Asphalt Market Growth Accelerated by Increasing Road Construction Activity

Asphalt Market Growth Accelerated by Increasing Road Construction Activity

Asphalt is a widely used construction material for pavement and roofing applications owing to its durability, flexibility, and resistance to water damage. It is made by mixing mineral aggregate and liquid asphalt cement binder. Asphalt is used in the construction of roads, bridges, parking lots, airports, and footpaths due to its load-bearing capacity and resistance to abrasion. The increasing construction of roads, highways, bridges driven by growing urbanization and industrialization has been a key factor driving the demand for asphalt.

The global asphalt market is estimated to be valued at US$ 284.08 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increase in Construction of Green Roads and Bridges
 The green road construction utilizes recycled materials such as reclaimed asphalt pavement (RAP) in asphalt mixes which significantly reduces use of virgin materials. As infrastructure development continues in emerging economies, construction of sustainable roads is expected grow rapidly during the forecast period thus driving demand for asphalt and green technologies in the industry.

Segment Analysis
Content: Global Asphalt Market Size  is segmented by product type into paving asphalt, roofing asphalt and others. Among these, paving asphalt dominates the market with around 70% share owing to its widespread application in the construction of roads, highways and parking areas. It is widely used in the construction of asphalt pavements which forms the major infrastructure backbone for transport and vehicular movement across countries.

Key Takeaways
The global asphalt market is expected to witness high growth.
Regional analysis: North America currently dominates the global asphalt market and is expected to maintain its lead during the forecast period. This can be attributed to the strong presence of road construction and transport infrastructure activities in countries like the US and Canada.

Key players operating in the asphalt market are Tesla, Duracell Power Center, Durapower Group, Contemporary Amperex Technology Co., Limited (CATL), and Toshiba Corporation.
 
For More details on the topic:
https://www.newswirestats.com/asphalt-market-market-size-and-share-analysis/
 
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