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Asphalt Market size was evaluated at USD 4.9 billion in 2022 and is set to increase from USD 5 billion in 2023 to USD 5.69 billion by 2030, rising at a CAGR of 6.1% in the forecast period (2023-2030).
A combination of aggregates, binder, and filler called asphalt is used to build and maintain sidewalks, bicycle lanes, parking lots, railroad lines, ports, airport runways, and play and sports areas. Sand, gravel, crushed rock, or slags may all be used as aggregates in asphalt mixes. Asphalt is now more sustainable since some waste and byproducts, like as building and demolition debris, are utilized as aggregates. The road structure above the formation level, which comprises unbound and bituminous-bound parts, makes up an average asphalt pavement. In order to spread the weight of the traffic before it reaches the formation level, this permits the pavement.
The worldwide asphalt market largely comprises of construction market categories such as residential buildings, new upgrade and repair and nonresidential buildings. At present, paving goods account for more than half the consumption of asphalt and will remain the dominating application for asphalt in the next years. The demand for asphalt in roofing products is predicted to develop regularly owing to the rise in building construction expenditures. The residential sector will see the fastest increase as large gains in single-family housing completions will boost the demand for asphalt shingles. In addition, the expanding usage of recycled asphalt pavement (RAP) will result in growing demand for asphalt emulsions as emulsions are combined with existing pavements to reconstruct worn roadway surfaces and repair damaged highways. In the nonresidential market segment, growing construction spending will spur the need for low-slope roofing goods such roll roofing, modified bitumen membranes and mopping asphalts. Some of the prominent participants in the global asphalt industry include ExxonMobil, Imperial Oil, British Petroleum and Shell Bitumen among others.
One of the primary reasons fuelling the market expansion is the rising urbanization of the world. Asphalt shingles, which are used to weatherproof roofs, are in increasing demand due to the growing population. In addition, asphalt offers a more practical and long-lasting option for concrete, which is often utilised in the building sector. Additionally, the market is developing due of the rising usage of recycled asphalt pavements (RAP) in driveways, parking lots, schools, and playground blacktops. In order to restore aging pavements and roadway surfaces, it is also utilized as an emulsion. For example, India has a massive network of roadways. According to the Ministry of Transport's 2020 data, India has 1,32,500 km of national highways, 1,81,531 km of state highways, 6,14,028 km of district roads, and 44,04,404 km of rural roads, 5,31,608 km of urban roads, and 3,46,505 km of project roads. In addition, there are 79 main NHS, each of which has 500 branches and allows more than 48 various types of transit. The number of expressways has also greatly expanded, with Uttar Pradesh, a state in northern India, ranking first with a length of 687 km. Highway planning, design, and execution are also offered through a number of agencies and bodies at different levels. They are the Central Road Fund (CRF), the Indian Road Congress, and the Jayakar Committee (IRC). The Indian government's 20-year road plan has proven beneficial in strengthening the country's road system. According to a poll, the planned NH road created from the years 2014 to 2020 experienced an improvement in the rate of road development, going from 55% to 70% in the preceding five years.
About 70% of the bitumen is utilized in road construction which is projected to produce an uptick in the market growth. Increasing construction of the paving asphalt, combined with advantageous funding, awareness to enhance aging of the infrastructure, and improvements in non-building construction activities, such as highway and street segments are the major factors driving the market trend. Moreover, good economic conditions will further improve the overall revenue in the construction business where many governments are investing in infrastructure projects such as highway or roadway repair, road construction, and rehabilitation. Furthermore, rising technological innovation in the mixing plants, together with the manufacturers attempting to produce creative solutions to stay up with the consumer demand will boost growth. Also, they are trying to keep up with the industry needs.
The restricting factor affecting the growth of the market is the fluctuating prices of raw materials. The materials are crude oil and petroleum. Prices of these resources are changeable dependant upon the activity on the stock exchange. This volatility in the prices might contribute to high manufacturing costs. Furthermore, a short supply of raw material due to these price changes serves as a restrictive factor towards market expansion. Moreover, a transition towards cement highways in many places may threaten the overall market growth.
