Asphalt Market Developments by 2031
The Asphalt Market is expected to register a CAGR of 5% from 2024 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Paving Petroleum Asphalt, Industrial Petroleum Asphalt, and Others). Based on Application report is segmented into (Roadways, Waterproofing, Recreation, and Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Asphalt Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Asphalt Market Segmentation
Type- Paving Petroleum Asphalt
- Industrial Petroleum Asphalt
- Roadways
- Waterproofing
- Recreation
Strategic Insights
Asphalt Market Growth Drivers- Rising Infrastructure Development: The demand for asphalt is largely driven by the ongoing global expansion of infrastructure projects. Roads, highways, bridges, and airports all require asphalt for construction and maintenance. As governments and private entities invest in infrastructure to accommodate urbanization and economic growth, the need for asphalt continues to rise, driving market growth.
- Urbanization and Population Growth: The rapid increase in urban populations, especially in emerging economies, is driving the demand for asphalt. Urban expansion requires extensive road networks, residential developments, and commercial infrastructure, all of which utilize asphalt. This growing urbanization is expected to increase demand for durable and cost-effective construction materials, with asphalt being a primary choice.
- Increased Demand for Sustainable Pavement Solutions: There is a growing trend towards sustainable infrastructure solutions. Recycled asphalt and warm-mix asphalt technologies are gaining popularity due to their environmental benefits, such as reducing emissions and conserving resources. As regulations tighten around sustainability, the demand for environmentally friendly asphalt products is expected to grow, driving market expansion.
- Sustainable and Green Asphalt: The future of the asphalt market will increasingly focus on sustainability. Innovations in recycling technologies and the use of bio-based materials in asphalt production will cater to growing environmental concerns. Warm-mix and cold-mix asphalt solutions will reduce energy consumption and emissions, making asphalt more eco-friendly and appealing to governments focused on sustainable development.
- Technological Advancements in Asphalt Production: Automation and digitalization in asphalt production are on the rise. Technologies such as asphalt monitoring systems and quality control using AI are expected to improve manufacturing efficiency and product consistency. These technological advancements will lead to cost-effective, higher-performance products, creating new opportunities in road construction and maintenance.
- Increase in Recycling of Asphalt: The asphalt recycling market will continue to grow as more regions implement policies to reduce waste and increase material reuse. Recycled asphalt pavements (RAP) are becoming more common in road construction, contributing to reduced costs and less environmental impact. This trend is likely to expand as more advanced recycling technologies are developed.
- Expansion in Emerging Markets: The asphalt market has significant opportunities in developing regions like Asia-Pacific, Africa, and Latin America. Rapid urbanization and infrastructure development in these areas are driving the demand for roads, highways, and airports, which are typically constructed with asphalt. This expansion offers substantial growth potential for asphalt suppliers in these emerging markets.
- Growth of Smart Roads and Infrastructure: The development of smart roads, which incorporate technologies such as sensors and energy-efficient lighting, offers new opportunities for the asphalt market. As infrastructure upgrades incorporate smart features, there will be an increasing demand for innovative asphalt solutions that support these technologies, creating a niche market for high-performance asphalt materials.
- Public-Private Partnerships for Infrastructure Projects: Collaboration between governments and private entities in large infrastructure projects presents a major opportunity for the asphalt industry. Public-private partnerships in road construction, maintenance, and repairs will drive steady demand for asphalt, especially in regions with significant road network expansion projects. These partnerships offer long-term, stable growth prospects.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Asphalt Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Asphalt Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Development of Modified Asphalt is expected to be the key market trends.
Based on geography, Asia Pacific held the largest share of the asphalt market.
Based on type, polymeric modifiers, is expected to witness the fastest growth during the forecast period
BP Plc, CEMEX S A B de C V, Exxon Mobil Corporation are some of the key players operating in the asphalt market
Increasing Renovation Activities is driving the market growth
The Asphalt Market is estimated to witness a CAGR of 5% from 2023 to 2031
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Asphalt Market - By Type
1.3.2Asphalt Market - By Application
1.3.3Asphalt Market - By Region
1.3.3.1By Country
2.KEY TAKEWAYS
3.RESEARCH METHODOLOGY
4.ASPHALT MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.ASPHALT MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6.ASPHALT MARKET - GLOBAL MARKET ANALYSIS
6.1.ASPHALT - GLOBAL MARKET OVERVIEW
6.2.ASPHALT - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.ASPHALT MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1.OVERVIEW
7.2.TYPE MARKET FORECASTS AND ANALYSIS
7.3.PAVING PETROLEUM ASPHALT
7.3.1.Overview
7.3.2.Paving Petroleum Asphalt Market Forecast and Analysis
7.4.INDUSTRIAL PETROLEUM ASPHALT
7.4.1.Overview
7.4.2.Industrial Petroleum Asphalt Market Forecast and Analysis
7.5.OTHERS
7.5.1.Overview
7.5.2.Others Market Forecast and Analysis
