Global Asphalt Market Size to Exceed USD 5.38 billion by 2028, By SkyQuest Technology

The performance of the product, as well as its sturdiness, aesthetic appeal, and shelf life, are improved by the addition of asphalt additives or modifiers. Among the modifiers used are styrene-butadiene-styrene, crumb rubber, atactic polypropylene, and natural rubber. They are used with this material to improve its flexibility and strength. These modifiers also help to increase abrasion and ageing resistance. Several chemicals are used to strengthen and extend the life of the concrete. Because they withstand deformation and high temperatures, crumb rubbers are used in roofing applications. Because of the rising usage of modified asphalt, the lifespan of building structures and roads is improving, which is expected to support the growth of the bitumen sector.

Customers are now more aware of how changing weather patterns are affecting infrastructure. This, combined with an increase in global temperatures, has inspired many consumers to choose solutions that protect buildings from inclement weather. This has caused a rise in demand for roofing on both new and old buildings. Applications for waterproofing in leisure and climate change are growing, which is driving this industry. In order to shield the structure of the building from mildew, mould, and degeneration as well as against leaks and moisture, infrastructures must be waterproofed.

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The factor preventing the market from growing is the fluctuating cost of raw materials. The components are made of petroleum and crude oil. The prices of various commodities shift in response to trade on the stock exchange. This pricing uncertainty might lead to pricey production. Additionally, the industry's development is constrained by a restricted supply of raw materials brought on by these price increases. The rise of the global asphalt market as a whole may be threatened by a shift toward cement roads in several regions.

Read market research report, "Global Asphalt Market By Product Type (Hot Asphalt, Medium Curing (MC) Cold Mix Asphalt, and Unique Paving Materials (UPM) Asphalt), Application (Asphalt Cement, Emulsion, Paving, Roofing, and Others), End-Use (Residential and Non-Residential), and Region -Forecast And Analysis 2022-2028" By Skyquest

Due to the expansion of the construction industry, Asia Pacific held the highest share of the global asphalt market. This expansion is the result of rising demand from developing nations like South Korea, China, and India. China is also the key client because to the region's expanding urbanisation and population. Significant infrastructure development, innovations in the construction industry, industry consolidations, and regional economic growth are all expected to support regional market expansion. The building industry is getting ready for slower economic growth as a result of the coronavirus outbreak in the Asia Pacific area.

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For instance, in the Union Budget 2021, the Indian government allocated Rs. 60,241 crores (US$ 8.28 billion) for road building and Rs. 57,350 crores (US$ 7.88 billion) for national roads. The government wants 8,500 kilometres of new roads constructed by March 2022. Additionally, 11,000 km more of the National Highway networks will be completed by March 2022. The government announced an investment of Rs. 118,101 crores (US$ 16.20 billion) for the Ministry of Road Transport and Highways. A project for the Bharatmala Pariyojana that cost the government an additional Rs. 5.35 lakh crore (US$ 73.37 billion) comprised the construction of more than 13,000 km of roads for Rs. 3.3 lakh crore (US$ 45.26 billion).

Due to the region's growing trend of maintaining roads and highways as well as the rising tendency of using residential structures for recreational reasons, it is projected that the global asphalt market in North America would grow during the forecast period. Supply will rise dramatically as a result of the strong economic expansion, growing construction activity, favourable governmental policies, and rising consumer demand. For instance, according to the most recent estimates, laws set by all tiers of government account for 23.8% of the total price of a newly built single-family home built for sale. Contrary to earlier studies, the results of surveying developers and builders separately produced a marginally different breakdown of the cost of regulation, with 10.5 percent of the final home price attributable to regulation during the development of the lot and the remaining 13.3 percent attributable to regulation during the construction of the single-family structure. The projection for 2021, 23.8 percent, is a little decline from the 24.3 percent seen in earlier study.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.

What does this Report Deliver?
Market Estimation for 20+ Countries
Asphalt Market demand by Region, Sub-Region, and Country
Customization on Segments, Regions, and Company Profiles
100+ tables, 150+ Figures
Global, Regional and Country specific Asphalt Market Trends
Comprehensive Mapping of Asphalt Industry Parameters
Attractive Investment Proposition in the Global Asphalt Industry
Competitive Strategies Adopted by Asphalt Market Key Players
Drivers, Restraints, Opportunities, Challenges and the impact on the Asphalt Market Size
Market growth rate till 2028
Regulatory scenario, regional dynamics, and Asphalt Market insights of leading countries in each region
In-depth Market insights by Region and Country
Market Segmentation Trend Analysis, Opportunities and Growth
Porter's five force analysis to know the market's condition
Pricing Analysis and Asphalt Market Sales
Parent market analysis
Product portfolio benchmarking

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SkyQuest has segmented the Global Asphalt Market based on Product Type, Application, and Region:
Global Asphalt Market by Product Type (Revenue, US$ Billion, 2021 - 2028)
Paving
Roofing
Others
Global Asphalt Market by Application (Revenue, US$ Billion, 2021 - 2028)
Roadways
Waterproofing
Recreation
Others
Global Asphalt Market By Region (Revenue, US$ Billion, 2021 - 2028)
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Central & South America
Brazil
Rest of CSA
Middle East & Africa
GCC Countries
South Africa
Rest of MEA

Key Players in the Global Asphalt Market
CEMEX S.A.B. de C.V. (Mexico)
China Petroleum & Chemical Corporation (China)
Exxon Mobil Corporation (U.S.)
Marathon Petroleum Corporation (U.S.)
Royal Dutch Shell (Netherlands)
Total (France)
United Refining Company (U.S.)
Boral (Australia)
Valero Marketing and Supply Company (U.S.)
HEIDELBERGCEMENT AG (Germany)

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This release was published on openPR.