Asphalt Market Size, Share, Trends, Growth & Industry Analysis | 2024-2032
Asphalt Market Forecast: Driven by Infrastructure Development
According to a new report by Expert Market Research titled “Global Asphalt Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032”, the anticipated growth trajectory of the global asphalt market signifies a robust expansion, with a projected Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period from 2024 to 2032. This growth is primarily attributed to the widespread utilization of asphalt in expressway construction worldwide, owing to its myriad advantages such as rapid construction, easy maintenance, enhanced driving comfort and safety, and low noise levels.
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Key Insights
- European Road Expansion: Europe plans to bolster its road network from 23,000 km to 37,000 km by 2023, representing a substantial 61% increase.
- Global Bitumen and Asphalt Imports: In 2020, global imports of bitumen and asphalt witnessed a sharp decline, plummeting to 2.1 million tonnes, reflecting a 15.2% downturn from the previous year.
- Preference for Asphalt in America: Asphalt remains the preferred pavement material in America, with over 90% of Canadian roads and more than 96% of Mexican roads primarily composed of asphalt.
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Asphalt: A Versatile Material
Asphalt, also known as bitumen, is a sticky, black, highly viscous liquid or semi-solid form of petroleum. It occurs naturally alongside sand, gravel, and other materials, and finds extensive utility in road construction as a binder mixed with aggregate particles to create asphalt concrete. Apart from road paving, asphalt is also utilized for waterproofing, sealing roofs, and various industrial applications.
The growth of the asphalt market is underpinned by its indispensable role in infrastructure development, especially in road construction. The consistent demand for asphalt is fueled by the ongoing need for building and maintaining roads, highways, bridges, and airport runways, with a significant portion of bitumen, a crucial asphalt component, being utilized in road construction endeavors.
Key Trends and Developments
Increasing Infrastructural Development: Growing infrastructure projects worldwide, particularly in developing nations, propel the demand for asphalt for construction and maintenance.
Focus on Sustainability: Environmental concerns drive the adoption of sustainable practices in asphalt production, such as the use of reclaimed asphalt pavement (RAP), reducing quarrying and carbon footprint.
Innovations in Asphalt Technology: Technological advancements, including Warm Mix Asphalt (WMA) and Polymer Modified Asphalts (PMA), enhance performance and sustainability, catering to diverse weather conditions.
Recent Developments
March 2021: Huron Capital Partners LLC acquired ACE Asphalt of Arizona, Inc., aiming to merge it with Sunland Asphalt & Construction, Inc., to diversify markets and expand services.
February 2021: Cemex UK introduced Viabase, an engineered asphalt concrete for residential housing estate roads.
June 23, 2020: BASF’s innovative bitumen additive, B2Last®, extended road lifespan by up to 50%, enhancing durability and sustainability.
October 2019: Asphalt Materials, Inc. acquired Wisconsin-based asphalt firms HG Meigs and Meigs Transport, enhancing operations in the Midwest.
Emerging Trends Driving Market Growth
Global Surge in Infrastructure Development: Increasing infrastructure projects, driven by urbanization and the demand for better roads, augment asphalt use.
Advancing Sustainability in Asphalt Production: Environmental concerns propel sustainable practices like the use of reclaimed asphalt pavement (RAP).
Innovations in Warm Mix Asphalt Technology: WMA technology reduces energy use and emissions, improving safety and sustainability.
Rising Use of Polymer Modified Asphalts: PMA gains traction for superior durability and performance in extreme weather conditions.
Market Segmentation
The “Global Asphalt Market Report and Forecast 2024-2032” offers a detailed analysis segmented by product, asphalt type, application, end-user, and region.
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 to Lead Market Development
Roadways emerge as the dominant segment, driven by urbanization and population growth, with asphalt serving as a binding agent, enhancing durability and connectivity. Meanwhile, the recreation segment is expected to witness growth due to increasing population and urbanization.
Competitive Landscape
Major players in the asphalt market are expanding their presence in emerging markets, focusing on research and development to introduce innovative products like Aggregate Industries Ltd., Anglo American Plc, Atlas Roofing Corporation, BP Plc, Cemex, Chevron Corporation, and Exxon Mobil Corporation, among others.
Regional Analysis
The Asia Pacific region leads the asphalt market, fueled by robust construction industry growth and increasing demand from economies like China, India, and South Korea. Infrastructure development and industry consolidations further drive market growth in the region.
FAQs
What is the growth rate of the global asphalt market?
- The global asphalt market is projected to grow at a CAGR of 5.3% between 2024 and 2032.
What are the major drivers of the asphalt market?
- Rising usage of asphalt in roadways and pavements, alongside increasing adoption of emulsified asphalt and polymer-modified asphalt, are key drivers.
What are the key trends in the global asphalt market?
- Increasing construction activities and a growing emphasis on infrastructure development are the key trends propelling market growth.
Which regions are the major markets for asphalt?
- Major regions include North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
What are the different asphalt products and types available?
- Asphalt products include paving mixtures, roofing products, and coatings, while asphalt types include hot mix, warm mix, and cold mix.
What are the significant applications of asphalt?
- Asphalt finds applications in roadways, waterproofing, recreation, and more.
Who are the key players in the global asphalt market?
- Major players include Aggregate Industries Ltd., Anglo American Plc, Atlas Roofing Corporation, BP Plc, Cemex, Chevron Corporation, and Exxon Mobil Corporation, among others.
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