Asphalt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Asphalt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Report Format: PDF+Excel | Report ID: SR112023A2128
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Market Overview:

The global asphalt market size reached US$ 221.4 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 308 Million by 2027, exhibiting a growth rate (CAGR) of 5.6% during 2022-2027. 

Asphalt is a black colored and semi-solid binding material obtained from petroleum distillation residue. Manufactured at an average temperature of 150 to 180°C, asphalt is highly durable and crack-resistant. It is primarily used in the construction of roads, parking areas and driveways as it binds crushed stone and aggregates into the firm and concrete surfaces such as roads and pavements. Smoothly laid asphalt helps in minimizing fuel consumption and emissions in vehicles and adds to the safety by providing better grip to the wheels.

 

 
 

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Rapid urbanization across the globe is one of the key factors driving the growth of the market. With the increasing population, there is a huge demand for asphalt shingles that are used for waterproofing roofs. Furthermore, asphalt serves as a more cost-effective and durable alternative to the conventionally used concrete in the construction industry. Moreover, the increasing usage of reclaimed asphalt pavements (RAP) in residential and commercial driveways, parking lots, and schools and playground blacktops are catalyzing the market growth. It is also used as an emulsion to reconstruct highway surfaces and old pavements. Additionally, increasing demand from the industrial sector for low-slope roofing products such as modified bitumen membranes, mopping asphalts and roll roofing is driving the growth of the market further. Other factors such as growing demand from the oil and gas industry, the rising need for industrial modernization and increasing adoption of emulsified asphalt along with polymer modified asphalt is also creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global asphalt market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, asphalt type, application and end-use sector.

Breakup by Product:

 

 
 

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  • 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
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa


Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being 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., etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Million
Segment Coverage Product, Asphalt Type, Application, End-Use Sector, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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 and United Refining Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Asphalt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
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