Cold Milling Machine Market Size, Share & Trends Analysis Report By Type (Crawler Track, Wheeled), By Power, By Application (Concrete Rehabilitation), By Region, And Segment Forecasts, 2023 - 2030

Cold Milling Machine Market Size & Trends

The global cold milling machine market size was estimated at USD 2,226.7 million in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 6.1% from 2023 to 2030. The rising roadway and highway construction activities are expected to drive the market demand. For instance, according to the Federal Reserve Bank of St. Louis, construction spending in the U.S., which includes the construction of highways and streets, increased from USD 117,272 million in November 2022 to USD 1, 22, 548 million in March 2023.

Cold milling machines are used to remove asphalt and concrete pavements quickly and efficiently. They create an even foundation for the installation of new surface courses with homogeneous layer thickness. Cold milling has acquired widespread recognition and is unrivaled in terms of economic efficiency and environmental sustainability. It is utilized for road maintenance and the rehabilitation of asphalt concrete rehabilitation such as highways, city roads, airport cargo yards, and parking lots. These aforementioned reasons are projected to drive cold milling machine demand in the approaching years.

According to the U.S. Department of Transportation, the Biden-Harris Administration announced approximately USD 1 billion in bipartisan infrastructure law airport financing in February 2023 to meet growing air travel demand. Des Moines International Airport in Des Moines, Iowa, for example, received USD 10.8 million, and Salt Lake City International Airport (SLC) in Salt Lake City, Utah, received USD 29 million. Thus, rising financing for airport buildings in the U.S. is likely to fuel demand for cold milling machines over the projection period.

Road construction and maintenance need the use of several types of heavy equipment, one of which is a cold milling machine. The use of a cold milling machine is determined by the operator efficiency factor in its operation, which has an effect on the machine's productivity. Furthermore, when pavement constructions are removed, cold milling has a long-term impact on the construction process. For instance, Wirtgen milling machines, which are equipped with cutting-edge milling and leveling technology, can remove the entire pavement or just the surface, binder, or foundation.

In addition, technological advances such as the provision of advanced control technologies and construction data management supplied by cold milling machines are projected to boost market growth. The XM1005H milling machine, for instance, is a high-performance 1M cold milling machine. It is primarily utilized for the excavation and rehabilitation of asphalt concrete pavements on highways, city streets, airports, goods yards, and parking lots. It can efficiently remove pavement upheaval, oil swell, cob webbing, and track; excavate the pavement pit and groove; it can also be used for brushing cement pavement and surface staggered.

Cold milling machine can be equipped with highly intelligent control technologies such as a one-key construction control device, speed control device, power self-distribution device, water spraying control technology, construction data management device, vehicle health management device, among others, resulting in advanced device, simple operation, and effective construction. Furthermore, this machine has a high operating efficiency, simple construction technology, simply variable milling depth, easy and flexible operation, good maneuverability, and high reliability. Milling products can be recycled immediately and are frequently utilized in the rehabilitation, maintenance, and curing of bituminous concrete pavement.

Type Insights

The crawler track type segment led the market and accounted for 71.1% of the global cold milling machine market revenue share in 2022. This segment is expanding due to the widespread usage of crawler-type cold milling machines for all types of land surface regions. Caterpillar Inc., for example, offers the PM825, a high-production milling machine. It has a cutting width of 2505 mm and can remove full-depth asphalt and concrete pavements in a single pass.

Wheeled cold milling machine type segment is expected to register a CAGR of 6.6% over the forecast period. Wheeled cold planers are small to medium self-propelled devices. Wheel road planers, like their tracked counterparts, may grind away bumps and surface imperfections as well as remove broken areas for repair. They grind the area of the pavement on a bridge, runway, road, racetrack, or parking lot with a spinning drum or rotor.

Manufacturers such as BOMAG and Wirtgen supply smaller milling machines with wheels and bigger cold planers with tracks. One advantage of compact wheel planers is their maneuverability, which allows them to mill other obstacles that a bigger tracked model would have to pass over with its drum up and follow curving curbs. Wheels can also improve traction on a lightweight planer by directing ground pressure into the contact patches of its tires, which have less surface area than tracks. These aforementioned factors are expected to drive the demand for wheeled cold milling machines in the coming years.

Replacing and maintaining wheeled cold milling machines is less expensive than crawler tracks. They're extremely tough, even on concrete surfaces and asphalt that can be abrasive on many different sorts of machine tracks. Wheel axles are also simpler and easier to maintain than tracked undercarriage rollers and driving wheels. These aforementioned factors are expected to drive the demand for wheeled cold milling machines over the forecast period.

Power Insights

The below 300kW segment led the market and accounted for 50.6% of the global market revenue share in 2022. This segment is likely to be driven by road & highway building, which necessitates low performance from cold milling machines. For instance, in July 2020, John Deere introduced the CP24E, CP18E, and CP30E cold milling machines. These additional connection options benefit operators who work on street restorations, uneven pavement leveling, pavement texturing, and cleaning around larger milling machines.

