Cold milling machine also referred as pavement planers, cold planers, pavement recycler or roto mill is heavy construction equipment mainly used for the quick, highly efficient removal of old asphalt and concrete pavements from road surfaces resulting in an even surface. The machine is equipped with a conveyor which deposits the reclaimed asphalt pavement (RAP) into a transport truck, or the RAP can be left in place (wind-rowed) to be used in recycling or removed at a later date.
The market for cold milling machine is expected to reach rise at a CAGR of 10.3 percent during the forecast period. The rise in construction, particularly the non-residential construction projects fuels growth of the cold milling machine market.
Cold milling machine is gaining more popularity in small to large scale road construction. This is due to the ability of this machine to minimize need of labour, while completing projects in a quicker time. In addition to this, surge in investment by the government to update aging and old roads along with the rapidly growing trend of road networks’ expansions in rural and urban areas positively impact the growth of the cold milling machine market. For instance, in May 2020, the UK Transport Secretary announced over $2.38 billion for local road repairs as well as fast-tracked construction works worth $245.44 million while fewer passengers are using transport system. Moreover, the factors such as the need for construction of new roads due to continuous rise in road traffic and heavy spending on road maintenance are expected to propel the market's growth during forecast period.
However, the high maintenance cost and high initial investment for cold milling machines may hamper growth of the market to some extent during forecast period. On the other hand, ongoing infrastructure development projects in the developing countries, in the Asia Pacific and Latin America creates lucrative growth opportunities for the market. For instance, in March 2021, as per the 14th Five-Year Plan, China planned to spend about $29.3 billion in the 2021-2025 period on transportation infrastructure projects. Such investments in the developing countries are opportunistic for the market growth.
Furthermore, COVID-19 pandemic disrupting the global economy since its advent. Therefore, cold milling machine market too is anticipated to be affected by the impact. For instance, the market growth is primarily dependent on the construction sector; however, the challenges faced by construction sector is leading to the slight decline in the market growth in the year 2020.
Asphalt road segment will continue to hold a dominant share of the global market throughout the forecast period, based on application. This is due to the upsurge in demand for cold milling machines to maintain and repair asphalt roads. However, the concrete roads segment is anticipated to witness highest growth rate during the forecast period. This is attributed to rise in the construction of concrete roads in developing countries such as China, India, and Malaysia.
According to the engine power, the 300 KW segment is expected to hold a dominant global market share. Growth of this segment is mainly driven by the ability of such machines to offer high milling performance and greater reliability. Consequently, the segment is also projected to grow at highest growth rate, which propels the cold milling machine market in the upcoming years.
COLD MILLING MACHINE MARKET SEGMENTATION:
By Engine Power:
- Less than 155 KW
- 155 KW – 300 KW
- Above 300 KW
- Asphalt Road
- Concrete Road
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Asia-Pacific dominated the global cold milling machine market in 2019 and is likely to be the most profitable region throughout forecast period. This is mainly attributed to the upsurge in population and the rising trend of transport infrastructure developments in several countries across the region. Governments in countries such as China, India, and Japan are actively increasing their investment in infrastructure due to rapid urbanization which leads to the positive impact on the cold milling machine market.
Further, North America region is expected to witness considerable growth rate during the forecast period. This is attributed to the surge in accident cases across countries such as the U.S. and Canada, leading to the repairing of aged roadways and construction of new ones. The governments across this region actively do efforts to reinforce the construction sector; which creates lucrative growth opportunities for the market growth. Also, the rise in public-private partnerships for various infrastructure projects fuels the growth of the market during the forecast period.
FEW KEY PLAYERS IN COLD MILLING MACHINE MARKET:
- Astec Industries, Inc. (Roadtec.)
- Bomag GmbH
- Caterpillar Inc.
- Xugong Group Construction Machinery Co., Ltd.
- SANY GROUP
- CMI Roadbuilding Ltd
- Sakai Heavy Industries, Ltd
- Wirtgen group
- Jiangsu Huatong Power Heavy Industry Co., Ltd.
- Liugong Machinery Co., Ltd.
- Other Key Players
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