Europe & Canada Paving Materials Market: Introduction
Transparency Market Research delivers key insights on the Europe & Canada paving materials market. In terms of revenue, the Europe & Canada paving materials market is estimated to expand at a CAGR of 7.1% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the Europe & Canada paving materials market.
Paving materials add a spark or decorative appearance to the existing landscape. Choosing paving materials helps get the desired design of landscape. Therefore, paving materials are used widely in the architecture industry to enhance the esthetic look as well as the strength of the landscape.
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The Europe & Canada paving materials market is broadly affected by several factors, including increase in number of vehicles on the roads. The rise in demand for pavements for different landscapes has led to significant growth in usage of paving materials. Increase in consumption of paving materials in the construction industry is expected to be the primary driver of the Europe & Canada paving materials market.
Europe & Canada Paving Materials Market: Dynamics
Paving materials are being increasingly used as construction materials, as they offer superior mechanical properties.
Paving material is being extensively utilized in the roadways construction. According to the European Automobile Manufacturers Association (ACEA), 11,634,409 motor vehicles were registered in total across the European Union in 2020, and 14,033,559 in Europe. The GDP growth in the EU has been about 5% in 2021, with consumer spending fueled by excess savings accumulated during the lockdown period.
Increase in consumer spending has triggered the trend of buying passenger cars. About 3 million new electric cars were registered globally in 2020. Despite the economic slowdown due to the Covid-19 pandemic, Europe has led with 1.4 million new registrations.
Rise in the number of vehicles is estimated to lead to an increase in traffic in Europe in the near future. Therefore, there is a need to increase the number of roads. This is anticipated to drive the paving materials market.
Fiscal incentives provided by governments of various countries in Europe; and introduction of policies that help curb CO2 emissions have positively impacted the number of vehicles in Europe. Increase in the number of vehicles requires broader and well-constructed roads. This is driving the need for pavements required for constructing roadways as well as pathways. Therefore, increase in number of vehicles on road is directly driving the paving materials market in Europe.
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Europe & Canada Paving Materials Market: Prominent Regions
Europe holds the major share of the Europe & Canada paving materials Market. The market in the region is anticipated to expand at a CAGR of more than 6.2% during the forecast period. Increase in demand for paving materials in various applications such as residential-gardens and pathways, malls, healthcare, and education in Europe is driving the paving materials market in the region. Germany is a key country in the paving materials market in Europe. It held significant share of the paving materials market in Europe in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
The U.K. is also a prominent country in the Europe paving materials market. The expansion of roadways in the U.K. is driving the paving materials market in the region.
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Europe & Canada Paving Materials Market: Major Players
The Europe & Canada paving materials market is consolidated, with the presence of key players. Prominent players operating in the Europe & Canada paving materials market include CRH, Coco Group, Boral, Brampton Brick, The Miller Group, Unique Paving Materials Corporation, Basalite Concrete Products, Belgard, Beaver Valley Stone Ltd, Techo-Bloc Inc, and Lafarge.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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