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The asphalt pumps market size is estimated to grow by USD 67.6 million at a CAGR of 4.5% between 2023 and 2028. The Indian economy is experiencing a significant surge in various sectors, with a notable focus on infrastructure development and the revival of the downstream industry. The Indian government's commitment to improving road infrastructure is evident through increased investments in projects, which is expected to boost economic growth and connectivity. Additionally, the downstream sector, which includes oil refining, petrochemicals, and fertilizers, is witnessing a resurgence of investments due to favorable market conditions and government policies. Furthermore, the construction industry is thriving, driven by the demand for housing, commercial spaces, and infrastructure projects. These sectors are crucial for India's economic growth and development, and their growth trajectory is a positive sign for the Indian economy.
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The market is a significant sector in the road construction industry, supplying essential equipment for the production and transportation of asphalt for various applications, including road construction and building coating. The market's growth is driven by the increasing demand for road infrastructure development and maintenance. Product pricing and consumer buying patterns are crucial factors influencing the market's dynamics. Political and social scenarios, such as government policies and demographic trends, also impact the market's growth. Macroeconomic analysis and social factors, including urbanization and infrastructure development, further contribute to the market's expansion. Regulations play a vital role in shaping the market. Winning imperatives for market players include adhering to environmental regulations, improving product efficiency, and expanding their geographical reach. Current focus areas include the development of energy-efficient and eco-friendly asphalt pumps. These reports provide insights into market trends, growth drivers, challenges, and opportunities, helping stakeholders make informed business decisions. Infrastructure development projects are increasingly focusing on sustainable practices, utilizing eco friendly materials such as warm mix asphalt and reclaimed asphalt pavement. The integration of these bold and innovative approaches, along with optimized pump design, contributes to the creation of sustainable infrastructure that minimizes environmental impact and maximizes resource efficiency. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing investments in road infrastructure projects is notably driving market growth. The market is experiencing significant growth due to the increasing construction of new roads and transportation infrastructure projects. Asphalt is a key component in roadway and highway pavements, as it offers notable strength, durability, thermoplastic properties, and waterproofing capabilities. In the US, investments in new transport infrastructure rose by 12.4% between 2016 and 2019. Likewise, Germany witnessed a 22.7% increase in investment during the same period. According to OECD data, China's transportation infrastructure industry saw an annual investment growth of over 37% between 2016 and 2019.
Furthermore, major players in the market include Yongchang Pump and Bolong. These companies provide a range of asphalt pumps to cater to the growing demand for efficient and effective asphalt transportation and placement solutions. Market research firms like Grand View Research Market, Marketsandmarkets, Future Market Insights, Future Business Insight, Mordorn Intelligence, and Data Bridge Research provide comprehensive market analysis and insights to help stakeholders make informed business decisions. Thus, such factors are driving the growth of the market during the forecast period.
The emergence of smart pumps is the key trend in the market. In the asphalt industry, the proper maintenance of pumps is essential due to their intricate nature and susceptibility to breakdowns. Yongchang Pump and Bolong are notable manufacturers in this domain. The coordination of operating parameters is vital for optimal pump performance and extended service life.
Furthermore, with the advent of digitized and Internet of Things (IoT) technologies, advanced solutions have emerged, enabling remote monitoring and control of pumps. For instance, Kirloskar Brothers Ltd. introduced KirloSmart, a remote monitoring system for screw pumps, during the first half of 2021. This system enables end-users to monitor and manage pump performance through a dashboard, ensuring efficient operations and timely maintenance. Daily reports are generated for comprehensive analysis. Thus, such trends will shape the growth of the market during the forecast period.
The availability of substitutes for asphalt is the major challenge that affects the growth of the market. The market faces competition from cement, concrete, and polymers, which serve as alternative materials for road construction. Asphalt pavements necessitate regular maintenance, including resealing every three to five years to prevent cracks. Following resealing, the pavement must remain undisturbed for two to three days to prevent new cracks from forming.
Furthermore, this time-consuming and costly process is a significant disadvantage of asphalt pavements. In contrast, cement and concrete roads offer superior durability and lower maintenance costs, despite their higher initial investment and longer construction time. Yongchang Pump and Bolong are notable players in the market, providing solutions for asphalt mixing and transportation. Companies such as Grand View Research Market, Marketsandmarkets, Future Market Insights, Future Business Insight, Mordor Intelligence, Data Bridge Research, and Transparency Market Research offer industry analysis and insights into the market. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
DESMI AS - The company offers asphalt pumps such as Rotan HD and Rotan PD.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the Gear pumps segment will be significant during the forecast period. The market plays a crucial role in the road construction and building sectors, supplying essential equipment for the application of Asphalt in coating roads. Product pricing is a significant factor influencing consumer buying decisions, with historical pricing trends and projected pricing trends shaping market dynamics.
