According to the latest report by IMARC Group, titled "Asphalt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global asphalt market reached a value of US$ 221.4 Million in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 308 Million by 2027, expanding at a CAGR of 5.6% during 2022-2027.
- On the basis of the product, the market has been divided into asphalt paving mixtures and blocks, prepared asphalt and tar roofing and siding products, and roofing asphalts and pitches, coatings and cement.
- Based on the asphalt type, the market has been classified into hot, warm and cold mix asphalt.
- On the basis of the application, the market has been categorized into roadways, waterproofing, recreation and others.
- Based on the end-use sector, the market has been segmented into non-residential, residential and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.
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