Asphalt Market Future Growth, Opportunities, Trend Analysis and Forecast to 2030
The global asphalt market is predicted to have a strong compound annual growth rate (CAGR) of 5.1% between 2022 and 2030, with increasing demand for asphalt in construction due to its low cost and availability being a driving factor. Additionally, its use in railway tracks for heat and vibration resistance, and water-resistant properties for dam construction, along with its application as a binder in the production of asphalt concrete for highways, airports, and parking lots is contributing to the growth. However, fluctuating crude oil prices and strict environmental regulations on Volatile Organic Compound (VOC) emissions during production may hamper market growth.
The market is segmented by type, application, and region. The hot mix asphalt segment is expected to have the highest revenue CAGR, followed by the cold mix asphalt segment, due to their easy mixing and layering properties, and wide range of temperature use without requiring heating, respectively. The roads & highways application segment is expected to have the highest revenue CAGR, followed by the airport runways application segment, as asphalt is a durable and weather-resistant material for construction.
Regionally, Europe is expected to have the highest revenue CAGR due to an increase in infrastructure development activities, followed by North America due to an increase in residential and commercial construction projects. Asia Pacific is expected to have the highest revenue growth rate due to government investments in infrastructure, urbanization, and increasing population.
Key players in the global asphalt market include CEMEX S.A.B de C.V., LafargeHolcim, Eurobitume, Colas SA, SAKRET Holding GmbH & Co. KG, Amerindo Asphalt Corporation, and The Glendon Group, Inc. These players are using strategies such as mergers & acquisitions, expansions, and joint ventures to increase their market share.
In 2021, CEMEX S.A.B de C.V. acquired Grupo Concretos, while LafargeHolcim completed the expansion of its cement plant in Austria. In 2020, Eurobitume launched two new products, Elastoflex EB2P binder and Elastoflex EB3W binder, designed to improve the performance of asphalt pavements.
The market is segmented by type, application, and region, with the type segment comprising hot mix asphalt, warm mix asphalt, and cold mix asphalt. The application segment includes roads & highways, airport runways, parking lots, railway tracks, and others. Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Asphalt Market: Drive Factors
The global asphalt market is expected to experience a strong revenue compound annual growth rate (CAGR) of 5.1% from 2022 to 2030. The market growth is mainly attributed to the increasing use of asphalt in construction activities due to its low cost and easy availability. The product is becoming more popular in the construction of railway tracks and dams due to its high resistance to heat, vibration, and water. Additionally, asphalt is extensively used as a binder in the production of asphalt concrete, which is used in various applications, including highways, airports, and parking lots.
However, the growth of the asphalt market could be hampered by factors such as volatility in crude oil prices and stringent environmental regulations regarding the emission of Volatile Organic Compounds (VOCs) during asphalt production.
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