 240 billion toward new road construction, road refurbishment, and rebuilding of airports, railways, bridges & other modes of public transit.
Technological advancements will transform the cold milling machine market outlook. Companies are integrating 3D modeling, telematics, and other advanced technologies with these products to enhance their functioning. Additionally, companies benefit from advanced leveling systems that help in efficient machine handling and precise milling.
Increased investments and maintenance costs may restrain industry progression
High ownership cost is a major factor restraining the cold milling machine market growth. A substantial investment is necessary to purchase, use, and maintain cold milling machines, which may slow down sales. Nonetheless, manufacturers have been working on increasing production over time with better resources and infrastructure.
With increased production and deployment, product costs may eventually witness a slowdown and companies will be able to sell these products at competitive but attractive prices, thereby strengthening their market statistics.
Crawlers accounted for more than 80% of the cold milling machine market share in 2021. The demand for crawler cold milling machines will increase substantially through 2030 given that they are equipped with advanced & powerful engines. These products also possess the ability to eliminate asphalt and concrete surfaces quickly & efficiently and exhibit high milling performance in different working conditions.
Cold Milling Machine Market Analysis
In terms of milling width, the cold milling machine industry is classified into below 2 ft, 2 ft - 5 ft, and above 5 ft. The below 2 ft segment size is expected to depict a growth rate of around 4.5% till 2030. Milling machines with a width lesser than 2 feet are deployed in diverse applications such as the partial rehabilitation of pavements and tie-in milling while rehabilitating industrial floors.
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Based on applications, the cold milling machine market is categorized into concrete and asphalt pavements. The concrete pavement market size is anticipated to cross USD 1,200 million by 2030. Concrete milling is essentially undertaken to eliminate irregularities in concrete and ensure that the resultant surface is smooth & properly leveled to provide sufficient traction. This application segment will be driven by the extensive number of ongoing roadway & highway rehabilitation projects worldwide.
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Regionally, Asia Pacific will emerge as a major revenue hub for the cold milling machine market. APAC accounted for over 40% of the market revenue share in 2021, led by the rising incidences of natural calamities, such as earthquakes, typhoons & landslides, in nations including Japan and China. Positive growth prospects for the regional construction and infrastructure development sectors will further push the market trends.
Another region that may emerge as a key revenue hub is the Middle East & Africa. A rising number of initiatives that are directed at modernizing the regional infrastructure sector will increase the MEA cold milling machine industry size, which is slated to witness about 2.5% gains through 2030.
Cold Milling Machine Market Share
- Caterpillar Inc.
- Sakai Heavy Industries Ltd.
- Wirtgen Group
- Fayat Group
- LiuGong Machinery Co., Ltd.
are some of the key cold milling machine market players. The industry is relatively consolidated and involves lesser contenders. Firms mainly focus on tapping the latest technologies to develop and deploy improved cold milling machines across varied applications.
For instance, in April 2022, Wirtgen Group declared to exhibit its milling machine at Bauma 2022. Fully revamped, this compact milling machine F-series has a wide working speed range of 1,200 to 2,100 rpm. This model is integrated into the W100 Fi, W120 Fi & W130 Fi and uses less fuel than conventional milling machines.
Impact of COVID-19 Pandemic
The coronavirus pandemic had a slightly negative impact on the industry growth during the initial part of 2020. Nationwide lockdowns, manufacturing shutdowns, and labor shortages halted market expansion. With increasing vaccination drives and economic recovery, the refurbishment of roadways, pavements & other public transit modes has taken a new turn. Fueled by increasing expenditure on revamping these structures, the cold milling machine industry outlook will witness a positive transformation.
This cold milling machine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2030, for the following segments
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Market, By Type
- Crawler
- Wheel
Market, By Milling Width
- Below 2ft
- 2ft - 5ft
- Above 5ft
Market, By Application
- Concrete Pavement
- Asphalt Pavement
The above information is provided on a regional and country basis for the following
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Italy
- Russia
Asia Pacific
- China
- India
- Japan
- South Korea
Latin America
- Brazil
- Mexico
Middle East & Africa
- UAE
- Saudi
- South Africa
Table of Content
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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )