Road Maintenance Market to Drive Fast to Reach Valuation of USD 23.39 Billion By 2032: Astute Analytica

The global road maintenance market is driven by aging infrastructure, growing traffic, and the cost-effectiveness of preventive surface treatments. Agencies prioritize crack sealing, chip sealing, and thin overlays to extend pavement life and improve safety, as maintenance backlogs grow.

New Delhi, May 07, 2024 (GLOBE NEWSWIRE) -- Astute Analytica’s analysis of the global road maintenance market reveals a market size of US$ 14.91 billion in 2023. This market is anticipated to witness a CAGR of 5.13% over the forecast period 2024-2032, reaching a projected valuation of US$ 23.39 billion by 2032.

The state of global infrastructure, particularly road networks, presents a complex landscape shaped by aging infrastructure, rapid urbanization, safety concerns, and the imperative for sustainability. In the United States, where 43% of public roads languish in poor or mediocre condition, the challenges are stark. The average age of U.S. roads stands at 28 years, with many constructed over half a century ago. This aging infrastructure must contend with a significant surge in vehicle miles traveled (VMT), which escalated by 18.5% from 2000 to 2023, reaching a staggering 3.3 trillion miles. Accompanying this surge is the remarkable growth in the number of vehicles on U.S. roads, swelling from 225 million in 2000 to over 280 million in 2023.

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Meanwhile, in the dynamic landscape of developing countries, rapid urbanization is driving profound shifts in transportation infrastructure. In the Asia Pacific region, where the road maintenance market exceeded USD 5.2 billion in 2022, urban population growth has been remarkable, escalating from 1.4 billion in 2000 to 2.3 billion in 2020. Projections suggest Africa's urban population could nearly triple by 2050, adding an estimated 800 million city dwellers. Such burgeoning urbanization places unprecedented demands on road networks, necessitating substantial investment and strategic planning to accommodate growing traffic volumes.

Recognizing the pivotal role of road networks in economic vitality, nations worldwide are grappling with the importance of infrastructure investment. In the United Kingdom, the road network is estimated to hold a value of £344 billion, underlining its significance. Remarkably, the U.S. interstate highway system, comprising merely 1% of road miles, shoulders a staggering 25% of total VMT, underscoring its critical function in facilitating commerce and connectivity. Moreover, every dollar invested in the U.S. Road network yields an impressive return of $5.20 in economic benefits, emphasizing the compelling case for sustained investment.

*Growing Emphasis on Safety and Rising Investment on Road Infrastructure, adding Fuel to Road Maintenance Market *

Safety and sustainability loom large in the discourse surrounding road infrastructure. Globally, road crashes exact a staggering toll, costing most countries 3% of their GDP annually and claiming approximately 1.35 million lives each year, with a disproportionate 93% of fatalities occurring in low and middle-income countries. However, there is cause for optimism, as proper road maintenance has the potential to reduce crash rates by 20-40%, while maintaining roads in good condition can curtail CO2 emissions by up to 2%, offering tangible pathways toward enhanced safety and environmental stewardship.

Amidst increasing maintenance requirements and burgeoning market growth, strategic investment is imperative. The global road maintenance market, valued at USD 108.4 billion in 2021, is projected to grow at a robust CAGR of 5.8% from 2022 to 2030. In Europe, maintenance expenditure for roads surged by 8% between 2016 and 2020, reflecting escalating demands and evolving priorities. Japan, too, faces formidable challenges, with annual road maintenance and renewal costs forecasted to reach 5.2 trillion yen by 2033, necessitating proactive measures to address burgeoning infrastructure needs.

Against this backdrop, market growth and investment trends assume heightened significance. The Asia Pacific region emerged as the largest market for road maintenance in 2021, commanding a substantial 32.6% share of the global market, closely followed by North America, where the U.S. alone accounted for 27.2% of the global market. However, meeting the escalating demands of road maintenance requires concerted action, with annual investment worldwide needing to soar to $900 billion by 2030 to accommodate projected growth. Encouragingly, institutions such as the World Bank have demonstrated a commitment to addressing these challenges, approving $7.6 billion in transportation projects in fiscal year 2021, signaling a vital step towards fostering resilient and sustainable infrastructure ecosystems.

