DUBLIN--(BUSINESS WIRE)--The "Global Asphalt Market Size, Share, Growth Analysis, By Product Type, By Application, By End-use - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The asphalt market size was valued at USD 3.8 billion in 2021 and is poised to grow from USD 4 billion in 2022 to USD 5.67 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).
Asphalt is a key construction material used for its durability, flexibility, and ability to withstand heavy loads and harsh weather conditions.
It provides a smooth and durable surface for roads, enhances driving safety, and protects the underlying layers from water damage and wear. The global asphalt market is driven by the demand for road infrastructure development, maintenance, and repair.
Segments covered in this report
The global asphalt market is segmented based on the product type, application, end-use, and region. Based on the product type, the global asphalt market is segmented as hot asphalt, medium curing (MC) cold mix asphalt, and unique paving materials (UPM) asphalt.
Based on application, the global asphalt market is segmented into asphalt cement, emulsion, paving, roofing, and others. Based on end-use, the global asphalt market is segmented into residential and non-residential. Based on the region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
The demand for new roads, highways, bridges, and transportation infrastructure is a significant driver for the asphalt market. Rapid urbanization, population growth, and economic development in emerging economies are fueling the need for expanded transportation networks and infrastructure investment.
The maintenance and rehabilitation of aging road networks are essential to ensure safe and efficient transportation. Asphalt is widely used for resurfacing and repair projects, driven by the need to extend the lifespan of existing infrastructure and address issues such as cracks, potholes, and deterioration.
Restraint
The asphalt industry faces challenges related to its environmental impact. The extraction, processing, and transportation of bitumen involve energy consumption and emissions. Concerns about air pollution, carbon footprint, and the use of non-renewable resources can pose restraints on the market growth.
Market Trends
The industry is witnessing advancements in asphalt technologies to improve performance, durability, and sustainability. This includes the use of polymer-modified asphalt, warm mix asphalt (WMA), and reclaimed asphalt pavement (RAP) techniques. These innovations aim to enhance the longevity, environmental impact, and workability of asphalt.
To address environmental concerns, the asphalt industry is focusing on sustainability practices. The recycling of asphalt pavements through RAP and the use of reclaimed asphalt shingles (RAS) are gaining traction, reducing the demand for virgin materials and promoting circular economy principles.
Companies Mentioned
- Exxon Mobil Corporation
- Boral
- Royal Dutch Shell PLC
- BP PLC
- Chevron Corporation
- 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
- SemGroup Corporation
- PKN Orlen S.A.
- Ergon, Inc.
- HollyFrontier Corporation
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