Study #: 3728 | Published: 10/2019 | Pages: 446 | Individual User License: US$ 6,600

Global demand for construction equipment is forecast to expand 4.4% per year through 2023 to $258 billion, recovering from the weak performance of the 2013-2018 period. Key trends driving market gains include:

  • advances in worldwide building and nonbuilding construction activity
  • the expansion of the global mining, forestry, energy, and agricultural sectors, which will generate demand for a variety of construction equipment
  • a recovery in commodity prices, which will improve the financial position of mine operators, who are significant purchasers of construction equipment
  • rising construction and mining sector mechanization rates in numerous developing nations
  • the development of technologically advanced and more versatile construction equipment, which will spur replacement sales
  • prices increases, which will boost value demand, even if unit demand stays flat

However, market gains will be restrained by the large amount of construction equipment already in use in industrialized countries and the continuing popularity of used machines in developing nations.

Key Findings in the Global Construction Machinery Study:

More Than Half of New Product Demand Will Stem from the Asia/Pacific Region

Through 2023, the Asia/Pacific region will account for 53% of all new construction equipment demand, with China alone comprising 27% of all new product sales gains between 2018 and 2023:

  • Rising labor costs in the region and machinery that is easier to operate will cause construction and mining sector mechanization rates to rise.
  • Due to the widespread availability of affordable models – many of which are produced in the region –industrializing Asian nations will transition toward mechanized construction and mining techniques faster than counterparts in other regions.
  • The growing use of more sophisticated, better performing equipment in mature markets will add to regional gains in value terms.
  • Both construction and mining activity in the Asia/Pacific region are expected to grow at an above average pace.

Equipment Used Extensively in Nonconstruction Markets to Grow the Fastest

Because nonconstruction markets account for such a large portion of global construction machinery sales, equipment frequently utilized in multiple applications will see the strongest growth prospects going forward. As the global construction, mining, forestry, agricultural, and energy sectors expand, sales of excavators, loaders, dozers, off-highway trucks, cranes, and draglines will surge. These product types will account for 72% of all gains between 2018 and 2023.

Study Coverage

This Freedonia industry study analyzes the $21.3 billion dollar global foamed plastic insulation market. It presents historical demand data (2008, 2013, and 2018) and forecasts (2023 and 2028) by product (PUR/PIR, SPF, XPS, EPS, and other) and market (residential, nonresidential, industrial equipment, HVAC/air distribution, appliances, transportation equipment, and other). The study also evaluates company market share and competitive analysis on key industry players including Armacell International, Asahi Kasei, BASF, Bridgestone, Carlisle Companies, Covestro, Dow, DuPont, Eastern Polymer Group, Huntsman, Icynene-Lapolla, K-FLEX, Kingspan Group, Nippon Aqua, Owens Corning, Saint-Gobain, Sekisui Chemical, SOPREMA, UNILIN, and Xella International.


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