Asphalt additives or modifiers are used to boost the product's performance as well as its durability, cosmetic attractiveness, and shelf life. Styrene-butadiene-styrene, crumb rubber, atactic polypropylene, and natural rubber are a few of the modifiers that are applied. They are used with this material to boost its strength and flexibility. These modifiers also contribute in enhancing aging and abrasion resistance. To strengthen the concrete's tenacity and lifespan, different additives are applied. Crumb rubbers are utilized for roofing applications because they offer high-temperature resistance and deformations. The lifespan of building structures and roads is growing due to the greater usage of modified asphalt, which is predicted to stimulate the expansion of the bitumen sector.
Report Coverage
Global Asphalt research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Asphalt report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Asphalt competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Asphalt market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Asphalt market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Asphalt market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Boral, Royal Dutch Shell PLC, Total SE, Marathon Petroleum Corporation, Valero Energy Corporation, NuStar Energy L.P., CNOOC Limited, Nynas AB, Puma Energy, SK Energy Co., Ltd., Gazprom Neft, LOTOS Group, Indian Oil Corporation Ltd., Tipco Asphalt Public Company Limited, PKN Orlen S.A., Ergon, Inc., HollyFrontier Corporation, BP plc., Anglo American plc., Atlas Roofing Corporation, Aggregate Industries Limited, CertainTeed Corporation, GAF Materials Corporation, CEMEX S.A.B. de C.V., Colas Danmark A/S, Chevron Corporation, China National Offshore Oil Corporation, Exxon Mobil Corporation, Hanson Asphalt Runcorn, Sinopec, SemGroup Corporation, Owens Corning, etc.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Asphalt market based on the below-mentioned segments:
Global Asphalt Market, By Type
Hot Asphalt
Medium Curing (MC) Cold Mix Asphalt
Unique Paving Materials (UPM) Asphalt
Global Asphalt market, By Application
Asphalt Cement
Emulsion
Paving
Roofing
Others
Global Asphalt Market, By End User
Residential
Non-residential
Global Asphalt market, Regional Analysis
A combination of aggregates, binder, and filler called asphalt is used to build and maintain sidewalks, bicycle lanes, parking lots, railroad lines, ports, airport runways, and play and sports areas. Sand, gravel, crushed rock, or slags may all be used as aggregates in asphalt mixes. Asphalt is now more sustainable since some waste and byproducts, like as building and demolition debris, are utilized as aggregates. The road structure above the formation level, which comprises unbound and bituminous-bound parts, makes up an average asphalt pavement. In order to spread the weight of the traffic before it reaches the formation level, this permits the pavement.
The worldwide asphalt market largely comprises of construction market categories such as residential buildings, new upgrade and repair and nonresidential buildings. At present, paving goods account for more than half the consumption of asphalt and will remain the dominating application for asphalt in the next years. The demand for asphalt in roofing products is predicted to develop regularly owing to the rise in building construction expenditures. The residential sector will see the fastest increase as large gains in single-family housing completions will boost the demand for asphalt shingles. In addition, the expanding usage of recycled asphalt pavement (RAP) will result in growing demand for asphalt emulsions as emulsions are combined with existing pavements to reconstruct worn roadway surfaces and repair damaged highways. In the nonresidential market segment, growing construction spending will spur the need for low-slope roofing goods such roll roofing, modified bitumen membranes and mopping asphalts. Some of the prominent participants in the global asphalt industry include ExxonMobil, Imperial Oil, British Petroleum and Shell Bitumen among others.
One of the primary reasons fuelling the market expansion is the rising urbanization of the world. Asphalt shingles, which are used to weatherproof roofs, are in increasing demand due to the growing population. In addition, asphalt offers a more practical and long-lasting option for concrete, which is often utilised in the building sector. Additionally, the market is developing due of the rising usage of recycled asphalt pavements (RAP) in driveways, parking lots, schools, and playground blacktops. In order to restore aging pavements and roadway surfaces, it is also utilized as an emulsion. For example, India has a massive network of roadways. According to the Ministry of Transport's 2020 data, India has 1,32,500 km of national highways, 1,81,531 km of state highways, 6,14,028 km of district roads, and 44,04,404 km of rural roads, 5,31,608 km of urban roads, and 3,46,505 km of project roads. In addition, there are 79 main NHS, each of which has 500 branches and allows more than 48 various types of transit. The number of expressways has also greatly expanded, with Uttar Pradesh, a state in northern India, ranking first with a length of 687 km. Highway planning, design, and execution are also offered through a number of agencies and bodies at different levels. They are the Central Road Fund (CRF), the Indian Road Congress, and the Jayakar Committee (IRC). The Indian government's 20-year road plan has proven beneficial in strengthening the country's road system. According to a poll, the planned NH road created from the years 2014 to 2020 experienced an improvement in the rate of road development, going from 55% to 70% in the preceding five years.
