At 2.4% CAGR, South & Central America Asphalt Paver Market is Projected to be Worth US$ 135.22 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South & Central America asphalt paver market was valued at US$ 111.45 million in 2023 and is expected to reach US$ 135.22 million by 2031, registering a CAGR of 2.4% from 2023 to 2031. Increasing urbanization with government investments in highways construction and key strategic initiatives by market players are among the critical factors attributed to drive the South & Central America asphalt paver market growth.

Growing urbanization with significant investments in infrastructure rebuilding across the world is the major driving factor for the asphalt paver market. According to the figures revealed by the United Nations, the percentage of the population that resided in cities was 80.8% (i.e., accounting for 37.5 million people), which increased to 82% in 2023. Such a rapid increase in urban population has created a massive demand for road development in urban cities. Asphalt pavers play a major role in the development of road infrastructure in urban areas. Increased government budget allocation for road infrastructure development across the globe is a major driving factor for the asphalt paver market. Various countries' governments are investing and allocating budgets for road development is driving the demand for asphalt paver products market growth. In 2024, a budget of US$772 million is being funded in an important highway project in Brazil. This new highway for the city of Florianópolis aims to enhance traffic flow, reduce congestion, and improve road safety. The project is managed by Arteris, a Brazilian highway firm currently owned by Abertis. Such increasing investment by various countries' governments for road infrastructure development has created a massive demand for the asphalt pavers market growth during the forecast period.

On the contrary, high cost of manufacturing asphalt pavers and high maintenance cost hampers the growth of South & Central America asphalt paver market.

Based on type, the South & Central America asphalt paver market is bifurcated into wheeled asphalt pavers and tracked asphalt pavers. The tracked asphalt pavers segment held 72.6% market share in 2023, amassing US$ 80.90 million. It is projected to garner US$ 100.25 million by 2031 to register 2.7% CAGR during 2023–2031.

In terms of paving width, the South & Central America asphalt paver market is bifurcated into below 2.5 meter, 2.5 to 5 meter, and above 5 meter. The above 5 meter segment held 37.7% share of South & Central America asphalt paver market in 2023, amassing US$ 42.04 million. It is anticipated to garner US$ 47.02 million by 2031 to expand at 1.4% CAGR during 2023–2031.

By country, the South & Central America asphalt paver market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 48.7% share of South & Central America asphalt paver market in 2023. It was assessed at US$ 52.99 million in 2023 and is likely to hit US$ 59.25 million by 2031, registering a CAGR of 1.4% during 2023–2031.

Key players operating in the South & Central America asphalt paver market are AB Volvo, Astec Industries Inc, Caterpillar Inc, Sany Heavy Industry Co Ltd, Sumitomo Corp, XCMG Construction Machinery Co Ltd, Deere & Co, FAYAT GROUP, and Leeboy, among others.

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