Global Asphalt Market to Expand at a CAGR of 5.19%, With Asia-Pacific, Specifically China, Accounting for the Highest Growth

Wed, 25 September 2019 2:59

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.

The global asphalt market was valued at USD 72.6 billion in 2018 and is expected to reach a value of USD 108.8 billion by 2026, with an anticipated CAGR of 5.19% during the forecast period, 2019–2026.  

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.

Why Buy This Report?

  • The global asphalt market report covers a detailed analysis of the economic impact of asphalt in the global scenario
  • The report specifically focuses on Asia-Pacific and North America, where the rapidly growing construction sector is presenting opportunities for the growth of the asphalt market
  • A brief study on the market’s attractive segments is also included in the scope of the report

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 Company and Industry News

  • CRH Plc, an international building material group, acquired Ash Grove Cement Company, a leading U.S. cement manufacturer in Overland Park, Kansas
  • Atlas Roofing, a leading manufacturer of residential and commercial building materials, added a new product called New Asphalt Shingles with HP42” Technology in its product portfolio
  • Blueknight Energy Partners’ subsidiary to acquire two asphalt terminalling facilities in Bainbridge, GA and Muskogee, OK for USD 32.5 million

UN-Data

Source: UN Data

China – The Largest Asphalt Producer in APAC, With Large-Scale Road Development Projects Providing a Fillip to Demand

With voracious demand for asphalt from residential construction and highways construction and repair activities, Asia-Pacific is pegged to spearhead asphalt market growth globally. In the region, China accounts for the highest rate of asphalt production. The Chinese economy is growing rapidly, stimulated by an increase in industrial output, import and export, consumer consumption, and capital investment. China is building the world’s largest highways; according to South China Morning, China has invested USD 163.2 billion in infrastructure. India isn’t too far behind, with the Modi government investing an approximate USD 72 billion in the year 2018–2019.

Roadways to be the Most Prominent Application Segment

Among the different types of asphalt, hot mix asphalt is gaining traction in the asphalt market as it helps improve the performance of pavements by reducing rutting and cracking. Considering the extensive application of asphalt in road paving, the roadways segment by application is slated to register the most prominent growth. Governments of many emerging regions are focusing on recycling initiatives and investments in recycled asphalt (RAP), which is used to reconstruct worn highway surfaces and repair damaged roads.

Asphalt Market Segmentation

By Product Type

  • Hot Mix Asphalt
  • Warm Mix Asphalt
  • Cold Mix Asphalt

By Application

  • Roadways
  • Waterproofing
  • Recreation

By End Use

  • Non-residential Construction
  • Residential Construction

By Region

North America

  • U.S.
  • Canada
  • Mexico

Europe

  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Argentina
  • Colombia
  • Rest of Latin America

MEA

  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of MEA

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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