Asphalt Market Demand, Share, Size and Forecast 2023-2028

Market Overview: 

Asphalt refers to a black-colored and semi-solid binding material acquired from petroleum distillation residue. Manufactured at a moderate temperature of 150 to 180°C, this substance is highly durable and crack resistant. It is mainly used in the construction of parking areas, roads, and driveways as it secures crushed stone and sums into the firm and concrete surfaces, such as roads and pavements. Smoothly laid asphalt aids in minimizing fuel consumption and emissions in vehicles and adds to the safety by providing a more suitable grip to the wheels. As a result, this material finds widespread applications in residential and non-residential sectors. 

How big is the asphalt market?

The global asphalt market size reached US$ 234.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 328.8 Million by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

Get the PDF Sample Report: https://www.imarcgroup.com/asphalt-market/requestsample

Market Trends:

The emerging trend of urbanization across the globe and the escalating product demand for waterproofing roofs, owing to the increasing population, are among the primary factors driving the asphalt market. Besides this, the elevating requirement for this material, as it serves as a more cost-effective and durable alternative to the conventionally used concrete in the construction industry, is further augmenting the asphalt market growth. Moreover, the growing popularity of reclaimed asphalt pavements (RAP) in residential and commercial driveways, parking lots, schools, and playground blacktops and as an emulsion to reconstruct highway surfaces and old pavements is also catalyzing the global market.

Apart from this, the rising need for low-slope roofing products in the industrial sector, including modified bitumen membranes, mopping materials, and roll roofing is acting as another significant growth-inducing factor. Furthermore, the extensive utilization of this substance in the oil and gas industry, the inflating industrial modernization, and the increasing usage of emulsified materials with modified polymer are expected to bolster the asphalt market in the coming years. 

Asphalt Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the asphalt market has been studied in the report with the detailed profiles of the key players operating in the market.

List of Key Companies Covered in this Market Report:

Aggregate Industries Ltd.Anglo American PlcAtlas Roofing CorporationBP PlcCemexChevron CorporationExxon Mobil CorporationImperial Oil LimitedOwens CorningPetroleos de Venezuela S.ARoyal Dutch Shell plcShell InternationalTotal SAUnited Refining Inc.

Explore Full Report Description At: https://www.imarcgroup.com/asphalt-market

Report Segmentation:

The report has segmented the asphalt market based on product, asphalt type, application, end-use sector and region.

Breakup by Product:

Asphalt Paving Mixtures and BlocksPrepared Asphalt and Tar Roofing and Siding ProductsRoofing Asphalts and Pitches, Coatings and Cement

Breakup by Asphalt Type:

Hot Mix AsphaltWarm Mix AsphaltCold Mix Asphalt

Breakup by Application:

RoadwaysWaterproofingRecreationOthers

Breakup by End-Use Sector:

Non-ResidentialResidentialOthers

Geographical Analysis:

North America (United States, Canada)Europe (Germany, France, United Kingdom, Italy, Spain, Others)Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)Latin America (Brazil, Mexico, Others)Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

Speak to Analyst: https://www.imarcgroup.com/request?type=report&id=2128&flag=C

Key Highlights of the Report:                                                    

Market Performance (2017-2022)Market Outlook (2023-2028)Market TrendsMarket Drivers and Success FactorsImpact of COVID-19Value Chain AnalysisComprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:
IMARC Group
134 N 4th St
Brooklyn, NY 11249, USA
Website: https://www.imarcgroup.com
Email: [email protected]
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800
Read Newsletter: https://www.linkedin.com/newsletters/industry-news-about-6929400456628637696