Global Asphalt Market to Grow at a CAGR of 5.3% During the Period 2024-2032, Driven by Applications in Construction and Infrastructure Development

The global asphalt market is expected to be driven by uses of asphalt in the construction and maintenance of roads, parking lots, railway tracks, ports, airport runways, bicycle lanes, walkways, and play- and sports areas, and the advantages it offers, including quick construction, easy maintenance, driving comfort and safety, low noise levels, etc. Further, asphalt is recyclable, durable and cost-efficient; these features are expected to stimulate the market. North America, Europe and Asia are expected to be key markets.

Asphalt is an ideal material for many recreational facilites as it offers a smooth surface without sacrificing the surface's capacity to be slip-resistant. Asphalt basketball courts, tennis courts, and recreational walking paths provide low-cost, low-maintenance pavements that are more appealing and flexible than concrete alternatives.

Asphalt is increasingly being used to pave bicycle and golf cart routes as asphalt offers low-cost and quick paving solutions. Asphalt surfaces also enable better drainage. An asphalt-rubber mix is commonly used to construct track and field surfaces.

Owing to superior flexibility and outstanding waterproofing properties, asphalt offers better alternatives for several industrial applications. Asphalt is chemically inert, thus, is a dependable and safe substance for water retention and storage. Several dams and reservoirs use asphalt due to its flexibility, nontoxicity and waterproofing properties; due to asphalt’s waterproofing properties, it is commonly used for the construction of roofs and basements.

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In the railroad industry, asphalt is used for track construction. Asphalt may help prevent subbase erosion while providing extra strength to the railbed. Asphalt is widely used for flood control and minimizing soil erosion. In Agriculture, asphalt is used to pave livestock containment pens and for lining food storage silos.

Fish hatcheries use asphalt to line retention ponds. Asphalt-lined ponds have been reported to be durable and contribute to quality fish.

Asphalt is used to line landfills, particularly those carrying biological or hazardous waste. Asphalt prevents groundwater and soil contamination due to the waste.

Auto manufacturers use asphalt in several ways. For example, fast-drying asphalt-based paints are used on metal parts, including fenders and hoods. Some manufacturers use asphalt coating to reduce road noise or shield against rust.

Environmentally friendly asphalt solutions are expected to contribute to growth of global asphalt market. Several leading players today provide eco-friendly asphalt solutions. For example, in 2022, Aggregate industries launched UK’s first ever commercially available biogenic asphalt as part of the company’s ongoing commitment to decarbonising the construction industry. SuperLow-Carbon asphalt was developed in partnership with Shell Bitumen as a pioneering product for more sustainable pavement projects.

In 2021, CEMEX worked with Lancashire County Council to provide a CarbonNeutral asphalt product for road surfacing in a residential area in Preston.VIALOW Zero was chosen by the Council for Cop Lane in Penwortham, Preston. The solution was supplied by CEMEX’s Liverpool Docklands asphalt plant.

Key Findings of the Report:

• Increasing construction and infrastructure projects across the globe are expected to boost market growth.

• The various industrial and recreational applications of asphalt are likely to contribute to market growth. 

• Environmentally friendly asphalt solutions are likely to stimulate the market.

• North America, Europe and Asia are projected to be key markets.

Market Analysis by Product, Asphalt Type, Application, End User and Region:

• By product, the market is segmented into Asphalt Paving Mixtures and Blocks; Prepared Asphalt and Tar Roofing and Siding Products; Roofing Asphalts and Pitches, Coatings and Cement.

• By asphalt type, the market is divided into Hot Mix Asphalt, Warm Mix Asphalt, and Cold Mix Asphalt.

• By application, the market is classified into Roadways, Waterproofing, Recreation, and Others.

• By end user, the market is segmented into Residential and Non-Residential.    

• By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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