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The Gear pumps segment showed a gradual increase in the market share of USD 137.50 million in 2018. Political and social scenarios, along with macroeconomic analysis, impact the competitive position of key players in the industry. External factors, including regulations, winning imperatives, and current focus on strategies, shape the competitive landscape. Leading players, such as Johnson Pump, Viking Pump, Rotan Pump, Shanggui Pumps, and Yuandong Pump, leverage their competitive advantage in product strategy, scalability, and business strategy to capture market share. Emerging players also contribute to the industry coverage through inorganic growth and innovation. Macroeconomic factors, social factors, and political factors significantly impact the pricing trends and consumer behavior in the Market. Regulations and industry verticals also shape the competitive dynamics and future growth prospects.
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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market plays a significant role in the road construction and building industries, supplying essential equipment for the application of Asphalt in coating roads. Product pricing is a crucial factor in consumer buying decisions, influenced by political and social scenarios, macroeconomic analysis, and competitive positioning. External factors such as regulations, winning imperatives, current focus, and strategies shape the industry landscape. Leading players like Johnson Pump, Viking Pump, Rotan Pump, and Shanggui Pumps employ product and business strategies for scalability and competitive advantage. Historical pricing trends and projected pricing trends are essential for industry coverage and growth, with inorganic growth and industry verticals shaping the company landscape. Emerging players also contribute to the market's dynamics, making it a cutting-edge and innovative sector.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Submersible Pump Market: Submersible Pump Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, China, India, Germany, Russia - Size and Forecast
Sanitary Pumps Market: Sanitary Pumps Market in US by Product and End-user - Forecast and Analysis
Pumps Market: Pumps Market by Product, End-user, and Geography - Forecast and Analysis
An In-depth Analysis of Product Demand, Competitive Landscape, and Future Trends. The market is a significant sector in the road construction industry, supplying essential equipment for building, coating, and maintaining roads. Product pricing plays a crucial role in consumer buying decisions, with historical pricing trends and projected pricing trends shaping the market's dynamics. External factors, such as political and social scenarios, macroeconomic analysis, and regulations, significantly influence the market's competitive position. Key players in the market include Johnson Pump, Viking Pump, Rotan Pump, Shanggui Pumps, and Yuandong Pump. In today's political scenarios, the role of subject-related experts is crucial. They are the cutting edge innovator who provide valuable insights and analysis. These experts navigate the complex landscape of politics, offering their expertise to end consumers and intermediaries alike. Their knowledge and understanding of political dynamics help shape policies and strategies. With their expertise, they contribute to a better understanding of the ever-changing political landscape. These Subjectrelated expert play a vital role in driving progress and shaping the future. Their insights and recommendations are invaluable in navigating the challenges and opportunities presented by the political environment.
Furthermore, these leading players leverage competitive advantage through innovative product strategies, scalability, and business strategies. Industry coverage extends to various industry verticals, including building and construction, and the market is expected to witness inorganic growth through strategic mergers and acquisitions. The current focus on winning imperatives, such as improving efficiency and reducing operational costs, drives the market's strategies. Social and political factors impact the market's growth, with regulations and consumer preferences shaping demand. Asphalt pumps are integral to the road construction process, making them a cutting-edge and innovative solution for the industry. The market's active players continue to invest in research and development, ensuring a steady flow of new and improved products.
Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 67.6 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.22 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AJAY ENGINEERING, Apollo Mechanical Industries, Botou Saiken Pumps Co. Ltd., CIRCOR International Inc., DESMI AS, Dover Corp., Erich NETZSCH GmbH and Co. Holding KG, Fluid Tech Systems, Gebr. Steimel GmbH and Co., Hebei Yuandong Pumps Manufacturing Co. Ltd., IDEX Corp., Kracht Corp., Leistritz Advanced Technologies Corp., Roto Pumps Ltd., ShriMaruti Precision Engineering Pvt. Ltd., SPX FLOW Inc., TriRotor Inc., ULTRA POMPE Srl, Victor Pumps Srl, and Zhejiang Shanggui Pump Industry Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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