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Asphalt Market

Global Asphalt Market Size, Share, Trends, Analysis: By Product: Asphalt Paving Mixtures and Blocks, Prepared Asphalt and Tar Roofing and Siding Products, Roofing Asphalts and Pitches, Coatings and Cement; By Asphalt Type: Hot Mix Asphalt, Others; By Application; By End User; Regional Analysis; Price Analysis; Competitive Landscape; 2024-2032

Global Asphalt Market Outlook

The global asphalt market size is expected to grow at a CAGR of 5.3% during the period 2024-2032. The market is expected to be driven by uses of asphalt in expressways all over the world owing to its advantages, including quick construction, easy maintenance, driving comfort and safety, low noise levels, and others.

 

Key Takeaways

  • Europe plans to expand  its road network of 23,000 km to 37,000 km by 2023, an increase of 61%.
  • In 2020, global bitumen and asphalt imports  declined sharply to 2.1 million tonnes, a decrease of 15.2% from the previous year.
  • Asphalt remains the preferred pavement material in America , with over 90% of Canadian roads and more than 96% of Mexican roads also primarily composed of asphalt.

 

Asphalt, also known as bitumen, is a sticky, black, and highly viscous liquid or semi-solid form of petroleum. It is a naturally occurring substance found in deposits alongside sand, gravel, and other materials. Asphalt is primarily used in road construction as a binder mixed with aggregate particles (such as gravel, sand, or crushed stone) to create asphalt concrete, commonly used for paving roads, parking lots, and driveways. It is also used for waterproofing, sealing roofs, and in various industrial applications.

 

The asphalt market growth is being aided by the crucial role of the material in infrastructure development, particularly in road construction. The consistent demand for asphalt is fuelled by the ongoing need for building and maintaining roads, highways, bridges, and airport runways, with a major portion of bitumen (a key component of asphalt) being used in road construction.

 

Global Asphalt Market

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Key Trends and Developments

Increasing infrastructural development; the growing focus on sustainability; innovations and technological advancements; and the rising use of polymer modified asphalts are positively impacting the asphalt market expansion

 

March 2021

Huron Capital Partners LLC acquired ACE Asphalt of Arizona, Inc. and planned to merge the company with Sunland Asphalt & Construction, Inc., a leading asphalt producer and paving solutions. The merger was aimed at providing companies with the opportunity to diversify markets and expand services to public and private customers.

 

February 2021

Cemex UK introduced Viabase , an engineered asphalt concrete designed for residential housing estate roads. The product is ideal for enduring construction traffic before final surfacing after house construction.

 

June 23, 2020

BASF's innovative bitumen additive, B2Last ®, extended road lifespan by up to 50%. Developed with the Institute of Highway Engineering in Aachen, it enhances road durability and sustainability.

 

October 2019

Asphalt Materials, Inc., a prominent player in the asphalt sector , acquired Wisconsin-based asphalt firms HG Meigs and Meigs Transport, enhancing its presence and operations in the Midwest.

 

Global surge in infrastructure development

Global infrastructure projects are surging, especially in developing nations, driven by urbanisation and the demand for better roads, increasing asphalt use for construction and maintenance.

 

Advancing sustainability in asphalt production

Environmental concerns have heightened the focus on sustainability in the market, promoting the use of reclaimed asphalt pavement (RAP), which reduces quarrying and lowers production's carbon footprint.

 

Innovations in Warm Mix Asphalt technology

Warm Mix Asphalt (WMA) technology enables the production and application of asphalt at lower temperatures, cutting energy use and emissions, and improving safety by reducing harmful fumes.

 

Rising use of polymer modified asphalts

Polymer modified asphalts (PMA) are gaining traction for their superior durability and performance in extreme weather, essential in regions with significant temperature fluctuations.

 

Global Asphalt Market Trends

Favourable funding environments, infrastructure repair projects, and advancements in non-building construction activities all play a crucial role in driving the market expansion. Additionally, with the growing awareness regarding the importance of maintaining and repairing existing roads and pavements, asphalt is preferred as an ideal material for its durability and cost-effectiveness in resurfacing and repairs.

 

Governments worldwide are investing significantly in highway repairs, road construction, and rehabilitation projects, further driving the asphalt market development. This trend is expected to continue as infrastructure remains a key focus for economic development and urbanisation globally.

 

Global Asphalt Market by Segments

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Asphalt Market Segmentation

“Global Asphalt Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

Market Breakup by Product

  • Asphalt Paving Mixtures and Blocks
  • Prepared Asphalt and Tar Roofing and Siding Products
  • Roofing Asphalts and Pitches, Coatings and Cement

 

Market Breakup by Asphalt Type

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

 

Market Breakup by Application

  • Roadways
  • Waterproofing
  • Recreation
  • Others

 

Market Breakup by End User

  • Residential
  • Non-Residential

 

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 

Roadways are expected to lead the asphalt market development in the forecast period

Roadways lead the market, driven by construction market expansion. Urbanisation and population growth bolster this segment, with asphalt serving as a binding agent for roads and highways, enhancing their durability. Improved regional connectivity strengthens this segment's dominance. Asphalt also acts as a waterproofing agent, protecting roads and infrastructure, and ensuring safety and resilience against harsh weather.