About 70% of the bitumen is utilized in road construction which is projected to produce an uptick in the market growth. Increasing construction of the paving asphalt, combined with advantageous funding, awareness to enhance aging of the infrastructure, and improvements in non-building construction activities, such as highway and street segments are the major factors driving the market trend. Moreover, good economic conditions will further improve the overall revenue in the construction business where many governments are investing in infrastructure projects such as highway or roadway repair, road construction, and rehabilitation. Furthermore, rising technological innovation in the mixing plants, together with the manufacturers attempting to produce creative solutions to stay up with the consumer demand will boost growth. Also, they are trying to keep up with the industry needs.
The restricting factor affecting the growth of the market is the fluctuating prices of raw materials. The materials are crude oil and petroleum. Prices of these resources are changeable dependant upon the activity on the stock exchange. This volatility in the prices might contribute to high manufacturing costs. Furthermore, a short supply of raw material due to these price changes serves as a restrictive factor towards market expansion. Moreover, a transition towards cement highways in many places may threaten the overall market growth.
Asphalt additives or modifiers are used to boost the product's performance as well as its durability, cosmetic attractiveness, and shelf life. Styrene-butadiene-styrene, crumb rubber, atactic polypropylene, and natural rubber are a few of the modifiers that are applied. They are used with this material to boost its strength and flexibility. These modifiers also contribute in enhancing aging and abrasion resistance. To strengthen the concrete's tenacity and lifespan, different additives are applied. Crumb rubbers are utilized for roofing applications because they offer high-temperature resistance and deformations. The lifespan of building structures and roads is growing due to the greater usage of modified asphalt, which is predicted to stimulate the expansion of the bitumen sector.
Report Coverage
Global Asphalt research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Asphalt report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Asphalt competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Asphalt market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Boral, Royal Dutch Shell PLC, Total SE, Marathon Petroleum Corporation, Valero Energy Corporation, NuStar Energy L.P., CNOOC Limited, Nynas AB, Puma Energy, SK Energy Co., Ltd., Gazprom Neft, LOTOS Group, Indian Oil Corporation Ltd., Tipco Asphalt Public Company Limited, PKN Orlen S.A., Ergon, Inc., HollyFrontier Corporation, BP plc., Anglo American plc., Atlas Roofing Corporation, Aggregate Industries Limited, CertainTeed Corporation, GAF Materials Corporation, CEMEX S.A.B. de C.V., Colas Danmark A/S, Chevron Corporation, China National Offshore Oil Corporation, Exxon Mobil Corporation, Hanson Asphalt Runcorn, Sinopec, SemGroup Corporation, Owens Corning, etc. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Asphalt Market from 2021 to 2030.
- Market Forecast for Asphalt Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Asphalt competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Asphalt
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Asphalt market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Asphalt market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Boral, Royal Dutch Shell PLC, Total SE, Marathon Petroleum Corporation, Valero Energy Corporation, NuStar Energy L.P., CNOOC Limited, Nynas AB, Puma Energy, SK Energy Co., Ltd., Gazprom Neft, LOTOS Group, Indian Oil Corporation Ltd., Tipco Asphalt Public Company Limited, PKN Orlen S.A., Ergon, Inc., HollyFrontier Corporation, BP plc., Anglo American plc., Atlas Roofing Corporation, Aggregate Industries Limited, CertainTeed Corporation, GAF Materials Corporation, CEMEX S.A.B. de C.V., Colas Danmark A/S, Chevron Corporation, China National Offshore Oil Corporation, Exxon Mobil Corporation, Hanson Asphalt Runcorn, Sinopec, SemGroup Corporation, Owens Corning, etc.
Primary Target Market
- Market Players of Asphalt
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Asphalt market based on the below-mentioned segments:
Global Asphalt Market, By Type
Hot Asphalt
Medium Curing (MC) Cold Mix Asphalt
Unique Paving Materials (UPM) Asphalt
Global Asphalt market, By Application
Asphalt Cement
Emulsion
Paving
Roofing
Others
Global Asphalt Market, By End User
Residential
Non-residential
Global Asphalt market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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