Wilmington, Delaware, United States, June 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Cold Milling Machines Market was valued at US$ 1.8 Bn in 2022 and is projected to expand at a CAGR of 4.4% from 2023 to 2031.
Rapid technological advancement in engineering and mining equipment used for roads and infrastructure projects is fueling the cold milling machines market development. An instance is rise in adoption of equipment equipped with advanced cutter drives. Steady expansion of highways and increase in adoption of recycled aggregates (from earlier roads and pavements) in upcoming road projects are expected to augment market growth.
Surge in utilization of cold milling machines in road rehabilitation projects and material processing activities is expected to boost the market. Cold milling technology is widely used in efficient removal of asphalt and concrete surfaces. Recent market trends indicate a rise in inclination of usage of reclaimed asphalt pavement (RAP) in new pavements. This is anticipated to create significant revenue opportunities for companies in the cold milling machines market.
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Key Findings of Study
- Surge in Utilization of Cold Milling Machines in Road Construction: Rise in number of road infrastructure projects in developing countries is propelling the adoption of cold milling machines in the construction sector. Constant focus on enhancing safety and integrity of roads, such as national and state highways, is expected to bolster the usage of cold milling processes. For instance, cold milling process ensures better skid resistance for vehicles. Rapid increase in usage of cold milling processes for asphalt pavements in the construction sector is anticipated to offer significant revenue opportunities for market players.
- Rapid Advancement in Crawler Cold Milling Technology. Based on type, the cold milling segment is anticipated to account for major market share in the near future. Considerable demand for crawler cold milling machines in the construction sector is anticipated to drive the segment. Significant advancement in crawler cold milling equipment is expected to augment the segment in the near future. Crawlers are gaining traction for the removal of large asphalt packages at significant milling depths, as these are powered by advanced engines. Significant demand for crawlers for the removal of concrete in range of infrastructure development projects is anticipated to boost the market.
Key Growth Drivers of Cold Milling Machines Market
- Rise in number of road construction projects in numerous developing and developed countries is a key driver of the cold milling machines market. Consistent increase in government investments in expansion of road networks is anticipated to drive the market. Increase in initiatives to bolster transport and logistics infrastructure in developing countries is likely to drive the market. An instance is The Bharatmala Pariyojana, highway development project, by the Government of India.
- Rapid expansion of the mining sector in North America and Asia Pacific is anticipated to bolster the market. Surge in demand for cold milling machines in coal mining can be ascribed to the rapid increase in number of coal mining projects in Asian countries, especially India. Governments are undertaking initiatives to provide environmental clearances for numerous coal mines in order to cater to the burgeoning demand for coal in the power sector.
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Regional Growth Dynamics
- Asia Pacific is projected to account for significant share of the global cold milling machines market during the forecast period. Considerable demand for cold milling machines in India and China is anticipated to bolster market size in Asia Pacific. Rise in number of highway construction and road expansion projects, especially in Asia, is anticipated to augment market growth in the region (Asia Pacific).
- The market in North America is anticipated to expand at a steady pace due to surge in adoption of cold milling machines in road rehabilitation projects and airport construction activities in the region.
Competition Landscape
Leading players in the global cold milling machines market are adopting product expansion strategy. Several leading companies are making significant investments in R&D activities focused on product innovation to increase their market share. Many prominent companies are focusing on the geographic expansion strategy to consolidate their market position in the next few years. They are engaging in mergers & acquisitions in order to expand their global presence.
Key companies operating in the cold milling machines market are
- Astec Industries, Inc.
- Bomag GmbH
- Caterpillar Inc.
- CMI Roadbuilding Ltd.
- Liugong Machinery Co Ltd.
- Sakai Heavy Industries Ltd.
- SANY GROUP
- Wirtgen Group
- Jiangsu Huatong Machinery Co Ltd.
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Cold Milling Machines Market Segmentation
The global cold milling machines market is segmented based on
Type
- Crawler
- Wheel
- Milling Width
- Below 2ft
- 2ft – 5ft
- Above 5ft
Size
- Small
- Compact
- Large
Engine Power
- Less than 155 kW
- 155 kW – 300 kW
- Above 300 kW
Application
- Road Construction
- Earthwork
- Material Processing
- Mining
- Others (Racetrack, Airport Construction, etc.)
Distribution Channel
- Direct
- Indirect
Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- South America
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