Global Cold Milling Machine Market Size to Reach USD 2.78 Billion in 2032 | Emergen Research
Growing construction industry and government projects for road construction are major factors driving cold milling machine market revenue growth
Vancouver, Sept. 06, 2023 (GLOBE NEWSWIRE) — The global cold milling machine market size was USD 1.80 Billion in 2022 and is expected to register a revenue CAGR of 4.4% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for cold milling machines is expected to drive market revenue growth as a result of an increase in number of highway projects and rising roadway development in both developed and emerging countries across the globe.
The Federal Reserve Bank of St. Louis reports that between November 2022 and March 2023, construction spending in the United States which includes building roads and streets increased from USD 117,272 million to USD 122,548 million. This further demonstrates the rising demand for such machinery in the queue.
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The cold milling machine market is further expected to grow as more smart city initiatives are being launched in various regions along with steady growth in construction industry. The adoption of several cutting-edge building technologies as part of the development of smart cities is expected to create a high demand for cold-milling machinery. For instance, the Mohammed VI Tangier Tech metropolis project, which aims to create an integrated, intelligent, and sustainable industrial metropolis, recently signed a framework agreement between Morocco and China. Such agreements and projects are impacting the market positively. Initiatives taken by governments in different developed and developing countries are expected to impact the demand for cold milling machines globally.
For instance, The Biden-Harris Administration announced around USD 1 billion in bipartisan infrastructure law airport financing in February 2023 to meet increased air travel demand by passengers, according to the U.S. Department of Transportation. In contrast to Des Mines International Airport in Des Moines, Iowa, which made USD 10.8 million, Salt Lake City International Airport (SLC) in Salt Lake City, Utah earned USD 29 million. Thus, during the forecast period, increased finance for airport structures in the U.S. is expected to increase demand for cold milling machines.
The demand for cold milling machines is, however, being constrained by their high cost of ownership and maintenance, which is further expected to restrain market revenue growth globally.
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Scope of Research
|Market size in 2022||USD 1.80 Billion|
|Revenue forecast to 2032||USD 2.78 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, milling width, application, end-use, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Caterpillar, SAKAI HEAVY INDUSTRIES,LTD., Liugong Machinery Co., Ltd., FAYAT SAS, ASTEC INDUSTRIES, INC., BOMAG GmbH, CMI Roadbuilding Limited, Wirtgen America, Inc., XCMG Group, and SANY Group|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global cold milling machine market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective cold milling machine solutions. Some major players included in the global cold milling machine market report are:
- Sakai Heavy Industries, Ltd.
- Liugong Machinery Co., Ltd.
- FAYAT SAS
- ASTEC INDUSTRIES, INC.
- BOMAG GmbH
- CMI Roadbuilding Limited
- Wirtgen America, Inc.
- XCMG Group
- SANY Group
- On 16 May 2022, Bomag GmbH announced the product launch of its new BM/65 series of cold planers. With a working load of 27 tonnes, the BM 2000/65 planer in this series is the lightest in the 2m class. This planer is incredibly effective and simple to use which is growing demand for cold milling machines, thus is expected to drive revenue growth accordingly.
- On 22 July 2020, John Deere announced the product launch of its new CP18E, CP24E, and CP30E cold planers to expand its established lineup of attachments. Operators who repair streets, level uneven pavement, texturize pavement, or clean up around larger milling machines will benefit from these new attachment possibilities. The CP18E, CP24E, and CP30E are compatible with John Deere compact track loaders and skid steers in addition to competing machinery.
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Some Key Highlights From the Report
- The crawler segment is expected to register a significantly fast revenue growth rate over the forecast period. The powerful and cutting-edge engines on crawler cold milling machines are well-equipped. In addition, these chemicals can quickly and effectively remove asphalt and concrete surfaces, and they mill well in a variety of operating conditions. The ease of replacement alternatives in many applications is creating a high demand for crawler cold milling machines. Demand for crawler cold milling machines is rising owing to the expanding construction sector across the globe, which is expected to drive revenue growth of this segment.
- The 1 to 2 meters cold milling machine segment is expected to register a significantly fast revenue growth rate over the forecast period owing to several considerations, including its use in numerous applications such as tie-in milling and partial pavement repair while rehabilitating industrial floors, the demand for this milling width is rising. Thus, these are mostly used for industrial purposes which is creating a high demand for the 1 to 2 meters segment and is expected to drive revenue growth of this segment.
- The road rehabilitation segment accounted for a significantly large revenue share in 2022. Concrete milling aids in leveling out uneven surfaces and removing blemishes for improved grip. The continual building of roads and highways across the globe is what is causing the sector to grow. For instance, in Michigan, United States, renovation work on US 24 between M-5 and M-102 started in March 2023. The Michigan Department of Transportation (MDOT) will invest USD 54 million in this two-year project which is expected to drive revenue growth of this segment.
- The market in North America accounted for a significantly large revenue share in 2022. Consumer demand for cold milling equipment is rising as a result of increased funding for highway and road rebuilding projects across North America, which is also driving market revenue growth. Roadway infrastructure improvements are vital activities carried out regularly to ensure efficient and convenient mobility. These devices contribute to the constant paving of asphalt and concrete surfaces by helping to provide a foundation with the necessary width and depth standards. With its extensive product offers, businesses are introducing items. For instance, on 14 February 2023, Astec Industries Inc. announced the product launch of its most up-to-date asphalt cold planer at the CONEXPO-CON/AGG event in Las Vegas, Nevada, the U.S. Also, contractors searching for smaller machines might consider the RX-405 cold planer. The adaptability and versatility RX-405 machine makes it suitable for a variety of applications.
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Emergen Research has segmented the global cold milling machine market on the basis of type, milling width, application, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Milling Width Outlook (Revenue, USD Billion; 2019-2032)
- Less than 1 meter
- 1 to 2 meters
- More than 2 meters
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Highway Construction
- Road Rehabilitation
- Airport Construction
- Parking Lot Construction
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Government Agencies
- Construction Companies
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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