The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The global asphalt market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
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.
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.
Breakup by Product:
Breakup by Asphalt Type:
Breakup by Application:
Breakup by End-Use Sector:
Breakup by Region:
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.
Key Questions Answered in This Report:
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91 120 433 0800 )
Drop us an email at