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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, Warm Mix Asphalt; By Application; By End User; Regional Analysis; Competitive Landscape; 2024-2032
Global Asphalt Market Outlook
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 the advantages it offers, including quick construction, easy maintenance, driving comfort and safety, low noise levels, etc. Key markets are projected to be North America, Europe and Asia.
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Global Market Likely to be Driven by Increasing Construction Activity and Emphasis on Infrastructure Development
Asphalt is a mix of aggregates, binder, and filler that is used to build and maintain roads, parking lots, railway tracks, ports, airport runways, bicycle lanes, walkways, and play- and sports areas. Crushed rock, sand, gravel, or slags are examples of aggregates used in asphalt mixtures. Particular waste and by-products, such as building and demolition debris are employed as aggregates to increase asphalt's long-term durability. Asphalt is largely produced and used for road construction and maintenance of road networks in Europe.
A binder is used to bind the aggregates together into a cohesive mix. While bitumen is the most commonly employed binder, several bio-based binders are being developed to reduce roads’ environmental impact. The road structure above the formation level comprising unbound and bituminous-bound elements constitutes a normal asphalt pavement. Asphalt pavements generally have several layers. Asphalt is produced in a fixed or a mobile mixing plant. In an asphalt plant, up to 800 tonnes of asphalt can be produced each hour. Hot mix asphalt is typically produced at temperatures between 150 and 180°C, however new procedures are now available to manufacture asphalt at lower temperatures.
Asphalt is Recyclable, Durable and Cost-efficient; These Features are Expected to Stimulate the Market
Asphalt is recyclable. It is the most recycled product in America. Recycled asphalt mix is also stronger, more durable, and rut-resistant; thus, the recycled product offers superior performance. Being durable, a well-constructed asphalt road is expected to last for fifteen to twenty years. Asphalt is also economical as compared to concrete (asphalt prices may vary with variations in crude oil prices). Due to these features, the global asphalt market is likely to witness greater demand.
There are Different Types of Asphalt Mixes Available
Several types of asphalt mixes may be used to extract better performance in different applications. The particular mix employed must possess necessary stiffness and resistance to deformation, and flexural strength to endure pressures resulting from varying volumes of traffic (including heavy vehicles), temperature and weather conditions, noise lessening requirements, etc.
The various types of asphalt mixes include:
Hot Mix Asphalt (HMA) – Generally produced at 150°C to 180 °C.
Warm Mix Asphalt (WMA) – Produced at temperatures nearly 20°C – 40 °C lower than a corresponding Hot Mix Asphalt. In this process, significantly less energy is consumed and lower emissions generated. Further, the temperature of the mix is lower during paving operations, which offers better working conditions for the crew and enables sooner opening of the road.
Cold Mix Asphalt – Produced without heating the aggregate; the process is made possible by the use of bitumen emulsified in water which breaks down during compaction or mixing. Over the curing time, water vapourises, increasing strength of the mix. Cold mixes are suitable for roads with light traffic.
Multiple Applications of Asphalt Expected to Contribute to Growth of Global Asphalt Market
Important applications of asphalt include canal and reservoir linings, dam facings, and harbour and sea works. Asphalt is also used in roofs, coatings, floor tilings, soundproofing, waterproofing, and other building-construction elements. It is also used in several industrial products, such as batteries. These applications are expected to boost market growth.
Market Segmentation
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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
- Cold Mix Asphalt
By application, the market is classified into:
- Roadways
- Waterproofing
- Recreation
- Others
By end user, the market is segmented into:
- Residential
- Non-Residential
By region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Industry Players in the Global Asphalt Market
The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Aggregate Industries Ltd.
- Anglo American Plc
- Atlas Roofing Corporation
- BP Plc
- Cemex
- Chevron Corporation
- Exxon Mobil Corporation
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
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:
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| Breakup by Product |
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| Breakup by Asphalt Type |
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| Breakup by Application |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Trade Data Analysis |
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| Price Analysis |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
*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 expressways all over the world, rapid urbanisation, increasing population, growing demand from the oil and gas industry, and increasing adoption of emulsified asphalt along with polymer modified asphalt.
Increasing construction activity and growing emphasis on infrastructure development are the key industry trends propelling the market's growth.
The major regions in the industry 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, roofing asphalts and pitches, coatings and cement.
The different types of asphalt are hot mix asphalt, warm mix asphalt, and cold mix asphalt.
The significant applications include roadways, waterproofing, and recreation, among others.
The end-users of the market are residential and non-residential.
The major players in the industry are Aggregate Industries Ltd., Anglo American Plc, Atlas Roofing Corporation, BP Plc, Cemex, Chevron Corporation, and Exxon Mobil Corporation, among others.
Analyst Review
The global asphalt market was driven by the increasing construction activity in the historical period. Aided by the use of asphalt in expressways all over the world and the growing emphasis on infrastructure development, the market is expected to witness further growth in the forecast period of 2024-2032, growing at a CAGR of 5.3%.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. 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 types of asphalt are hot mix asphalt, warm mix asphalt, and cold mix asphalt. The significant applications include roadways, waterproofing, and recreation, among others. The end-users of the market are residential and non-residential. The major regional markets for asphalt are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The major players in the industry are Aggregate Industries Ltd., Anglo American Plc, Atlas Roofing Corporation, BP Plc, Cemex, Chevron Corporation, and Exxon Mobil Corporation, among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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