According to the latest report by IMARC Group, titled "Asphalt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global asphalt market size reached US$ 80.17 Billion in 2020. Asphalt is a sticky, black and semi-solid binding material that is obtained from natural deposits or refining the residue from the crude oil distillation process. Also known as bitumen, it is a highly viscous liquid or semi-solid form of petroleum that comprises hydrogen and carbon with minor proportions of sulfur, nitrogen, and oxygen. It is extremely durable in nature with excellent resistance to crack and temperature variations. It is majorly used as a glue or binder with aggregate particles for creating asphalt concrete, which is widely used in the construction of roads, waterproofing and sealing flat roofs.
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Global Asphalt Market Trends:
The global market is primarily driven by considerable growth in the construction sector. With rapid urbanization and increasing population, there has been an escalating need for the construction of residential spaces as well as infrastructural development. Asphalt is commonly used for the construction of highways and pavements that provides vehicles with better grip and improved safety. It is also utilized as a preferred roofing material due to its affordable nature and exceptional waterproofing property, thereby providing an impetus to the market growth. The market is further driven by the favorable initiatives undertaken by the government of various countries to promote the usage of recycled asphalt pavement (RAP) across the residential and commercial segments. RAP involves the emulsion being blended with old pavements to be utilized for repairing damaged roads and the reconstruction of worn highway surfaces. Some of the other factors contributing to the market growth include the growing preference for sustainable construction and the rising popularity of polymerized asphalt cement for building activities. On account of the aforementioned factors, the market is expected to reach a value of US$ 109.31 Billion by 2026, expanding at a CAGR of 5.30% during 2021-2026.
Market Summary:
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