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.
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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
By End Use
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