Asphalt Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Asphalt Market
The asphalt market size was valued at USD 222.0 million in 2019, and the market is now projected to grow from USD 222.0 million in 2019 to USD 321.5 million by 2032, exhibiting a CAGR of 4.8% during the forecast period of 2019-2032.
70% of bitumen is used in avenue creation, riding market boom. Factors riding this trend consist of growing asphalt production, favorable funding, infrastructure development, and improvements in non-building creation sports. Economic conditions, government funding in infrastructure tasks, and technological advancements in blending plant life are also driving growth. Manufacturers are developing innovative answers to meet customer demand and industry necessities, even as improving mixing plants and addressing customer demand are driving the general growth of the asphalt market.
Asphalt additives, inclusive of styrene-butadiene-styrene, crumb rubber, atactic polypropylene, and herbal rubber, are used to enhance the cultured enchantment, sturdiness, performance, and shelf life of asphalt. These additives enhance elasticity, energy, abrasion resistance, and getting aging ability. For roofing applications, crumb rubbers offer excessive-temperature resistance and deformations. The increasing adoption of modified asphalt is boosting the lifespan of creation structures and roadways, helping the bitumen market increase. This fashion is predicted to power the increase of the asphalt market growth.
Comprehensive Analysis of Asphalt Market
The market is divided into paving products, roofing, and others, with paving being the largest segment due to the construction industry's growth in developing economies like China and India. Bitumen is used in paving base courses for airports, bridges, tunnels, and railway tracks, providing durability and performance. It is also used as roofing shingles, offering distinctive appearances and protection from harsh weather conditions. The roadways segment is the largest due to rapid urbanization and increasing population. Bitumen is used as a binding agent for roadways and highways, providing durability and sturdiness. The recreation segment is expected to show growth due to high population growth and urbanization, leading to high demand for bitumen for residential and non-residential structures.
The Asia Pacific region lead the asphalt market share by benefitting a market size of USD 71.07 million in 2019 due to the expansion of the industry, driven by using excessive demand from developing economies like South Korea, China, and India. China is a key consumer due to its growing populace and urbanization. The area's infrastructure increase, innovation, and consolidations are expected to boost marketplace increase.
The marketplace is ruled by way of using major groups like CEMEX, China Petroleum and Chemical Corporation, Exxon Mobil, and Royal Dutch Shell. They use strategies like partnerships, acquisitions, mergers, funding, and divestment for marketplace boom. Additionally, large, medium, and small-scale businesses are enhancing product portfolios and customer offerings.
Huron Capital Partners LLC obtained ACE Asphalt of Arizona, Inc. In March 2021 and plans to merge with Sunland Asphalt and Construction, Inc., aiming to diversify markets and make bigger offerings to both public and personal clients.ac
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Million) and Volume (Kilo Tons)
By Product
Paving
Roofing
Others
By Application
Roadways
Waterproofing
Recreation
Others
By Geography
North America (U.S., and Canada)
Europe (Germany, UK, France, Italy, Spain, Poland, and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
Middle East & Africa (Turkey, South Africa, UAE, Iran, and Rest of the Middle East & Africa)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 5. Global Asphalt Market Analysis, Insights and Forecast, By Product, 2016-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Product
- 5.2.1. Paving
- 5.2.2. Roofing
- 5.2.3. Others
- 6. Global Asphalt Market Analysis, Insights and Forecast, By Application, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Global Asphalt Market Analysis, Insights and Forecast – By Application
- 6.2.1. Roadways
- 6.2.2. Waterproofing
- 6.2.3. Recreation
- 6.2.4. Others
- 7. Global Asphalt Market Analysis, Insights and Forecast, By Region, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Global Asphalt Market Analysis, Insights and Forecast – By Region
- 7.2.1. North America
- 7.2.2. Europe
- 7.2.3. Asia pacific
- 7.2.4. Latin America
- 7.2.5. Middle East & Africa
- 8. North America Asphalt Market Analysis, Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. North America Asphalt Market Analysis, Insights and Forecast – By Product
- 8.2.1. Paving
- 8.2.2. Roofing
- 8.2.3. Others
- 8.3. North America Asphalt Market Analysis, Insights and Forecast – By Application
- 8.3.1. Roadways
- 8.3.2. Waterproofing
- 8.3.3. Recreation
- 8.3.4. Others
- 8.4. North America Asphalt Market Analysis, Insights and Forecast – By Country
- 8.4.1. U.S.
