Philippines Asphalt Market Report and Forecast 2025-2034

Philippines Asphalt Market Size

The Philippines asphalt market is projected to grow at a CAGR of 7.8% between 2024 and 2032. The market is being driven by rising infrastructural development activities and the growing construction of roads.

Philippines Asphalt Market Outlook

• The Philippines imported $747K worth of asphalt between August 2020-21, recording a y-o-y increase of 4.26%.

• The anticipated growth of the construction sector is expected to contribute to the demand for asphalt in the Philippines.

• Asphalt paving mixtures and blocks are expected to witness increasing demand over the forecast period.

Philippines Asphalt Market Growth

Rubberised asphalt sealants are expected to replace their traditional counterparts in the Philippines’s roadways industry. This is because they minimise the occurrence of potholes and cracks on roads while enhancing their grip. They are manufactured in highly controlled temperature conditions, which results in a substance that is flexible, durable, and water-resistant.

Roads made with rubberised asphalt sealants have a long life span and low maintenance requirements, which results in significant cost savings for the government and private authorities. Such sealants also minimise the risk of pedestrian fatalities and ensure that roads do not get damaged easily during typhoons and other natural disasters.

Cold mix asphalt is expected to witness a significant increase in demand over the forecast period. This is because it is a sustainable alternative to enhancing road performance and filling up potholes. It results in substantial cost savings for construction companies by enabling them to repair the road without relying on heavy machinery or a team of personnel. Besides, it minimises the emission of volatile organic compounds into the atmosphere as it does not have any heating requirements and results in energy savings. It is very durable and improves the life span of the road, resulting in lesser road downtime and less traffic disruption.

Philippines Asphalt Industry Segmentation

Philippines Asphalt Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Asphalt Paving Mixtures and Blocks

• Prepares Asphalt and Tar Roofing and Siding Products

• Roofing Asphalts and Pitches, Coatings and Cement

Market Breakup by Asphalt Type

• Hot Mix Asphalt

• Warm Mix Asphalt

• Cold Mix Asphalt

Market Breakup by Application

• Residential

• Non-Residential

Market Breakup by End Use

• Roadways 

• Waterproofing

• Recreation

• Others

Market Breakup by Region

• National Capital Region

• Calabarzon

• Central Luzon

• Others

Philippines Asphalt Market Share

Based on end use, the market is divided into residential and non-residential. Over the forecast period, the non-residential sector is expected to dominate the market. This is because the expansion of the construction sector is expected to impact the demand for high-tech waterproofing solutions and sound barriers.

Leading Companies in the Philippines Asphalt Market

The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.

• Phoenix Asphalt Philippines, Inc.

• Anderson Asphalt Ltd.

• Exxon Mobil Corporation

• Marathon Petroleum Corporation

• Valero Energy Corporation

• Others

Key players are adding nanotechnology additives in asphalt mixes to enhance their properties such as strength, resistance to cracking, and flexibility.

Key Highlights of the Report