ASPHALT MARKET ANALYSIS

Asphalt MarketSize and Trends

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.

Market Outlook:-

Asia Pacific region was the fastest growing region in the global asphalt market in 2017 and it is expected to increase during the forecast period, owing to rising economical activities such as new constructions and green building in emerging economies such as China and India. According to International Trade Administration (ITA), U.S. Department of Commerce, in China, the construction and green building industry was valued at US$ 893.58 billion in 2018 and it is expected to reach at US$ 1,117.42 billion by 2021.

Among applications, paving segment showed significant market growth in 2017 and it is expected to increase during the forecast period, owing to increasing demand for asphalt paving in the transportation infrastructure in developed and emerging economies. According to Asphalt Institute and Eurobitume, in the U.S., annual public investment in the construction industry such as highway, bridges, and street is around US$ 80 billion each year.