Furthermore, developments in cold milling machine technology are projected to fuel market expansion. Caterpillar has updated its half-lane cold planer lineup with new technology and engines. For the European, North American, and South Korean markets, Caterpillar offers PM622, PM620, PM822, PM820, and PM825, which are now equipped with Stage V/Tier 4. The engine model is designed to offer maximum fuel efficiency and low carbon emissions.

The above 500 kW segment is expected to witness a CAGR of 6.3% over the forecast period. The above 500kW cold milling machine has a wide range of uses, including the restoration of road and airport pavements, among others. The XM1303K road cold planer, for example, is a high-performance 1.3m milling machine primarily used for digging and renovating asphalt concrete pavements in freight yards, highways, airports, downtown roads, and parking lots.

Application Insights

The concrete rehabilitation segment accounted for 42.9% of the global market share in 2022. Owing to its widespread use in road reconstruction, concrete accounts for the lion's share. Concrete milling aids in the removal of imperfections and leveling the surface for improved traction. The continuous road and highway construction throughout the world are driving market expansion. For instance, in Michigan, the U.S., a project to rehabilitate US-24 between M-5 and M-102 began in March 2023. MDOT is investing USD 54 million in this two-year initiative.

For example, the reconstruction of Leipzig Airport in Germany, necessitated the demolition of over 2 miles of the runway as well as the associated taxiways in less than 30 days. During the cutting procedure, more than 385,000 tons of hard concrete reinforced were removed. Furthermore, the contracting company used powerful machines from Wirtgen's W 250 Fi class with specifically adapted milling drums to finish such a massive project.

The process of removing the surface of a paved area such as a bridge, road, or parking lot is known as asphalt restoration. Cold milling is essentially the controlled removal of the top layers of asphalt pavement in order to reach the WMM layer beneath. Furthermore, it helps to equal out various distortions and gives a smooth even surface to repave the roads, allowing for a high quality riding surface for the cars.

Moreover, an asphalt milling machine, which is also known as a cold planer or cold milling machine is used to remove the superior layer or, in some situations, the entire depth of the road surface while allowing the materials to be recycled and reused. These aforementioned factors are anticipated to drive the demand for cold milling machines market over the forecast period.

Regional Insights

Asia Pacific led the cold milling machine Industry and accounted for 39.9% of the global revenue share in 2022. A growing number of smart city initiatives in the Asia Pacific are predicted to fuel demand for cold milling machines. The adoption of numerous sophisticated building technologies as part of smart city development would enhance the demand for cold milling machines. Morocco and China, for example, recently inked a framework agreement to kick off the Mohammed VI Tangier Tech metropolis project, which aspires to build an integrated, intelligent, and sustainable industrial metropolis.

The increased emphasis on smart city construction and maintenance initiatives in Europe is expected to drive the demand for cold milling machines over the forecast period. The European Commission, for example, is promoting the digital transformation of towns and communities through the Living-in.EU campaign. It is a collaborative platform led by cities to help cities and communities accelerate their digital transformation.

The rise in investments toward the reconstruction of highways and roadways across North America is propelling the demand for cold milling machines and fueling industry growth. These machines are required to remove asphalt and concrete surfaces fast and effectively. Moreover, roadway infrastructure projects are significant initiatives carried out at regular periods to guarantee effective and convenient mobility. These machines aid in the consistent pavement of asphalt and concrete surfaces by helping to construct a foundation with the necessary width and depth standards. Furthermore, increasing government expenditure on new road construction projects in North America is expected to have a significant effect on the market.

Central & South America region is expected to witness a CAGR of 6.1% over the forecast period. Rising urbanization in the region is expected to drive the Central & South America cold milling machine industry. Furthermore, a growing number of renovation and new building project initiatives by the governments of Argentina, Brazil, and Mexico is expected to drive the demand for cold milling machines over the forecast period. For instance, in October 2022, there were 89 fresh requests to build and manage short lines, totaling about 22,000 kilometers of new railways around Brazil, with an estimated private investment of USD 49.6 billion.

Key Companies & Market Share Insights

The global market is still small and in its early stages. The market is fragmented, with a high concentration of small-scale major competitors. To improve revenue creation and market share, prominent players have adopted methods such as technological advancement, expansion, and mergers & acquisitions. For instance, in May 2023, Astec launched RX-405 cold planer, offering milling widths of 2 feet to 5 feet. Some of the prominent players in the global cold milling machine market include:

• DEERE & COMPANY (Wirtgen Group)

• Caterpillar Inc.

• Astec Industries Inc.

• SANY Group

• Fayat Group (Bomag GmbH)

• CMI Roadbuilding Limited

• Sakai Heavy Industries Limited

• Komatsu Ltd.

• CNH Industrial NV

• Simex srl

• Kubota Corporation

• Volvo Construction Equipment

• Liugong Machinery Co., Ltd.

• J C Bamford Excavators Ltd

Cold Milling Machine Market Report Scope

Global Cold Milling Machine Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global cold milling machine market report on the basis of type, power, application, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Crawler

  • Wheel

• Power Outlook (Revenue, USD Million, 2018 - 2030)

  • Below 300 kW

  • 300 kW to 500 kW

  • Above 500 kW

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Concrete Rehabilitation

  • Asphalt Rehabilitation

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • UAE