Asphalt Concrete Market is Estimated to be US$ 5.55 Billion by 2034 with a CAGR of 5.1% | Fact.MR

Global asphalt concrete market is estimated at US$ 3.38 billion in 2024 and is likely to grow at a CAGR of 5.1% to reach US$ 5.55 billion in 2034.

The growth of the market is driven mainly by the immense demand for bitumen used in road construction, which consumes about 70% of total consumption. Some of the driving factors include rising construction of asphalt pavements, supportive government appropriations, growing realization of infrastructure renewal, and improving non-building construction activities, especially in highways and street construction.

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Asphalt Concrete: Composition and Applications

Asphalt concrete is a composite material made up of bitumen/asphalt, fillers, and aggregates. It is commonly used in construction. Asphalt concrete has different names in different parts of the world, such as rolled asphalt, pavement, blacktop, and bitumen macadam.

This product is used in surface construction, typically for roads, sidewalks, airports, parking lots, embankment dam cores, and railroad beds. Based on its end-use application, asphalt concrete can be classified as dense, moderate, or open-graded to fulfill particular structural and durability needs.

Asphalt concrete typically comes in three-layer types, as a base and binding layer to increase load-carrying capacity and structural stability. Its utility and longevity, along with numerous mix designs available, make it a necessary part of the heavy construction sector.

One of the most important benefits of asphalt concrete is its recyclability, which promotes sustainability in construction. It is made to resist harsh climatic conditions and offer a high load-bearing, smooth, and even finish. Asphalt concrete also complies with IS EN 13108 and NRA standards, meeting road construction regulation and quality standards.

Asphalt Concrete Market: Key Dynamics

Asphalt concrete is a highly specialized material used in heavy construction applications, ranging from roadways and airport runways to dams and other infrastructures. The growth of the heavy construction industry due to urbanization and increasing population is the prime driver of the asphalt concrete market. Growing requirements for roadways, airports, and transport infrastructures are forcing governments globally to undertake new initiatives, increasing the market even more.

Advancements in technology and the growing requirement for effective transport infrastructure are also fueling market growth. Nonetheless, increasing prices of crude oil and improvements in the refining of oil have made asphalt more expensive, which can hamper market growth. Strict regulations in some markets and cost-effectiveness of cement concrete over asphalt concrete are also affecting industry trends, which is causing some players to divert their interests.

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Asphalt Concrete Market: Regional Outlook

The Asia-Pacific, Latin America, and Middle East & Africa regions are becoming important markets in light of accelerating urbanization, technological innovations, and growing government investment in infrastructure projects. Eastern Europe is experiencing consistent growth in the heavy construction industry, making it a potential market. North America and Western Europe are both continuing to construct new infrastructure projects, solidifying their position as potential markets for asphalt concrete.

This report provides comprehensive market analysis comprising historical data, statistical information, and future predictions, supported by industry-approved methods. It delivers regional and industry-wise segmentation, providing valuable input for market participants.

Segmentation of the Asphalt Concrete Market

By Form:
Liquid
Solid
By Application:
Base Course
Binder Course
Surface Course
By End Use:
Roadways
Railway Beds
Airport Runways
Parking Lots
Embankment Dams
Tunnels
Bridges
Playgrounds

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