Global Asphalt Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Asphalt Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Asphalt Products is based on matrix asphalt, adding a certain proportion of SBS modifier, and SBS is evenly dispersed in asphalt by shearing, stirring, etc. At the same time, a certain proportion of exclusive stabilizer is added to form SBS blend. The material is modified by the good physical properties of SBS.

Market Overview:

The latest research study on the global Asphalt market finds that the global Asphalt market reached a value of USD 13451.8 million in 2022. It’s expected that the market will achieve USD 18028.0 million by 2028, exhibiting a CAGR of 5.0% during the forecast period.

Opportunities

Demand for asphalt will increase due to strong economic growth and increased construction activity as well as increased spending on road maintenance and repair applications in the United States. The demand for asphalt in road construction is expected to be driven by increased environmental funding, improved legislative pressure on infrastructure and growth in nonbuilding activities, especially in the highways and streets. Demand for paving asphalt on highways and streets has been increasing due to increased government funding and increased road and street construction activities.
The highly water resistance, viscosity and viscosity of the asphalt product itself and the growing demand for road expansion and new roads will help stimulate the growth of the asphalt market. Asphalt technology makes the road more safely and stable, and improves the service life. The specific functions include the improvement of water management by porous asphalt pavement and the conversion of advanced emulsified asphalt

Region Overview:

From 2023-2028, California is estimated to witness robust growth prospects.

Company Overview:

Marathon Petroleum Corporation is one of the major players operating in the Asphalt market, holding a share of 13.82% in 2018.

Marathon Petroleum Corporation is a producer and marketer of raw materials and petrochemicals. Marathon Petroleum Corporation manufactures and markets a wide range of industrial products, including specialty products and asphalt.

ExxonMobil is engaged in the exploration and production of crude oil and natural gas in the United States, Canada/Other Americas, Europe, Africa, Asia and Australia/Oceania. It operates through upstream, downstream and chemical segments. The company is also involved in the manufacture, trading, transportation and sale of crude oil, petroleum products and other specialty products; and manufactures and sells petrochemical products including olefins, polyolefins, aromatics and various other petrochemicals.

Segmentation Overview:

Among different product types, Asphaltic Cement segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Other Road Paving segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Asphalt market covered in Chapter 3:

Exxonmobil
Calumet Specialty Products
Western States Asphalt
Cenex (CHS Inc.)
Valero Energy Corporation
HollyFrontier
Marathon Petroleum Corporation
Wright Asphalt
Western Emulsions
BP
Albina Asphalt
Total S.A.
Suncor Energy
Peak Asphalt
Ergon
VSS (Valley Slurry Seal)
McCall Oil
Superior Asphalt
Idaho Asphalt
Husky Energy
Phillips 66 Company

In Chapter 4 and Chapter 14.2, on the basis of types, the Asphalt market from 2018 to 2029 is primarily split into:

Asphaltic Cement
Polymer-Modified Asphalt

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Asphalt market from 2018 to 2029 covers:

Highway Paving
Other Road Paving

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)