Asphalt is a black cementing material. It is a mixture of chemical molecules, which are generated from the crude oil during petroleum refining. Asphalt is adhesive, waterproof, durable, thermoplastic, modifiable, and recyclable and is useful in as construction and engineering material.
Rising asphalt production and increasing consumption of asphalt in North America and Europe is driving the global asphalt market growth. According to United Nations (UN) Comtrade Data, North America asphalt production was pegged at 12,140,753.44 metric tons in 2015, which was increased by 12,145,516.44 metric tons in 2016. Asphalt is used for rural roads, urban streets, taxiways, private roads, parking areas, bridges decks, cycle paths, footways, sports, and play areas.
Furthermore, increasing consumption of asphalt in construction and transportation industry in emerging economies is driving growth of the global asphalt market. According to Asphalt Institute and Eurobitume, in Europe, public investment for the construction of street, highway, and bridges is around US$ 110 billion each year.
Asia Pacific region was the fastest growing region in the global asphalt market in 2017 and it is expected to increase during the forecast period, owing to rising economical activities such as new constructions and green building in emerging economies such as China and India. According to International Trade Administration (ITA), U.S. Department of Commerce, in China, the construction and green building industry was valued at US$ 893.58 billion in 2018 and it is expected to reach at US$ 1,117.42 billion by 2021.
Among applications, paving segment showed significant market growth in 2017 and it is expected to increase during the forecast period, owing to increasing demand for asphalt paving in the transportation infrastructure in developed and emerging economies. According to Asphalt Institute and Eurobitume, in the U.S., annual public investment in the construction industry such as highway, bridges, and street is around US$ 80 billion each year.
Key players are focusing on strategies such as merger and acquisition, in order to gain market share in the global asphalt market. For instance, in 2011, Tennessee Paving acquired two asphalt plants of Carolina Material Sales Inc. to expand its business in the hot mix asphalt market. Moreover, in February 2019, Construction Partners, Inc. acquired a liquid asphalt terminal, which is located in the Panama City, Florida. The acquisition has been done to supply liquid asphalts in the asphalt market.
Major players operating in the global asphalt market include BP plc., Anglo American plc., Atlas Roofing Corporation, Aggregate Industries Limited, CertainTeed Corporation, GAF Materials Corporation, CEMEX S.A.B. de C.V., Colas Danmark A/S, Chevron Corporation, China National Offshore Oil Corporation, Exxon Mobil Corporation, Hanson Asphalt Runcorn, Sinopec, SemGroup Corporation, Owens Corning, etc.
On the basis of product type, the global asphalt market is segmented into:
On the basis of application, the global asphalt market is segmented into:
On the basis of end-use industry, the global asphalt market is segmented into:
On the basis of region, the global asphalt market is segmented into: