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 Size

The global asphalt market 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.

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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.

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Asphalt Industry 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.

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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.

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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.