*Key Findings in Global Road Maintenance Market*

Market Forecast (2032) US$ 23.39 billion
CAGR 5.13%
Largest Region (2023) Asia Pacific (36%)
By Perseveration Treatment Chip Seal Treatments (44.7%)
By Rehabilitation Structural Capacity (30.2%)
By Maintenance   Crack Sealing (53.6%)
By Safety Surface Treatments (62.6%)
Top Trends · Adoption of eco-friendly materials, energy-efficient technologies, and environmentally conscious practices
· Emphasis on preventive maintenance and surface treatments to extend pavement life and improve safety
· Leveraging technology for smart traffic management, adaptive lighting, dynamic signage, and interactive road surfaces

Top Drivers · Aging infrastructure and increasing wear and tear on roads, leading to higher maintenance and repair needs
· Growing urbanization, population growth, and vehicle ownership rates putting pressure on road networks
· Cost-effectiveness of preventive maintenance in reducing future repair costs and improving road safety

Top Challenges · High costs associated with technological innovations, deployment of driver assistance systems, and ongoing maintenance
· Widening gap between the demand for skilled technicians and the available talent pool in the road maintenance sector
· Maintaining efficiency and performance of road maintenance technologies in challenging weather conditions

*US, China, and Europe to Remain Center of Road Maintenance Market *

The United States boasts an extensive network of roads and highways, necessitating substantial and continual investment for maintenance. In 2021 alone, state and local governments allocated a staggering $206 billion towards the upkeep of these vital transportation arteries, ranking as the fifth largest expenditure category. However, despite this significant financial commitment, Astute Analytica’s studies indicate that a far greater sum, approximately $231.4 billion annually, is required to adequately repair and sustain the nation's roads. Compounding this challenge is the daunting reality of a nationwide maintenance backlog totaling a staggering $420 billion, underscoring the critical need for sustained investment in infrastructure.

China, on the other hand, has emerged as a global powerhouse in road maintenance market investment, both domestically and internationally through initiatives such as the Belt and Road Initiative. Over the period spanning from 2008 to 2021, China poured a monumental $240 billion into supporting 22 countries participating in the Belt and Road project. Although some fluctuations were observed in China's infrastructure investments in certain nations during the initial half of 2023, the country's commitment to funding fossil fuel projects remains steadfast, constituting approximately 80% of its overseas energy investments.

In contrast, the European Union (EU) has embarked on an ambitious endeavor to assert its influence on the global stage through its "Global Gateway" program. This initiative aims to rival China's Belt and Road Initiative by offering developing countries an alternative pathway to infrastructure development and connectivity. With plans underway for 70 infrastructure projects, including innovative endeavors such as a digital cable beneath the Black Sea, a submarine fiber optic cable linking the Mediterranean with North Africa, and the construction of a hydroelectric plant in Cameroon, the EU is poised to reshape the landscape of international infrastructure investment and cooperation.

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*Crack sealing brought in over US$ 2.6 billion in revenue in 2023*

Governments are prioritizing crack sealing, a cost-effective way to extend road life and avoid expensive repairs. Crack sealing fills cracks in asphalt or concrete to prevent water infiltration and further damage. Studies show it's the most affordable pavement preservation strategy, four times less expensive than the next cheapest option. Crack neglect has severe consequences. Left unsealed, cracks worsen over time as traffic exerts pressure and water seeps in, causing further damage and becoming safety hazards. Ignoring cracks can lead to a failing subbase, requiring repairs costing tens of thousands of dollars.

The importance of road maintenance is evident in the global road maintenance market. In the US alone, $206 billion was spent on highways and roads in 2021, highlighting its necessity. Funding comes from various sources including motor fuel taxes, fees, general funds, and federal dollars. The UK estimates its road network value at a staggering £344 billion. Every dollar invested in the US road network yields a significant return of $5.20 in economic benefits. Proper crack sealing requires following best practices. Routing cracks before sealing improves sealant adherence and can double its lifespan. The ideal crack reservoir is 0.5 inches wide and deep. Pavement with less than 20% crack density needs a more flexible sealant, while stiffer sealants are better for parking lots with heavy turning and foot traffic. Pavements with over 20% crack density or severe damage may be too weak for routing before sealing.