 

Meanwhile, the recreation segment is also expected to grow in the forecast period, driven by high population growth, the increasing population, and urbanisation.

 

The market is expected to expand owing to the increasing infrastructure development plans implemented by governments around the world

Among the different end-use, non-residential applications are expected to account for a major portion of the global asphalt market share in the coming years. In non-residential settings, asphalt is used for parking lots, roads, and highways. Parking lots made of asphalt are preferred for their ability to withstand heavy traffic and harsh weather conditions. With governments around the world increasingly investing to develop roadways and pavements, the segment is likely to experience extensive growth during the forecast period.

 

The residential sector also holds a substantial position as asphalt is commonly used for driveways, walkways, and private roads. Asphalt driveways are popular due to their durability, cost-effectiveness, and ease of maintenance. It is also used for recreational areas like basketball courts and playgrounds in residential communities.

 

Competitive Landscape

Major asphalt market players are rapidly expanding their presence in emerging markets to solidify their position

 

Aggregate Industries Ltd.

Aggregate Industries Ltd. is a leading construction materials company based in the United Kingdom, specialising in the production and supply of aggregates, asphalt, cement, concrete, and precast products. Founded in 1858, the operates numerous quarries, asphalt plants, and concrete plants across the UK, serving a wide range of customers in the construction industry.

 

Anglo American Plc

Anglo American Plc is a multinational mining company, founded in 1917 and headquartered in the United Kingdom. It is one of the world's largest producers of platinum, diamonds, copper, nickel, iron ore, and coal. The company has operations in Africa, Europe, Asia, Australia, and the Americas, with a strong focus on sustainable mining practices and community development.

 

Atlas Roofing Corporation

Atlas Roofing Corporation is a leading manufacturer of residential and commercial building materials, primarily known for its roofing and insulation products. Based in the United States and established in 1982, the company offers a wide range of roofing shingles, underlayment, and insulation solutions, serving customers across North America.

 

BP Plc

BP Plc, formerly British Petroleum, is a global energy company headquartered in London, UK. It was founded in 1909 and has become one of the largest oil and gas companies in the world, with operations spanning exploration, production, refining, distribution, and marketing of oil, gas, and renewable energy sources. BP is also involved in petrochemicals, trading, and renewable energy development.

 

Other key players in the global asphalt market Cemex, Chevron Corporation, and Exxon Mobil Corporation, among others.

 

Major players in the asphalt market are continuously expanding their production capacities and geographical presence to cater to the growing demand for asphalt, especially in emerging markets with high infrastructure development needs. Continuous research and development efforts are leading to the development of innovative asphalt products, such as warm mix asphalt (WMA) and recycled asphalt pavement (RAP), which offer improved performance and sustainability.

 

Global Asphalt Market by Region

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Global Asphalt Market Analysis by Region

The Asia Pacific region is the largest market, driven by the expanding construction industry. This growth is primarily fuelled by the high demand for asphalt from developing economies such as South Korea, China, and India. China, in particular, stands out as a key consumer of asphalt due to its rapidly growing population and urbanisation trends.

 

The Asia Pacific is witnessing substantial infrastructure development, coupled with innovative practices in the construction sector and industry consolidations. These factors are anticipated to drive the asphalt market growth in the region during the forecast period.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Asphalt Type
  • Application
  • End User
  • Region
Breakup by Product
  • Asphalt Paving Mixtures and Blocks
  • Prepared Asphalt and Tar Roofing and Siding Products
  • Roofing Asphalts and Pitches, Coatings and Cement
Breakup by Asphalt Type
  • Hot Mix Asphalt
  • Warm Mix Asphalt
  • Cold Mix Asphalt
Breakup by Application
  • Roadways
  • Waterproofing
  • Recreation
  • Others
Breakup by End User
  • Residential
  • Non-Residential
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Price Analysis
  • Historical Price Trends
  • Forecast Price Trends
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Aggregate Industries Ltd.
  • Anglo American Plc
  • Atlas Roofing Corporation
  • BP Plc
  • Cemex
  • Chevron Corporation
  • Exxon Mobil Corporation
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Asphalt Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Asphalt Historical Market (2018-2023) 
    8.3    Global Asphalt Market Forecast (2024-2032)
    8.4    Global Asphalt Market by Product
        8.4.1    Asphalt Paving Mixtures and Blocks
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Prepared Asphalt and Tar Roofing and Siding Products
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Roofing Asphalts and Pitches, Coatings and Cement
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
    8.5    Global Asphalt Market by Asphalt Type
        8.5.1    Hot Mix Asphalt
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Warm Mix Asphalt
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Cold Mix Asphalt
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
    8.6    Global Asphalt Market by Application
        8.6.1    Roadways
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Waterproofing
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Recreation
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Others
    8.7    Global Asphalt Market by End User 
        8.7.1    Residential
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Non-Residential    
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
    8.8    Global Asphalt Market by Region
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2023) 
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2023) 
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2023) 
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2023) 
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5        Middle East and Africa
            8.8.5.1    Historical Trend (2018-2023) 
            8.8.5.2    Forecast Trend (2024-2032)
9    North America Asphalt Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Asphalt Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Asphalt Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Asphalt Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East  and Africa Asphalt Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Trade Data Analysis (HS code – 271490)
    14.1    Major Importing countries:  by Value
    14.2    Major Exporting countries:  by Value
    14.3    Major Importing countries:  by Volume
    14.4    Major Exporting countries:  by Volume
15    Price Analysis
16    Market Dynamics

