Global Building Asphalt Market Size study & Forecast, by Product (Paving, Roofing, Others), by Application (Roadways, Recreation, Waterproofing, Others), and Regional Analysis, 2023-2030

Global Building Asphalt Market Size study & Forecast, by Product (Paving, Roofing, Others), by Application (Roadways, Recreation, Waterproofing, Others), and Regional Analysis, 2023-2030

Global Building Asphalt Market is valued at approximately USD 255.5 Million in 2022 and is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2023-2030. Bitumen is the refined byproduct of the distillation of crude oils. It is commonly referred to as bitumen outside of the United States. Bitumen and inert particles such as gravel, sand and crushed stone are mixed to create building asphalt. The primary uses for this asphalt are construction, waterproofing, insulating, surfacing roads, sealing, and other uses. The market is growing because of the rising demand for Asphalt being used in constructing roads, high use of building asphalts while waterproofing and technological advancements in asphalt production.

According to Statista, the worldwide waterproofing membrane market is anticipated to experience substantial growth over the period from 2021 to 2026, with an estimated increase of USD 10.8 billion. This growth represents a significant surge of 37%. In 2021, the market's value exceeded 29 billion U.S. dollars, and it is likely to reach a value of USD 40 billion. The development of advanced asphalt production technologies, such as warm mix asphalt (WMA) and cold mix asphalt (CMA), improves the performance and durability of building asphalt. These advancements drive the demand for upgraded asphalt products in the construction industry. Moreover, the growing demand of the construction industry due to the increasing population and urbanization along with maintenance and rehabilitation of existing infrastructure may create opportunities for the Building Asphalt Market. However, the fluctuating raw material cost can restrict market growth. According to a recent survey conducted by Taylor Wells in 2022, the study reveals that a significant 90% of supply chain and procurement managers who participated reported a substantial increase in raw material costs. 76% of these managers anticipate a high or moderate surge in raw material costs in the near future. The study also highlights that 45% of businesses experience a significant impact when faced with disruptions or shortages in the supply of raw materials.

The key regions considered for the Global Building Asphalt Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominates the market due to a rise in the utilization of residential buildings for recreational purposes, along with an increasing trend of maintaining roadways and highways. The National Asphalt Pavement Association (NAPA) states that there are around 3,500 asphalt mix production sites in operation across the United States. These sites collectively produce more than 350 million tons of asphalt pavement material each year. Asia Pacific is expected to grow significantly during the forecast period, owing to the demand for the construction industry in developing economies such as South Korea, China, and India. The region is witnessing substantial infrastructure growth and innovative advancements in the construction sector. Industry consolidations are expected to contribute to the growth of the regional market during the forecast period.

Major market player included in this report are:
ExxonMobil Corporation
CEMEX S.A.B. de CV.
Shell (Royal Dutch Shell)
Boral Ltd.
Marathon Petroleum Corporation
TotalEnergies
Sinopec Corp. (China Petroleum & Chemical Corporation)
United Refining Company
Heidelberg Materials (HeidelbergCement)
Valero Marketing and Supply Company

Recent Developments in the Market:
In April 2023, The Canadian government and Heidelberg Materials signed a partnership to decarbonize the cement and concrete sector. The Government of Canada is dedicated to fostering economic growth that strengthens the competitiveness of Canadian industries within the context of a net-zero carbon economy. It aims to achieve this by reducing environmental impacts, promoting sustainability, and laying the foundation for a clean future.
In December 2021, Shell acquired Savion, a provider of solar power and energy storage, thus growing its business in renewable energy worldwide.
In June 2021, a subsidiary of Westlake Chemical Corp, a company listed on the New York Stock Exchange, acquired Boral Ltd business in North America for a total of $2.15 billion. This transaction disrupted the ongoing takeover attempt by Seven Group for Boral Ltd.

Global Building Asphalt Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Product, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product:
Paving
Roofing
Others

By Application:
Roadways
Recreation
Waterproofing
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
ExxonMobil Corporation
CEMEX S.A.B. de CV.
Shell (Royal Dutch Shell)
Boral Ltd.
Marathon Petroleum Corporation
TotalEnergies
Sinopec Corp. (China Petroleum & Chemical Corporation)
United Refining Company
Heidelberg Materials (HeidelbergCement)
Valero Marketing and Supply Company

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