The new report by Expert Market Research titled, ‘Global Asphalt Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global asphalt market, assessing the market based on its segments like products, asphalt types, applications, end users, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 5.3%
The global asphalt market is expected to be driven by the use of asphalt in expressways all over the world, owing to the advantages it offers, including quick construction, easy maintenance, driving comfort and safety, and low noise levels. One of the key factors driving the market’s growth is rapid urbanisation around the world. Asphalt shingles, which are used to weatherproof roofs, are in high demand due to the growing population. In the construction sector, asphalt is a more cost-effective and long-lasting alternative to the often-utilised concrete. In addition, the growing use of recycled asphalt pavements (RAP) in residential and commercial driveways, parking lots, schools, and playground blacktops is propelling the industry forward.
Industry Definition and Major Segments
Asphalt is a mixture of aggregates, binder, and filler used to construct and maintain roads, parking lots, railway tracks, ports, airport runways, bicycle lanes, walkways, and play-and-sport areas. Aggregates used in asphalt mixtures include crushed rock, sand, gravel, and slags.
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By product, the market is segmented into:
• Asphalt Paving Mixtures and Blocks
• Prepared Asphalt and Tar Roofing and Siding Products
• Roofing Asphalts and Pitches, Coatings and Cement
Based on asphalt type, the market is divided into:
• Hot Mix Asphalt
• Warm Mix Asphalt
• Cold Mix Asphalt
The significant applications are classified into:
By end user, the market is segmented into:
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The global asphalt market is growing due to rising demand for low-slope roofing materials, such as modified bitumen membranes, mopping asphalts, and roll roofing from the industrial sector. Other factors, such as the rising need for industrial modernisation, growing demand from the oil and gas industry, and increasing adoption of emulsified asphalt and polymer modified asphalt create a positive outlook for the market. Important applications of asphalt include canal and reservoir linings, dam facings, and harbour and sea works. Asphalt is also used in roofs, coatings, floor tilings, soundproofing, waterproofing, and other building-construction elements. It is also used in several industrial products, such as batteries. These applications are expected to augmentt the market growth in the coming years.
Key Market Players
The major players in the market are Aggregate Industries Ltd., Anglo American Plc, Atlas Roofing Corporation, BP Plc, Cemex, Chevron Corporation, and Exxon Mobil Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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