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Report Overview
The global asphalt market is expected to grow at a CAGR of 5.3% during the period 2025-2034. 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.
Asphalt Market Outlook
Asphalt, also known as bitumen, is a sticky, black, and highly viscous liquid or semi-solid form of petroleum. It is a naturally occurring substance found in deposits alongside sand, gravel, and other materials. Asphalt is primarily used in road construction as a binder mixed with aggregate particles (such as gravel, sand, or crushed stone) to create asphalt concrete, commonly used for paving roads, parking lots, and driveways. It is also used for waterproofing, sealing roofs, and in various industrial applications.
The growth of the asphalt market is aided by the crucial role of the material in infrastructure development, particularly in road construction. The consistent demand for asphalt is fuelled by the ongoing need for building and maintaining roads, highways, bridges, and airport runways, with a major portion of bitumen (a key component of asphalt) being used in road construction.
The World Bank reports that global spending on road construction and maintenance reaches USD 1.4 trillion each year. A significant portion of this investment is allocated to asphalt, favoured for its adaptability, ease of application, and durability. Among the largest infrastructure endeavours worldwide is the Bharatmala Pariyojana initiative by the Indian government, which aims to construct 34,800 kilometers of highways and roads by the year 2025. Asphalt serves as the primary material for this initiative, with the Ministry of Road Transport and Highways indicating that more than 1.5 million tons of asphalt are utilized annually for highway development under this program, thereby aiding the asphalt market growth.
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 2025 and 2034.
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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