Asphalt Market To Reach USD 389.9 Million By 2032 | Increasing Infrastructure Development And Growing Demand From The Construction Industry Propel Market Growth | SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) Asphalt Market is growing due to increasing demand for high-quality asphalt that can withstand extreme weather conditions and heavy traffic loads.

Austin, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report reveals that The Asphalt Market is poised to witness substantial growth, projected to reach USD 389.9 Million by 2032, growing at a compound annual growth rate of 5.1% from 2024 to 2032.

This growth trajectory is primarily driven by escalating demand for asphalt in various construction applications, particularly in road construction and maintenance. The rising global population, urbanization, and economic development are further fuelling the demand for high-quality asphalt products.

Asphalt, a vital material in road construction, is essential for creating durable pavements and highways. The global push for infrastructure development, especially in emerging economies, is creating a robust market for asphalt. Governments and private investors are increasing their spending on infrastructure projects to support economic growth, with road and highway construction being a significant focus area.

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Key Players:

CEMEX S.A.B. de C.V. (CEMEX Asphalt)

Exxon Mobil Corporation (Asphalt Binder)

Royal Dutch Shell (Shell Bitumen)

Total SA (Total Asphalt)

United Refining Company (United Asphalt)

Boral (Boral Asphalt)

Aggregate Industries Ltd. (Premium Asphalt)

China Petroleum & Chemical Corporation (Sinopec) (Sinopec Asphalt)

Chevron Corporation (Chevron Asphalt)

Marathon Petroleum Corporation (Marathon Asphalt)

LafargeHolcim (ECOPlanet Asphalt)

Oldcastle Materials (Oldcastle Asphalt)

Granite Construction Incorporated (Granite Asphalt)

Tarmac (Tarmac Asphalt)

CRH plc (CRH Polymer-Modified Asphalt)

Bitumina (Bitumina Asphalt)

Nynas AB (Nynas Asphalt)

PBA (Petrochemical and Bitumen Association) (PBA Asphalt)

Colas Group (Colas Eco-Emulsion Asphalt)

Reynolds Asphalt (Reynolds Asphalt Mix)

The current trends in the automotive industry, namely the emergence of electric vehicles and advanced driver-assistance systems, entail higher demand for high-quality road infrastructure, leading to a substantial rise in the asphalt market. Around the same time, the significance of the state of the roadways increases as well, as special provisions such as electric vehicle charging stations, as well as perfect conditions for driving without any mechanical damage, have to be put in place.

Moreover, the funds come from the governments as well, with the U.S. Department of Transportation having invested over USD 7 billion into electric vehicle road and bridge infrastructure plus their related charging facilities under the new infrastructure plan. Because of such considerable federal investments into the state of the roads, the level of their quality is bound to be increased, creating a convenient environment for electric and advanced driver-assistance systems vehicles. Thus, the impact of automotive industry trends on the asphalt market is substantial, with the increased quality of road surfaces, supported in part by the state and market players, expected to benefit the growth of both electric vehicles and asphalt markets, pushing the latter towards more sustainable products with better characteristics.

Which Segment of the Asphalt Market is Estimated to Dominate in Product?

The paving held the largest market share around 58% in 2023. The dominance of this segment is due to exponential demand for the construction and maintenance of roads all over the globe. Urbanization and the construction of better infrastructure have become more popular in the world. Asphalt for paving is important for the construction of durable and efficient highways for interconnecting cities and towns. Durable roads are important for road safety and the effective operation of vehicles. The applications of paving asphalt include new constructions and rehabilitation of roads. Infrastructure improvement has continued to enhance the demand for paving applications. The recent U.S. Bipartisan Infrastructure Law and allocation of millions of dollars towards modernizing infrastructure has led to more paving applications.

Asphalt Market Report Scope :

Report Attributes	Details
Market Size in 2023	US$ 249.19 Mn
Market Size by 2031	US$ 370.98 Mn
CAGR	CAGR of 5.1% From 2024 to 2031
Base Year	2023
Forecast Period	2024-2031
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	. By Product (Roofing, Paving, and Others) . By Type (Cold Mix Asphalt, Warm Mix Asphalt, and Hot Mix Asphalt) . By Application (Roadways, Recreation, Waterproofing, and Others) . By End-user (Residential and Non-Residential)
Regional Analysis/Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Drivers	. Increasing adoption of asphalt for road construction and maintenance . Rising popularity of asphalt as a sustainable and eco-friendly material

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Which Segment of the Asphalt Market is Estimated to Dominate in Application?

Roadways application segment held the largest market around 43% in 2023. This dominance is attributed to the increasing investments in infrastructure development and the need for efficient transportation networks. According to the International Road Assessment Programme (iRAP), more than 30% of the world's roads are in poor condition, necessitating significant investments in road construction and rehabilitation.

Which Region is Estimated to Dominate the Asphalt Market?

The Asia-Pacific region held the highest market share around 37% in 2023. This region is experiencing rapid urbanization and industrialization, leading to increased demand for infrastructure development, including roads and highways. Countries like China, India, and Japan are major contributors to the asphalt market in this region.

• China: The country is one of the largest consumers of asphalt globally, driven by extensive infrastructure development and government initiatives like the Belt and Road Initiative. The National Bureau of Statistics of China reported a 15% increase in road construction projects in 2023, leading to increased demand for asphalt.
• India: The government's ambitious infrastructure plans, including the Bharatmala Pari Yojana, aim to enhance road connectivity across the country. The Indian asphalt market is expected to witness significant growth as the government invests in expanding and upgrading its road network.
• Japan: With a mature construction market, Japan is focusing on high-quality asphalt products to ensure durability and longevity in its infrastructure. The country is also adopting innovative technologies in asphalt production to enhance performance.

The North American region held the second-largest market share of around 24.1% in 2023. The U.S. government has committed significant funding to infrastructure projects through initiatives like the Bipartisan Infrastructure Law, which is expected to enhance road construction and maintenance activities.

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Recent Developments

• In 2023, Sika AG announced the acquisition of a major asphalt manufacturing company in North America, enhancing its product offerings and market presence.
• Colas Group launched a new range of eco-friendly asphalt products aimed at reducing the environmental impact of road construction. These products align with the growing sustainability trend in the construction industry.
• Shell has expanded its asphalt supply chain in the Asia-Pacific region, investing in state-of-the-art production facilities to meet the rising demand for high-quality asphalt products.

Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.1.1 Drivers

4.1.2 Restraints

4.1.3 Opportunities

4.1.4 Challenges

4.2 PESTLE Analysis

4.3 Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Production Capacity and Utilization, by Country, by Type, 2023

5.2 Feedstock Prices, by Country, by Type, 2023

5.3 Regulatory Impact, by Country, by Type, 2023.

5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region

5.5 Innovation and R&D, by Type, 2023

6. Competitive Landscape

7. Asphalt Market Segmentation, by Product

8. Asphalt Market Segmentation, by Application

9. Regional Analysis

10. Company Profiles

11 . Use Cases and Best Practices

12. Conclusion

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