IMARC Group has recently released a new research study titled “Asphalt Market Report by Product (Asphalt Paving Mixtures and Blocks, Prepared Asphalt and Tar Roofing and Siding Products, Roofing Asphalts and Pitches, Coatings and Cement), Asphalt Type (Hot Mix Asphalt, Warm Mix Asphalt, Cold Mix Asphalt), Application (Roadways, Waterproofing, Recreation, and Others), End-Use Sector (Non-Residential, Residential, and Others), and Region 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the asphalt market?
The global asphalt market size reached US$ 234.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 328.8 Million by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
What is asphalt and its uses?
Asphalt, also known as bitumen, is a sticky, black, and highly viscous liquid, or semi-solid form of petroleum. It is primarily used in road construction, where it is mixed with aggregate particles (like sand, gravel, or crushed rock) to create asphalt concrete. This combination forms most of the asphalt used globally and is prized for its durability, weather resistance, and ability to provide a smooth surface for vehicular traffic.
Asphalt is also used in other applications such as roofing, waterproofing, and sealing. The material is known for its excellent waterproofing and adhesive properties, thus making it a versatile choice in construction and infrastructure projects. Additionally, asphalt's ability to be recycled and reused makes it an environmentally friendly option in modern construction practices.
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Asphalt Market Growth Drivers and Trends:
The increase in construction and infrastructure development, particularly in emerging economies, represents one of the key factors driving the growth of the market across the globe. Asphalt is extensively used in road construction, maintenance, and repair, thus making it essential for urban and rural infrastructure. Public investment in infrastructure, including highways, bridges, and airports, is significantly boosting the demand for asphalt. Government initiatives and funding for infrastructure improvement directly contribute to the growth of the market.
As urbanization accelerates, there is a growing need for new roads and the maintenance of existing infrastructure. This urban expansion drives the demand for asphalt for road construction and other urban infrastructure projects. Technological advancements in the composition and recycling of asphalt contribute to the market growth.
Improved asphalt mixtures offer greater durability, sustainability, and are more environmentally friendly, appealing to modern construction needs. The ability to recycle asphalt makes it a sustainable construction material. As environmental regulations become stricter and the focus on sustainability intensifies, the demand for recyclable and eco-friendly materials like asphalt increases.
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Asphalt Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
Who are the key players operating in the asphalt industry?
Asphalt Key Compnaies:
- Aggregate Industries Ltd.
- Anglo American Plc
- Atlas Roofing Corporation
- BP Plc
- Cemex
- Chevron Corporation
- Exxon Mobil Corporation
- Imperial Oil Limited
- Owens Corning
- Petroleos de Venezuela S.A
- Royal Dutch Shell plc
- Shell International
- Total SA
- United Refining Inc.
Report Segmentation:
The report has segmented the asphalt market based on product, asphalt type, application, end-use sector and region.
Breakup by Product:
- Asphalt Paving Mixtures and Blocks
- Prepared Asphalt and Tar Roofing and Siding Products
- Roofing Asphalts and Pitches, Coatings and Cement
Breakup by Asphalt Type:
- Hot Mix Asphalt
- Warm Mix Asphalt
- Cold Mix Asphalt
Breakup by Application:
- Roadways
- Waterproofing
- Recreation
- Others
Breakup by End-Use Sector:
- Non-Residential
- Residential
- Others
Geographical Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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