    16.1    SWOT Analysis
        16.1.1    Strengths
        16.1.2    Weaknesses
        16.1.3    Opportunities
        16.1.4    Threats
    16.2    Porter’s Five Forces Analysis
        16.2.1    Supplier’s Power
        16.2.2    Buyer’s Power
        16.2.3    Threat of New Entrants
        16.2.4    Degree of Rivalry
        16.2.5    Threat of Substitutes
    16.3    Key Indicators for Demand
    16.4    Key Indicators for Price
17    Value Chain Analysis
18    Competitive Landscape

    18.1    Market Structure
    18.2    Company Profiles
        18.2.1    Aggregate Industries Ltd.
            18.2.1.1    Company Overview
            18.2.1.2    Product Portfolio
            18.2.1.3    Demographic Reach and Achievements
            18.2.1.4    Certifications
        18.2.2    Anglo American Plc
            18.2.2.1    Company Overview
            18.2.2.2    Product Portfolio
            18.2.2.3    Demographic Reach and Achievements
            18.2.2.4    Certifications
        18.2.3    Atlas Roofing Corporation
            18.2.3.1    Company Overview
            18.2.3.2    Product Portfolio
            18.2.3.3    Demographic Reach and Achievements
            18.2.3.4    Certifications
        18.2.4    BP Plc
            18.2.4.1    Company Overview
            18.2.4.2    Product Portfolio
            18.2.4.3    Demographic Reach and Achievements
            18.2.4.4    Certifications
        18.2.5    Cemex
            18.2.5.1    Company Overview
            18.2.5.2    Product Portfolio
            18.2.5.3    Demographic Reach and Achievements
            18.2.5.4    Certifications
        18.2.6    Chevron Corporation
            18.2.6.1    Company Overview
            18.2.6.2    Product Portfolio
            18.2.6.3    Demographic Reach and Achievements
            18.2.6.4    Certifications
        18.2.7    Exxon Mobil Corporation
            18.2.7.1    Company Overview
            18.2.7.2    Product Portfolio
            18.2.7.3    Demographic Reach and Achievements
            18.2.7.4    Certifications
        18.2.8    Others
19    Key Trends and Developments in the Market
 

List of Figures and Tables

1.    Global Asphalt Market: Key Industry Highlights, 2018 and 2032
2.    Global Asphalt Historical Market: Breakup by Product (USD Million), 2018-2023
3.    Global Asphalt Market Forecast: Breakup by Product (USD Million), 2024-2032
4.    Global Asphalt Historical Market: Breakup by Asphalt Type (USD Million), 2018-2023
5.    Global Asphalt Market Forecast: Breakup by Asphalt Type (USD Million), 2024-2032
6.    Global Asphalt Historical Market: Breakup by Application (USD Million), 2018-2023
7.    Global Asphalt Market Forecast: Breakup by Application (USD Million), 2024-2032
8.    Global Asphalt Historical Market: Breakup by End User Sector (USD Million), 2018-2023
9.    Global Asphalt Market Forecast: Breakup by End User Sector (USD Million), 2024-2032
10.    Global Asphalt Historical Market: Breakup by Region (USD Million), 2018-2023
11.    Global Asphalt Market Forecast: Breakup by Region (USD Million), 2024-2032
12.    North America Asphalt Historical Market: Breakup by Country (USD Million), 2018-2023
13.    North America Asphalt Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Europe Asphalt Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Europe Asphalt Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Asia Pacific Asphalt Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Asia Pacific Asphalt Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Latin America Asphalt Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Latin America Asphalt Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Middle East and Africa Asphalt Historical Market: Breakup by Country (USD Million), 2018-2023
21.    Middle East and Africa Asphalt Market Forecast: Breakup by Country (USD Million), 2024-2032
22.    Global Asphalt Market Structure

Key Questions Answered in the Report

The global asphalt market is projected to grow at a CAGR of 5.3% between 2024 and 2032.

The major drivers of the market include the rising uses of asphalt in roadways and pavements and the increasing adoption of emulsified asphalt along with polymer-modified asphalt.

Increasing construction activities and growing emphasis on infrastructure development are the key trends propelling the market growth.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The various products in the market are asphalt paving mixtures and blocks, prepared asphalt and tar roofing and siding products, and roofing asphalts and pitches, coatings and cement.

The different asphalt types are hot mix asphalt, warm mix asphalt, and cold mix asphalt.

The significant applications of asphalt include roadways, waterproofing, and recreation, among others.

The key players in the market are Aggregate Industries Ltd., Anglo American Plc, Atlas Roofing Corporation, BP Plc, Cemex, Chevron Corporation, and Exxon Mobil Corporation, among others.

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Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

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