Global Cold Milling Machine Market Outlook:
Cold milling or pavement milling machines for removing uneven surfaces on roads, bridges, and parking lots. The global cold milling machine market report by Market Research Future (MRFR) provides an unbiased view of the industry supported by primary and secondary research conducted by research analysts. It contains drivers and challenges amid the COVID-19 pandemic and projections for the period of 2019 to 2025 (forecast period).
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The global cold milling machine industry size is expected to witness 4.17% CAGR during the forecast period. It was valued at 1.37 billion in 2018. Asphalt milling is estimated to be the primary driver of the market. Rise in non-residential construction and infrastructural projects can drive the demand for cold milling machines. Development of new products by leading players can bolster the market growth. Recently, Wirtgen offered a new class of cold milling machines based on power, capacity, and milling widths.
Allocation of budgets for road construction at hamlet and district levels can garner heavy demand from the global cold milling machine market. Infrastructural projects undertaken by governments in Europe and North America as well as the focus of players in improving the performance of milling drums can drive the market. Development on improvement of milling technologies and quality of surfaces will favor the market.
The global cold milling machine industry has been segmented based on type, milling width and application. By type, it is divided into wheel-type and crawler-type. The crawler segment held the largest market share of the global cold milling machine market in 2018 and is expected to witness the highest CAGR during the forecast period owing to its use in most land surface areas.
The global cold milling machine industries is segmented on the basis of milling width as 0–1.3 m, 1.3–2.0 m, and above 2.0 m. The above 2.0 m milling width machines are primarily used for road construction and holds a major share of the global cold milling machine market. Furthermore, the focus of key manufacturers on the segment can drive its growth due to new products and pricing.
By application, it is divided into concrete pavement and asphalt pavement. Among the two, the asphalt pavement segment is likely to generate maximum returns for the market and inducing the need for cold milling machines. Road repair and construction of new roads by governments for connecting new land zones can drive the segment growth during the forecast period. Removal of asphalt and concrete surfaces and paving surfaces to a uniform thickness is a likely factor for its demand.
The global cold milling machines market has been segmented into five regions, including North America, South America, Asia Pacific (APAC), and the Middle East & Africa (MEA). In 2018, the market held the largest share in APAC, followed by North America and Europe.
A healthy spread of road construction projects is further supporting the stability of the APAC pavement milling machine market. The governments in APAC are expected to increase their investment for infrastructure in the coming years, which will likely have a positive impact on global cold milling market. Increased urbanization leads to investment and government spending particularly in emerging economies, resulting in the growth of infrastructure development for the road construction industry in the region. It can exhibit the highest growth rate in the global cold milling machines market due to the rapid urbanization in China, India, and other developinh economies in the region.
Wirtgen Group, LiuGong, Astec Industries, XCMG, Caterpillar, CMI Roadbuilding Limited, Dynapac, Huatong Kinetics, Bomag, and John Deere are key players of the global cold milling machine market.
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