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Report Overview
The global asphalt market is expected to grow at a CAGR of 5.3% during the period 2024-2032. The market is expected to be driven by the use of asphalt in expressways all over the world owing to its advantages, including quick construction, easy maintenance, driving comfort and safety, low noise levels, and others.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- Europe plans to expand its road network of 23,000 km to 37,000 km by 2023, an increase of 61%.
- In 2020, global bitumen and asphalt imports declined sharply to 2.1 million tonnes, a decrease of 15.2% from the previous year.
- Asphalt remains the preferred pavement material in America, with over 90% of Canadian roads and more than 96% of Mexican roads also primarily composed of asphalt.
Competitive Landscape
Major asphalt market players are rapidly expanding their presence in emerging markets to solidify their position. Major players in the market are continuously expanding their production capacities and geographical presence to cater to the growing demand for asphalt, especially in emerging markets with high infrastructure development needs. Continuous research and development efforts are leading to the development of innovative asphalt products, such as warm mix asphalt (WMA) and recycled asphalt pavement (RAP), which offer improved performance and sustainability.
Key Industry Players
Aggregate Industries Ltd.
Aggregate Industries Ltd. is a leading construction materials company based in the United Kingdom, specialising in the production and supply of aggregates, asphalt, cement, concrete, and precast products. Founded in 1858, the operates numerous quarries, asphalt plants, and concrete plants across the UK, serving a wide range of customers in the construction industry.
Anglo American Plc
Anglo American Plc is a multinational mining company in the asphalt industry, founded in 1917 and headquartered in the United Kingdom. It is one of the world's largest producers of platinum, diamonds, copper, nickel, iron ore, and coal. The company has operations in Africa, Europe, Asia, Australia, and the Americas, with a strong focus on sustainable mining practices and community development.
Atlas Roofing Corporation
Atlas Roofing Corporation is a leading manufacturer of residential and commercial building materials, primarily known for its roofing and insulation products. Based in the United States and established in 1982, the company offers a wide range of roofing shingles, underlayment, and insulation solutions, serving customers across North America.
BP Plc
BP Plc, formerly British Petroleum, is a global energy company headquartered in London, UK. It was founded in 1909 and has become one of the largest oil and gas companies in the world, with operations spanning exploration, production, refining, distribution, and marketing of oil, gas, and renewable energy sources. BP is also involved in petrochemicals, trading, and renewable energy development.
Other key players in the global asphalt market are Cemex, Chevron Corporation, and Exxon Mobil Corporation, among others.
Asphalt Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global asphalt market is projected to grow at a CAGR of 5.3% between 2024 and 2032.
The major drivers of the market include the rising uses of asphalt in roadways and pavements and the increasing adoption of emulsified asphalt along with polymer-modified asphalt.
Increasing construction activities and growing emphasis on infrastructure development are the key trends propelling the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various products in the market are asphalt paving mixtures and blocks, prepared asphalt and tar roofing and siding products, and roofing asphalts and pitches, coatings and cement.
The different asphalt types are hot mix asphalt, warm mix asphalt, and cold mix asphalt.
The significant applications of asphalt include roadways, waterproofing, and recreation, among others.
The key players in the market are Aggregate Industries Ltd., Anglo American Plc, Atlas Roofing Corporation, BP Plc, Cemex, Chevron Corporation, and Exxon Mobil Corporation, among others.
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