NEWARK, Del, Dec. 14, 2022 (GLOBE NEWSWIRE) -- According to Future Market Insights, the global bitumen sprayer market size is expected to grow from US$ 878.7 Mn in 2022 to US$ 1,306.4 Mn by 2032. Overall sales of bitumen sprayers are projected to surge at over 4.0% CAGR from 2022 to 2032.
Rising investments in developing and expanding road infrastructure worldwide and growing adoption of advanced road construction machines with lower emissions are some of the key factors driving the global bitumen sprayer market
The construction industry's preference for bitumen sprayers is because they don't require skilled employees to operate. As the pace of civil construction (road) increases globally, the need for bitumen sprayers is anticipated to rise. A recent change in the construction industry in rural areas toward the use of new and sophisticated techniques has increased the demand for technologically advanced machinery like bitumen sprayers.
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Technological advancement is needed in every sector, and this is true for the construction equipment sector as well. Bitumen sprayer equipment has been innovated to provide benefits such as improved work quality through accurate spraying, increased profitability, and lower maintenance costs to avoid work delays.
It is expected that by 2050, 25 million kilometers of new roads, more than 600 times the circumference of the planet, will be built worldwide. According to the International Energy Agency (IEA), more than 90% of these new roads will be in developing countries. India, Africa, and ASEAN countries are anticipated to witness a significant amount of road expansion duirng the upcoming years. As the number of roads increases, so will the demand for road construction tools such as bitumen sprayers.
Key Takeaways from Bitumen Sprayer Market Study
- Based on product type, truck mounted sprayer (with truck) segment is projected to hold over 46.1% of the volume share of the global market in 2022.
- By capacity, the 6 to 8 tons segment is expected to grow at a CAGR of 5.8% during the forecast period.
- The East Asia bitumen sprayer market is anticipated to grow at a CAGR of 4.7% between 2022 and 2032.
- Mini sprayer remains the most sought-after product type in South Asia & Pacific market.
- The U.S. bitumen sprayer market is likely to grow at a CAGR of 3.3% throughout the forecast period.
“Increasing investments in new road construction and road maintenance, particularly in developing countries, is anticipated to create lucrative opportunities for the bitumen sprayer market during the forecast period,” says a Future Market Insights analyst.
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Who is Winning?
The Bitumen Sprayer market is moderately fragmented, with around 20% market share held by top players across the globe. To achieve more sales, top companies are creating contracts with end users and developing custom products according to the needs of the customer. Along with that, manufacturers have focused on enhancing their sales network to achieve a strong global presence.
Some of the key players in this industry include XCMG, Volvo, METONG, HYDROG Zakład Budowy Maszyn Eksport Import, Secmair (Fayat Group), LiaoYuan Road Construction Machinery Co., Ltd., schaefer-technic, ACMAR and others.
Find More Valuable Insights
The research report examines the demand for Bitumen Sprayer. The impact of COVID-19, various macroeconomic factors, market trends, and market background have all been considered in the global Bitumen Sprayer market. As per Future Market Insights, the market has been analyzed based on product type, capacity, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply-side and demand factors.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2017–2021 and Forecast, 2022–2032
5.1. Historical Market Volume (Units) Analysis, 2017–2021
5.2. Current and Future Market Volume (Units) Projections, 2022–2032
5.3. Y-o-Y Growth Trend Analysis
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