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

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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.

What is asphalt?

Asphalt refers to a black-colored and semi-solid binding material obtained from petroleum distillation residue. It is made at an average temperature of 150 to 180°C and is highly durable and crack-resistant. Asphalt is mainly used in the construction of parking areas, roads, and driveways as it binds crushed stone and aggregates into firm and concrete surfaces, including roads and pavements. The smoothly laid substance helps minimize fuel consumption and emissions in vehicles and adds to safety by providing a better grip on the wheels.

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Asphalt Market Growth Drivers and Trends: 

The growing urbanization across the globe is among the key factors driving the asphalt market. Moreover, the escalating demand for this semi-solid binding material utilized in waterproofing roofs, on account of the expanding population, is also stimulating the market growth. Besides this, the shifting preferences towards the product that serves as a more cost-effective and durable substitute to the conventionally used concrete in the construction sector are acting as significant growth-inducing factors.

Furthermore, the widespread adoption of reclaimed asphalt pavements (RAP) in residential and commercial driveways, schools, playground blacktops, and parking lots is further propelling the global market. Apart from this, the elevating demand for low-slope roofing products, such as roll roofing, modified bitumen membranes, and mopping asphalts, in the industrial industry is positively influencing the market growth.

Additionally, the rising requirement for this semi-solid binding material in the oil and gas sector and the increasing need for emulsified black-colored substance and polymer-modified asphalt are anticipated to fuel the asphalt market over the forecasted period.

Asphalt Market 2023-2028 Competitive Analysis and Segmentation:

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Competitive Landscape with Key Players:

Who are the key players operating in the asphalt industry?

Asphalt Key Compnaies:  

  • Aggregate Industries Ltd.
  • Anglo American Plc
  • Atlas Roofing Corporation
  • BP Plc
  • Cemex
  • Chevron Corporation
  • Exxon Mobil Corporation
  • Imperial Oil Limited
  • Owens Corning
  • Petroleos de Venezuela S.A
  • Royal Dutch Shell plc
  • Shell International
  • Total SA
  • United Refining Inc.

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 Blocks
  • Prepared Asphalt and Tar Roofing and Siding Products
  • Roofing Asphalts and Pitches, Coatings and Cement

Breakup by Asphalt Type:

  • Hot Mix Asphalt
  • Warm Mix Asphalt
  • Cold Mix Asphalt

Breakup by Application:

  • Roadways
  • Waterproofing
  • Recreation
  • Others

Breakup by End-Use Sector:

  • Non-Residential
  • Residential
  • Others

Geographical Analysis:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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Key Highlights of the Report:                                                    

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive 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.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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