- 8.4.2. Canada
- 9. Europe Asphalt Market Analysis, Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Europe Asphalt Market Analysis, Insights and Forecast – By Product
- 9.2.1. Paving
- 9.2.2. Roofing
- 9.2.3. Others
- 9.3. Europe Asphalt Market Analysis, Insights and Forecast – By Application
- 9.3.1. Roadways
- 9.3.2. Waterproofing
- 9.3.3. Recreation
- 9.3.4. Others
- 9.4. Europe Asphalt Market Analysis – By Country
- 9.4.1. Germany
- 9.4.2. UK
- 9.4.3. France
- 9.4.4. Italy
- 9.4.5. Spain
- 9.4.6. Poland
- 9.4.7. Rest of Europe
- 10. Asia Pacific Asphalt Market Analysis, Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Asia Pacific Asphalt Market Analysis, Insights and Forecast – By Product
- 10.2.1. Paving
- 10.2.2. Roofing
- 10.2.3. Others
- 10.3. Asia Pacific Asphalt Market Analysis, Insights and Forecast – By Application
- 10.3.1. Roadways
- 10.3.2. Waterproofing
- 10.3.3. Recreation
- 10.3.4. Others
- 10.4. Asia Pacific Asphalt Market Analysis – By Country
- 10.4.1. China
- 10.4.2. India
- 10.4.3. Japan
- 10.4.4. South Korea
- 10.4.5. Rest of Asia Pacific
- 11. Latin America Asphalt Market Analysis, Insights and Forecast, 2016-2027
- 11.1. Key Findings / Summary
- 11.2. Latin America Asphalt Market Analysis, Insights and Forecast – By Product
- 11.2.1. Paving
- 11.2.2. Roofing
- 11.2.3. Others
- 11.3. Latin America Asphalt Market Analysis, Insights and Forecast – By Application
- 11.3.1. Roadways
- 11.3.2. Waterproofing
- 11.3.3. Recreation
- 11.3.4. Others
- 11.4. Latin America Asphalt Market Analysis – By Country
- 11.4.1. Brazil
- 11.4.2. Mexico
- 11.4.3. Argentina
- 11.4.4. Rest of Latin America
- 12. Middle East & Africa Asphalt Market Analysis, Insights and Forecast, 2016-2027
- 12.1. Key Findings / Summary
- 12.2. Middle East & Africa Asphalt Market Analysis, Insights and Forecast – By Product
- 12.2.1. Paving
- 12.2.2. Roofing
- 12.2.3. Others
- 12.3. Middle East & Africa Asphalt Market Analysis, Insights and Forecast – By Application
- 12.3.1. Roadways
- 12.3.2. Waterproofing
- 12.3.3. Recreation
- 12.3.4. Others
- 12.4. Middle East & Africa Asphalt Market Analysis – By Country
- 12.4.1. Turkey
- 12.4.2. South Africa
- 12.4.3. UAE
- 12.4.4. Iran
- 12.4.5. Rest of Middle East & Africa
- 13. Competitive Analysis
- 13.1. Company Market Share Analysis, By Key Players, 2019
- 13.2. Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 13.2.1. CEMEX S.A.B. de C.V.
- 13.2.1.1. Overview,
- 13.2.1.2. Technologies & Services,
- 13.2.1.3. Recent Developments,
- 13.2.1.4. Strategies,
- 13.2.1.5. Financials (based on availability)
- 13.2.2. China Petroleum & Chemical Corporation
- 13.2.2.1. Overview,
- 13.2.2.2. Technologies & Services,
- 13.2.2.3. Recent Developments,
- 13.2.2.4. Strategies,
- 13.2.2.5. Financials (based on availability)
- 13.2.3. Exxon Mobil Corporation
- 13.2.3.1. Overview,
- 13.2.3.2. Technologies & Services,
- 13.2.3.3. Recent Developments,
- 13.2.3.4. Strategies,
- 13.2.3.5. Financials (based on availability)
- 13.2.4. Marathon Petroleum Corporation
- 13.2.4.1. Overview,
- 13.2.4.2. Technologies & Services,
- 13.2.4.3. Recent Developments,
- 13.2.4.4. Strategies,
- 13.2.4.5. Financials (based on availability)
- 13.2.5. Royal Dutch Shell
- 13.2.5.1. Overview,
- 13.2.5.2. Technologies & Services,
- 13.2.5.3. Recent Developments,
- 13.2.5.4. Strategies,
- 13.2.5.5. Financials (based on availability)
- 13.2.6. Total
- 13.2.6.1. Overview,
- 13.2.6.2. Technologies & Services,
- 13.2.6.3. Recent Developments,
- 13.2.6.4. Strategies,
- 13.2.6.5. Financials (based on availability)
- 13.2.7. United Refining Company
- 13.2.7.1. Overview,
- 13.2.7.2. Technologies & Services,
- 13.2.7.3. Recent Developments,
- 13.2.7.4. Strategies,
- 13.2.7.5. Financials (based on availability)
- 13.2.8. Boral
- 13.2.8.1. Overview,
- 13.2.8.2. Technologies & Services,
- 13.2.8.3. Recent Developments,
- 13.2.8.4. Strategies,
- 13.2.8.5. Financials (based on availability)
- 13.2.8.6. Valero Marketing and Supply Company Overview,
- 13.2.8.7. Technologies & Services,
- 13.2.8.8. Recent Developments,
- 13.2.8.9. Strategies,
- 13.2.8.10. Financials (based on availability)
- 13.2.9. HEIDELBERGCEMENT AG
- 13.2.9.1. Overview,
- 13.2.9.2. Technologies & Services,
- 13.2.9.3. Recent Developments,
- 13.2.9.4. Strategies,
- 13.2.9.5. Financials (based on availability)
- 13.2.10. Other Key Players
- 13.2.10.1. Overview,
- 13.2.10.2. Technologies & Services,
- 13.2.10.3. Recent Developments,
- 13.2.10.4. Strategies,
- 13.2.10.5. Financials (based on availability)
- 14. Strategic Recommendations
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