Market Dynamics:

Rising road infrastructure activities remains a key driving factor for the global asphalt market over the forecast period. According to the World Road Statistics report 2022, the total road network in India is estimated to be around 5.89 million kilometers with national highways accounting for 1,32,500 kilometers as of 2021. Annual road construction in India is also increasing substantially supported by large budget allocations from the government. Growing road construction projects across both developing and developed nations is supporting the demand for asphalt.

The growing prominence of modified bitumen further aids the market growth as it exhibits better performance characteristics compared to conventional bitumen. Modified bitumen offers higher resistance to rutting and aging with improved elasticity in varying climatic conditions. These enhanced properties of modified bitumen increase its preference in road paving, roofing, and other construction applications.

Key Takeaways

The Global Asphalt Market Size is expected to witness high growth.

Regional analysis: Asia Pacific region is currently the largest and fastest growing market for asphalt globally driven by ongoing infrastructure development projects in major economies like China and India. The North American region also captures significant market share owing to freeway and interstate construction activities in the US.

Key players operating in the asphalt market are Tesla, Duracell Power Center, Durapower Group, Contemporary Amperex Technology Co., Limited (CATL), and Toshiba Corporation. Duracell Power Center is a leading manufacturer of lithium-ion batteries for industrial and automotive applications globally. CATL is one of the top battery suppliers for electric vehicles.

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