The need for road maintenance is growing. In the US, 43% of public roads are in poor or mediocre condition, with an average age of 28 years. The global road maintenance market reflects this need, with a market size of $108.4 billion in 2021 and a projected growth rate of 5.8% annually through 2030.

*Governments around the World are Spending Heavily on Surface Treatment for Road Maintenance, Generated Over US$ 1.2 Billion in 2023*

Preventive maintenance on roads is a cost-effective way to avoid expensive repairs later. Every dollar spent on preventive maintenance can save $4 to $10 in future repairs. Treatments like crack sealing and chip sealing cost just 10-20% of what rehabilitation or reconstruction would cost. Even thin asphalt overlays, a common surface treatment, can extend pavement life by 5-10 years and cost only 20-40% of a full resurfacing project. A Texas study showed that preventive maintenance reduced the need for major rehabilitation by 58% over just five years.

Unfortunately, many roads in the US are in rough shape. Roughly 20% of US highway pavements have poor ride quality, mainly due to surface defects like potholes, cracks, and fatigue cracking. This, in turn, is playing a key role in the growth of the road maintenance market. Potholes plague nearly a third of US roads and cost drivers a staggering $3 billion annually in vehicle repairs. Studies in both the US and Canada show that surface defects are the most common pavement distress, affecting over 70% of roads surveyed.

· *Surface Treatments Work*

The good news is that surface treatments like crack sealing, chip sealing, and micro surfacing can significantly extend pavement life. Crack sealing, when applied early, can add 3-5 years of service life. Chip sealing offers similar benefits, adding 5-7 years at a fraction of the cost of a full overlay. Microsurfacing goes even further, extending pavement life by 7-10 years and improving skid resistance. Studies have shown that these treatments can reduce pavement deterioration rates by 40-60%.

The consequences of neglecting road maintenance are severe. Reconstruction costs can be 10-30 times higher than preventive maintenance. Poor road conditions cost US motorists a whopping $130 billion annually in extra vehicle repairs and operating costs. Additionally, bad roads are a major contributing factor in over half of all fatal traffic accidents. The longer maintenance is deferred, the worse it gets. Neglected roads deteriorate at an accelerated rate, 15-20% per year compared to just 3-5% for well-maintained roads.

· *The Need is Growing*

The US road maintenance market has a $420 billion backlog of road repairs, and the situation is worsening. The percentage of US roads in poor condition has grown from 14% to 20% in just eight years. The American Society of Civil Engineers gives US roads a D grade and estimates a staggering $2.7 trillion investment is needed by 2040. Globally, road maintenance spending is projected to grow from $108 billion in 2021 to $155 billion by 2030.

*Key Players in Global Road Maintenance Market *

· The Miller Group
· Midland Asphalt Materials Inc.
· Dawson Road Maintenance
· AECOM
· Crafco
· Dragados S.A.
· Granite Construction Inc.
· Eiffage S.A.
· FERROVIAL, S.A.
· Vinci SA
· Other Prominent Players

*Market Segmentation Overview:*

*By Type*

· Preservation Treatment
· Maintenance
· Rehabilitation
· Safety
· Pavement Reconstruction

*By Treatment*

· Chip Seal
· Scrub Seal
· Micro Surfacing
· Slurry Seal

*By Maintenance*

· Crack Sealing
· Pot Hole Repair
· Patching

*By Rehabilitation*

· Structural Capacity Rehabilitation
· Mill and fill overlay
· Ultra thin overlay
· CCPR (Cold Central Plant Recycling)
· CIR (Cold In Place Recycling)
· FDR (Full Depth Reclamation)

*BY Safety*

· Surface treatment
· Stabilizing
· Widening

*By Region*

· North America
· Europe
· Asia Pacific
· Middle East & Africa (MEA)
· South America

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*About Astute Analytica*

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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CONTACT: Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/