Asphalt Concrete Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Hot Mix Asphalt (HMA), Warm Mix Asphalt (WMA), Cold Mix Asphalt (CMA)), By Application (Roads & Highways, Airports & Runways, Parking Lots, Industrial Flooring, Others), By End User (Government & Municipalities, Commercial Construction Companies, Industrial Facilities, Others) and Region Forecast 2020-2031

Asphalt Concrete Market size was valued at US$ 3.50 billion in 2024 and is expected to reach US$ 4.96 billion by 2031, growing at a significant CAGR of 5.1% from 2025-2031. Moreover, the U.S. Asphalt Concrete Market is projected to grow at a CAGR of 5.2% in future. The market refers to the global industry focused on the production, distribution, and application of asphalt concrete a composite material made of mineral aggregates bound together with bitumen. This material is primarily used for constructing and maintaining roads, highways, airport runways, parking lots, and other infrastructure projects. The market encompasses various types of asphalt concrete, including hot mix, warm mix, and cold mix, catering to different climatic conditions and construction requirements.

The market is witnessing steady growth driven by rapid urbanization, rising infrastructure investments, and increasing road construction and maintenance activities worldwide. Governments in both developed and emerging economies are prioritizing transportation infrastructure modernization, fueling demand for durable and cost-effective paving materials. Technological advancements, such as the development of eco-friendly and recycled asphalt mixtures, are further enhancing market potential. Additionally, the growing focus on sustainable construction practices and smart city initiatives is expected to create new opportunities for asphalt concrete manufacturers in the coming years.

Key Developments:

• In July 2025, a new carbon-cutting bio-asphalt technology was introduced, which could prove to be an industry disruptor. This innovative material, developed by Verde Biochar, involves mixing biochar into the aggregate at a hot-mix asphalt plant. The resulting bio-asphalt has zero odor and offers a more sustainable alternative to traditional asphalt, potentially reducing the carbon footprint of road construction projects.
• In March 2025,S. Congresswoman Valerie Foushee and Congressman Max Miller reintroduced the IMPACT Act 2.0, bipartisan legislation aimed at boosting American innovation and manufacturing in low-emissions cement, concrete, and asphalt production. The bill seeks to increase federal resources for research, development, demonstration, and commercialization of low-emission construction materials, thereby advancing market demand for these innovative materials in the transportation and industrial manufacturing sectors.

Asphalt Concrete Market Segmentation:

Based on the type:

• Hot Mix Asphalt (HMA)
• Warm Mix Asphalt (WMA)
• Cold Mix Asphalt (CMA)

Among the types of asphalt concrete, Hot Mix Asphalt (HMA) is anticipated to be the leading segment driving the market growth. HMA is preferred due to its superior durability, high load-bearing capacity, and long service life, making it ideal for highways, major roads, and heavy-traffic areas. Governments and construction companies are increasingly adopting HMA in large-scale infrastructure projects, as it ensures better performance under varying climatic conditions and reduces the frequency of maintenance. The continuous rise in urbanization and road development initiatives globally further reinforces HMA’s dominance, positioning it as the primary growth driver within the market.

Based on the application:

• Roads & Highways
• Airports & Runways
• Parking Lots
• Industrial Flooring
• Others

Among the application segments, Roads & Highways are anticipated to be the leading driver of the market. This segment dominates due to the constant global demand for new road construction, highway expansion, and maintenance of existing infrastructure. Asphalt concrete offers high durability, cost-effectiveness, and adaptability to heavy traffic, making it the preferred material for large-scale roadway projects. Government initiatives to improve transportation networks, coupled with rapid urbanization and increased vehicle usage, are further fueling demand. The focus on long-lasting pavements and reduced maintenance cycles positions Roads & Highways as the primary application segment driving market growth.

Based on the end user:

• Government & Municipalities
• Commercial Construction Companies
• Industrial Facilities
• Others

Among the end-user segments, Government & Municipalities are anticipated to be the leading driver of the market. Public sector bodies are the primary stakeholders in large-scale infrastructure development, including highways, urban roads, and airports, which require durable and cost-effective paving solutions. Government-funded projects often involve long-term planning and high-volume procurement of asphalt concrete, ensuring consistent demand. Additionally, initiatives to modernize transportation networks, improve connectivity, and support economic growth further strengthen this segment’s dominance. The emphasis on sustainable construction practices and frequent road maintenance programs also positions Government & Municipalities as the most influential end users driving market expansion.