23 Jul, 2026
According to Straits Research the global asphalt market size was valued at $261.24 million in 2025 and is expected to grow from $274.56 million in 2026 to $408.75 million by 2034, registering a CAGR of 5.1% during the forecast period 2026–2034.
Asphalt, a petroleum product, is used as a binder in the paving of roads, manufacturing of roof materials, and other specialized uses, including coatings and waterproofing applications. Its properties, distinctive from those of other fuel products such as gasoline, jet fuel, diesel fuel, and residual fuel oil, provide a smooth surface for safe driving and generate less road noise, allowing for a comfortable travel experience. Attributing to these benefits, asphalt is rapidly replacing concrete in road infrastructure development and repair activities.
North America to Represent an Opportunistic Market for Asphalt, Backed by Massive Investments for Road Infrastructure in the U.S.
According to the National Asphalt Pavement Association, 65% of investment is done on publically funded highway projects, with residential and non-residential construction making up the remaining 35%. Asphalt pavements are commonplace in the U.S., as they offer a long lifespan and effectively address safety and noise issues. According to the American Concrete Pavement Association, 3500 asphalt mix manufacturing sites operate across the U.S., producing about 350 million tons of asphalt pavement material per year. The U.S. federal government spent USD 43.5 billion on capital cost for highway infrastructure, while state and local governments spent USD 48.3 billion in 2017. The U.S. has 2.2 million miles of paved roads to show for these massive investments, and 93% of these roads are surfaced with asphalt.
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