8.ASPHALT MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.ROADWAYS
8.3.1.Overview
8.3.2.Roadways Market Forecast and Analysis
8.4.WATERPROOFING
8.4.1.Overview
8.4.2.Waterproofing Market Forecast and Analysis
8.5.RECREATION
8.5.1.Overview
8.5.2.Recreation Market Forecast and Analysis
8.6.OTHERS
8.6.1.Overview
8.6.2.Others Market Forecast and Analysis
9.ASPHALT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Asphalt Market Overview
9.1.2North America Asphalt Market Forecasts and Analysis
9.1.3North America Asphalt Market Forecasts and Analysis - By Type
9.1.4North America Asphalt Market Forecasts and Analysis - By Application
9.1.5North America Asphalt Market Forecasts and Analysis - By Countries
9.1.5.1United States Asphalt Market
9.1.5.1.1United States Asphalt Market by Type
9.1.5.1.2United States Asphalt Market by Application
9.1.5.2Canada Asphalt Market
9.1.5.2.1Canada Asphalt Market by Type
9.1.5.2.2Canada Asphalt Market by Application
9.1.5.3Mexico Asphalt Market
9.1.5.3.1Mexico Asphalt Market by Type
9.1.5.3.2Mexico Asphalt Market by Application
9.2.EUROPE
9.2.1Europe Asphalt Market Overview
9.2.2Europe Asphalt Market Forecasts and Analysis
9.2.3Europe Asphalt Market Forecasts and Analysis - By Type
9.2.4Europe Asphalt Market Forecasts and Analysis - By Application
9.2.5Europe Asphalt Market Forecasts and Analysis - By Countries
9.2.5.1Germany Asphalt Market
9.2.5.1.1Germany Asphalt Market by Type
9.2.5.1.2Germany Asphalt Market by Application
9.2.5.2France Asphalt Market
9.2.5.2.1France Asphalt Market by Type
9.2.5.2.2France Asphalt Market by Application
9.2.5.3Italy Asphalt Market
9.2.5.3.1Italy Asphalt Market by Type
9.2.5.3.2Italy Asphalt Market by Application
9.2.5.4United Kingdom Asphalt Market
9.2.5.4.1United Kingdom Asphalt Market by Type
9.2.5.4.2United Kingdom Asphalt Market by Application
9.2.5.5Russia Asphalt Market
9.2.5.5.1Russia Asphalt Market by Type
9.2.5.5.2Russia Asphalt Market by Application
9.2.5.6Rest of Europe Asphalt Market
9.2.5.6.1Rest of Europe Asphalt Market by Type
9.2.5.6.2Rest of Europe Asphalt Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Asphalt Market Overview
9.3.2Asia-Pacific Asphalt Market Forecasts and Analysis
9.3.3Asia-Pacific Asphalt Market Forecasts and Analysis - By Type
9.3.4Asia-Pacific Asphalt Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Asphalt Market Forecasts and Analysis - By Countries
9.3.5.1Australia Asphalt Market
9.3.5.1.1Australia Asphalt Market by Type
9.3.5.1.2Australia Asphalt Market by Application
9.3.5.2China Asphalt Market
9.3.5.2.1China Asphalt Market by Type
9.3.5.2.2China Asphalt Market by Application
9.3.5.3India Asphalt Market
9.3.5.3.1India Asphalt Market by Type
9.3.5.3.2India Asphalt Market by Application
9.3.5.4Japan Asphalt Market
9.3.5.4.1Japan Asphalt Market by Type
9.3.5.4.2Japan Asphalt Market by Application
9.3.5.5South Korea Asphalt Market
9.3.5.5.1South Korea Asphalt Market by Type
9.3.5.5.2South Korea Asphalt Market by Application
9.3.5.6Rest of Asia-Pacific Asphalt Market
9.3.5.6.1Rest of Asia-Pacific Asphalt Market by Type
9.3.5.6.2Rest of Asia-Pacific Asphalt Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Asphalt Market Overview
9.4.2Middle East and Africa Asphalt Market Forecasts and Analysis
9.4.3Middle East and Africa Asphalt Market Forecasts and Analysis - By Type
9.4.4Middle East and Africa Asphalt Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Asphalt Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Asphalt Market
9.4.5.1.1South Africa Asphalt Market by Type
9.4.5.1.2South Africa Asphalt Market by Application
9.4.5.2Saudi Arabia Asphalt Market
9.4.5.2.1Saudi Arabia Asphalt Market by Type
9.4.5.2.2Saudi Arabia Asphalt Market by Application
9.4.5.3U.A.E Asphalt Market
9.4.5.3.1U.A.E Asphalt Market by Type
9.4.5.3.2U.A.E Asphalt Market by Application
9.4.5.4Rest of Middle East and Africa Asphalt Market
9.4.5.4.1Rest of Middle East and Africa Asphalt Market by Type
9.4.5.4.2Rest of Middle East and Africa Asphalt Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Asphalt Market Overview
9.5.2South and Central America Asphalt Market Forecasts and Analysis
9.5.3South and Central America Asphalt Market Forecasts and Analysis - By Type
9.5.4South and Central America Asphalt Market Forecasts and Analysis - By Application
9.5.5South and Central America Asphalt Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Asphalt Market
9.5.5.1.1Brazil Asphalt Market by Type
9.5.5.1.2Brazil Asphalt Market by Application
9.5.5.2Argentina Asphalt Market
9.5.5.2.1Argentina Asphalt Market by Type
9.5.5.2.2Argentina Asphalt Market by Application
9.5.5.3Rest of South and Central America Asphalt Market
9.5.5.3.1Rest of South and Central America Asphalt Market by Type
9.5.5.3.2Rest of South and Central America Asphalt Market by Application
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.ASPHALT MARKET, KEY COMPANY PROFILES
11.1.BP PLC
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.CEMEX S.A.B. DE C.V.
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.EXXON MOBIL CORPORATION.
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.IMPERIAL OIL LIMITED
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.NYNAS AB
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.OWENS CORNING
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.PETRoLEOS DE VENEZUELA, SA.
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.ROYAL DUTCH SHELL PLC,
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.SINOPEC CORP.
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.TOTAL S.A.
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
1.BP Plc
2.CEMEX S.A.B. de C.V.
3.Exxon Mobil Corporation.
4.Imperial Oil Limited
5.Nynas AB
6.Owens Corning
7.Petroleos de Venezuela, SA.
8.Royal Dutch Shell plc,
9.Sinopec Corp.
10.Total S.A.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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