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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.
Asphalt Market Trends
Advancing sustainability in asphalt production
One of the major trend of asphalt market is that environmental concerns have heightened the focus on sustainability in the market, promoting the use of reclaimed asphalt pavement (RAP), which reduces quarrying and lowers production's carbon footprint.
Each year, more than 80 million tons of asphalt pavement are reclaimed and recycled in the United States, establishing asphalt as the most recycled material nationwide, according to the National Asphalt Pavement Association (NAPA). This recycling initiative conserves approximately 50 million tons of aggregate each year. Moreover, The trend in Europe is equally strong, with Germany recycling around 84% of its asphalt, while other European countries show recycling rates between 60% and 80%, according to the European Asphalt Pavement Association (EAPA).
Innovations in Warm Mix Asphalt Technology
Warm Mix Asphalt (WMA) technology enables the production and application of asphalt at lower temperatures, cutting energy use and emissions, and improving safety by reducing harmful fumes, which boosts the asphalt demand growth.
The Federal Highway Administration (FHWA) reports that Warm Mix Asphalt (WMA) can reduce energy consumption by 20-30% compared to Hot Mix Asphalt (HMA), making it a cost-effective and environmentally friendly choice. A report from the Texas Department of Transportation (TxDOT) stated that Warm Mix Asphalt (WMA) technology achieved fuel savings exceeding 1.2 million gallons in 2021 across various projects, highlighting its effectiveness in reducing energy consumption.
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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