ASPHALT MARKET ANALYSIS
Market Dynamics:-
Rising asphalt production and increasing consumption of asphalt in North America and Europe is driving the global asphalt market growth. According to United Nations (UN) Comtrade Data, North America asphalt production was pegged at 12,140,753.44 metric tons in 2015, which was increased by 12,145,516.44 metric tons in 2016. Asphalt is used for rural roads, urban streets, taxiways, private roads, parking areas, bridges decks, cycle paths, footways, sports, and play areas.
Furthermore, increasing consumption of asphalt in construction and transportation industry in emerging economies is driving growth of the global asphalt market. According to Asphalt Institute and Eurobitume, in Europe, public investment for the construction of street, highway, and bridges is around US$ 110 billion each year.
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