Asphalt is a basic material used in road construction and infrastructure development. It has high durability and strength properties that make it ideal for paving surfaces subjected to heavy traffic loads. Asphalt is produced by mixing specially processed petroleum tar with silica sand and gravel aggregates. The material undergoes heating and blending processes to produce either hot mix or cold asphalt for various construction applications. With the growing initiatives of governments around the world to upgrade road networks and build new transport infrastructure, the global asphalt market is witnessing strong demand dynamics. The global asphalt market is estimated to be valued at US$ 246.59 billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Polymer Modified Asphalt Gaining Traction

One of the key trends gaining momentum in the global asphalt market is the growing preference for polymer modified asphalt. Conventional asphalt has limitations in terms of resistance to increasing traffic loads, temperature fluctuations, and aging effects over long-term usage. The integration of polymer additives helps enhance the flexibility, strength, and lifespan of asphalt. Polymers such as styrene-butadiene-styrene (SBS), ethylene-vinyl acetate (EVA), and ground tire rubber are commonly used in the production of polymer modified asphalt, which exhibits superior high-temperature performance and durability against cracking. Leading highway construction agencies are promoting the use of polymer modified asphalt to build high-quality, long-lasting roads and reduce maintenance expenses.

Segment Analysis

The global asphalt market is dominated by the road construction segment. As asphalt is extensively used in the construction and maintenance of roads and highways worldwide. According to estimates, around 60% of the overall asphalt consumption is from the road construction segment. Owing to rapid urbanization and growing infrastructure development across regions, investment in road construction activities has been on the rise, consequently driving the demand for asphalt in this segment.

Key Takeaways

The Global Asphalt Market Size is expected to witness high growth over the forecast period owing to rising construction spending on road infrastructure development worldwide.

Regional analysis:

The Asia Pacific region currently dominates the global asphalt market and is expected to maintain its lead over the next decade as well. China and India constitute a major chunk of the regional market owing to ongoing infrastructure development projects. Growth accelerator programs aimed at upgrading transport infrastructure will further propel the demand for asphalt in the Asia Pacific region.

Key players:

Key players operating in the asphalt market are 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.
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