Global Cold Milling Machine Market size is anticipated to cross USD 3 billion by 2030, according to the latest research report by Global Market Insights Inc.
The report identifies the increasing number of infrastructure expansion projects and rising renovation activities as the chief cold milling industry drivers. For instance, the U.S. Department of Commerce’s Economic Development Administration (EDA) recently awarded a USD 2.1 million grant to the City of Batesville. The funds will be used to construct roadways and water & sewer infrastructure in the city’s industrial park.
With respect to type, the study classifies cold milling machine market into wheel and crawler. The global wheel cold milling machine segment size was recorded at USD 400 million in 2021. Easy handling, low costs, and extensive use in bitumen elimination on asphalt pavements & roadways will fuel the demand for wheel cold milling machines in the coming years.
The report further cites heavy demand for milling machines with over 5 ft width, especially across major construction projects. Above 5ft machines are used in road and pavement reconstruction to ensure that the resultant milled surface is smooth enough for people to travel faster. The cold milling machine industry from above 5ft market was worth more than USD 900 million in 2021 and will depict decent growth trends until 2030.
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The deployment of milling machines for the refurbishment of asphalt constructions will remain high through the coming years. The cold milling machine market share from asphalt application sector will exhibit growth rate of more than 4% through 2030. The rising demand for partial & complete (layer-by-layer) asphalt removal and leveling of asphalt surfaces will push product adoption. The segment growth will further be driven by substantial government expenditure on road refurbishment projects.
The North America cold milling machine market size stood at over USD 500 million in 2021. The region may emerge as a major hub for this industry owing to rising initiatives pertaining to infrastructural development. Government bodies in the U.S. and Canada are focusing on targeted investments to develop & refurbish roads, highways, and pavements, thereby pushing the regional progress.
The strategic landscape of the cold milling machine sector is expected to witness a series of product developments and product range expansion by industry players. Additionally, in June 2022, FAYAT Group announced that it plans to expand its product portfolio by launching the BM 2200/65 half-lane milling machine, featuring a 58-inch milling radius to substantially improve machine efficiency and productivity. In addition, it also offers the BMS15L quick-change to ensure 20% fuel savings, reduced resistance, and lowered costs.
In March 2021, Caterpillar, Inc. launched its latest line-up of cold planers including the Cat PM620, PM622, PM820, PM822, and PM825. Reputed for manufacturing products based on vital consumer feedback, Caterpillar consistently strives to bring about varied products with enhanced functionality and efficiency. Apart from product portfolio expansion, the company also focuses on implementing strategies to simplify milling machine operations and lower operational costs.
Some of the key cold milling machine market players profiled in the report include Wirtgen Group, Caterpillar, Inc., LiuGong Machinery Co., Ltd., Fayat Group, and Sakai Heavy Industries Ltd.