Asphalt Market 2019: Association between Major Key Vendors Like ExxonMobil to Produce Promising Growth Opportunities in Upcoming Years, says Straits Research

Asphalt Market

The global asphalt market was valued at USD 72.6 billion in 2018 and is expected to reach a value of USD 108.8 billion by 2026.

Long gone are the days when only concrete was used for the construction of roads, road repair, and other related projects; asphalt is the preferred option of the day. Asphalt – a mixture of aggregates, binder, and filler – is a by-product from the distillation process of specific crude oils. It is used for constructing and maintaining all kind of roads and parking and sports areas. The increasing preference towards HMA (Hot Mix Asphalt), development of bio-renewable modifiers, growing popularity of Reclaimed Asphalt Pavement (RAP), and intricate research in integrating nanotechnology – nano-clay are expected to provide a fillip to the market. According to the European Asphalt Pavement Association, Europe accounts for 25% of the global asphalt production, with 2500 active production sites and over 9500 companies engaged in asphalt production. The primary drivers of the global asphalt market are increasing road construction activities, use of asphalt in commercial and domestic roads, highways constructions, and favorable initiatives by governments of various countries. According to the National Asphalt Pavement Association, 94% of U.S. roads and streets are surfaced with asphalt; the country has more than 2.7 million miles of paved roads and highways.

Hot mix asphalt, warm mix asphalt, and cold mix asphalt are the types of asphalt studied in the report. Hot mix asphalt helps improve the performance of the pavement and road. Adding a small percentage of recycled asphalt shingles in asphalt cement lowers the cost of hot mix asphalt. Among all segments, hot mix asphalt is expected to capture a significant market share during the forecast period.

The roadways segment is the promising application of the asphalt market due to heavy use of asphalt in road pavements, highways, and bridges. According to the Federal Highway Administration, United States has 1.8 million miles paved local roads with its type not tracked. Of the remaining 953,000 miles of paved roads, around 796,000 miles are asphalt, and 158,000 miles are concrete. Moreover, the flourishing demand for construction equipment is gaining momentum in the market; whilst a range of new asphalt paver models are entering the market with advanced technology and machines with added controls.

Asphalt shingled roof is a trending roof type for homes, mostly seen in the United States. In 2016, the U.S. utilized 2 million tons of recycled asphalt shingles in new pavements, which saved taxpayers USD 2.6 billion. According to the Federal Highway Administration (FHWA) and the United States Environmental Protection Agency (EPA), 80% of the asphalt removed each year from road surfaces is used as a part of new roads, shoulders, roadbeds, and embankments.

The demand for asphalt is high for road construction, supported by the dire need to fix and repair older roads and highways. Government spending among state and local legislative bodies on road repair and maintenance projects is boosting the consumption of asphalt cement, asphalt emulsions, and related patching and repair materials. According to the Federal Highway Administration, U.S department of transportation invest 50% of capital on the purchase of materials used for constructing highways.

Asia-Pacific is witnessing significant growth in the asphalt market during the forecast period, owing to the increasing demand for roadways construction, government policy led investment on road infrastructure, and innovations in asphalt-based construction solutions. China is the frontrunner in the production and consumption of asphalt in the region. According to the United Nations Statistics Division, China, in the year 2016, consumed 398 thousand metric tons of asphalt for the industry and construction purpose, whereas the total production was 21,716 thousand metric tons.

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The Major Prominent Players Covered in this Report:
ExxonMobil, Imperial Oil, British Petroleum, Shell Bitumen, CEMEX, Valero Energy, Marathon Petroleum, Chevron, and Royal Dutch Shell. & More.

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

By Product Type
Hot Mix Asphalt
Warm Mix Asphalt
Cold Mix Asphalt

By Application
Roadways
Waterproofing
Recreation

By End-User
Non-Residential Construction
Residential Construction

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2026, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Asphalt Market Trends:
- The report identifies, determines, and forecasts the Global Asphalt Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Asphalt Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Asphalt Market.

Key Questions Answered in The Report:
What will the Asphalt market growth rate?
What are the key factors driving the global Asphalt market?
Who are the key manufacturers in the Asphalt market space?
What are the market opportunities, market risk, and market overview of the Asphalt market?
What are sales, revenue, and price analysis of top manufacturers of the Asphalt market?
Who are the distributors, traders, and dealers of the Asphalt market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Asphalt Industry?
What are sales, revenue, and price analysis by regions of Asphalt industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

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This release was published on openPR.