Market Trends of Highway, Street, And Bridge Construction Industry
Growth in Asia-Pacific Region Driven by Chinese Investments and Projects
Asia-Pacific is the leading geographical segment of the market, driven by highway and bridge construction in China. China is one of the largest markets for highway and bridge construction worldwide. China's dominance in bridge infrastructure is underscored by the Ministry of Transport statistics, revealing the country's ownership of eight of the world's top 10 largest suspension bridges, with five under construction. Additionally, China boasts nine of the top 10 longest cable-stayed bridges, four of which are in progress. Furthermore, eight of the world's 10 longest arch bridges are located in China, with two currently under construction. The focus on bridge construction is evident, with technological advancements and the completion of significant projects contributing to the nation's economic and social development. Notably, the Lingdingyang Bridge, a key element of the Shenzhen-Zhongshan link in Guangdong province, stands out as the world's longest-span steel box girder suspension bridge in the ocean and the highest sea bridge. In east China's Jiangsu province, the Zhangjiagang-Jingjiang-Rugao Yangtze River Bridge, still under construction, is set to become the world's longest suspension bridge span upon completion. Meanwhile, in Hubei province, the Yanji Yangtze River Bridge, the world's largest double-deck suspension bridge, is taking shape, with the towers expected to be finished by April 2024.
China also has the third-largest road network in the world, only behind the United States and India, and it is focused on its continual development. The National Development and Reform Commission (NDRC) and the Ministry of Transport have unveiled China's ambitious plans for its highway and bridge infrastructure. The goal is to establish a world-class highway network by 2050, with a comprehensive plan outlined in the National Highway Network Planning document released in July 2022. As part of this extensive plan, China aims to build a highway network covering 461,000 kilometers by 2035, with 162,000 kilometers designated as expressways. The objective is to create a modern, fully functional, efficient, green, intelligent, and safe highway system. The network will span cities and counties with populations exceeding 100,000 and important land border ports. The strategic investment in highway construction is seen as a vital component of China's economic stabilization efforts, particularly in the aftermath of COVID-19 outbreaks in major cities. This comprehensive initiative reflects China's commitment to advancing its transportation network. The extensive highway and bridge construction projects in China are poised to contribute significantly to the growth of highway, street, and bridge construction in Asia-Pacific.
Highway Construction Demand Rising Due to Urbanization
The world is becoming increasingly urbanized. According to the World Bank, 56% of the world鈥檚 population, which is about 4.4 billion inhabitants, lived in cities in 2023. More than half of the global population lives in urban areas, up from around one-third in 1950. This trend is expected to continue, with the urban population more than doubling its current size by 2050. According to this, at least nearly 7 of 10 people will live in cities.鈥�疉s the urban population grows, the demand for transportation infrastructure, including highways and streets, rises to accommodate the higher volume of commuters and residents. Urban areas typically experience higher levels of traffic congestion as more people and vehicles concentrate in a limited space. To alleviate congestion and facilitate smoother traffic flow, cities often invest in the construction and expansion of highways. Urban areas are hubs of economic and commercial activities, with businesses, industries, and service providers concentrated in city centers. Efficient highway and street systems are crucial for the transportation of goods and services, supporting economic growth.
North America, Latin America, and the Caribbean are the regions with the highest level of urbanization, with over four-fifths of the population residing in urban areas. The high urbanization in North America necessitates the demand for highways and street construction, as is the case across the world. Construction work on North Tarrant Express Capacity Improvement was commenced in Q4 2023 in Texas, the US. The project involves the construction of a 21-km long highway road in Texas and is expected to finish in Q1 2027. The project aims to provide reliable travel choices for drivers, relieve traffic congestion, and support economic growth in the North Texas region. Another project, the US 97 Bend North Corridor, involves the construction of a 9.6km US 97 highway in the city of Bend. Construction work started in Q4 2023 and is forecast to complete in Q4 2024. The project aims to support economic vitality by generating time savings for users traveling north and south through Bend. As the urban population across the world rises, the demand for highways is going to increase, driving market growth.
