- Asphalt Paving Mixtures and Blocks
- Prepared Asphalt and Tar Roofing and Siding Products
- Roofing Asphalts and Pitches
- Coatings and Cement
Asphalt Market size was valued at USD 256.4 million in 2023 and is poised to grow at a CAGR of 4.8% from 2024 to 2030. Asphalt is a black, viscous liquid or semi-solid petroleum product. It is a material that can be found in crude oil reserves naturally. When building a road, aggregate materials such as sand, gravel, or crushed stone are combined with asphalt to form asphalt concrete, also referred to as blacktop or asphalt pavement. To create a surface that is resilient to weather and high traffic, this mixture is applied in layers and compacted. The key factors fostering market growth include infrastructure development, urbanization, government initiatives, and technological advancements.
For instance, A McKinsey & Company analysis from 2022 estimates that the annual global infrastructure investment required to fulfill the demands of urbanization and growth are approximately $3.7 trillion. However, fluctuating raw materials, environmental regulations, and economic downturns are the limiting factors for market growth. Furthermore, sustainable practices, emerging markets, and technological innovations are the prospects. In addition, recycling and reuse, warm mix asphalt, smart infrastructure, and sustainable initiatives are the market trends for asphalt market
Study Period
2024-2030Base Year
2023CAGR
4.8%Largest Market
Asia PacificFastest Growing Market
Asia Pacific
Road construction uses around 70% of asphalt, which is expected to drive market expansion in an upward direction. The primary factors propelling the market trend are an increase in the construction of asphalt pavement, advantageous funding, increased awareness of the need to improve the aging infrastructure, and advancements in non-building construction activities like highway and street segments. Favourable economic conditions will also increase the construction industry's overall revenue because many governments are investing in infrastructure projects including road construction, rehabilitation, and highway or roadway repair. Growth would also be fuelled by the mixing plants' increasing technological improvement and the manufacturers' efforts to create novel solutions to meet consumer demand.
By Product Type
By Asphalt Type
By Application
By End-User
The global asphalt market size was valued at US$ 256.4 million in 2023 and is projected to grow at a CAGR of 4.8% from 2024 to 2030.
The drivers are infrastructure development, urbanization, government initiatives, and technological advancements
Asia Pacific is the dominant region in the asphalt market
Asphalt technological innovations are starting to emerge as a major factor in the market's expansion. For instance, innovations like warm mix asphalts, bio-based asphalt binders, and polymer-modified asphalts are improving the longevity and functionality of asphalt pavements.
The increasing focus on sustainability is one of the dominant trends in the asphalt industry. Reclaimed asphalt pavement (RAP), which dramatically minimizes waste and conserves resources, is one example of the sustainable and environmentally friendly asphalt alternatives that have been promoted in response to environmental concerns.
1.Executive Summary |
2.Global Asphalt Market Introduction |
2.1.Global Asphalt Market - Taxonomy |
2.2.Global Asphalt Market - Definitions |
2.2.1.Product Type |
2.2.2.Asphalt Type |
2.2.3.Application |
2.2.4.End-User |
2.2.5.Region |
3.Global Asphalt Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Asphalt Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Asphalt Market By Product Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
5.1. Asphalt Paving Mixtures and Blocks |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Prepared Asphalt and Tar Roofing and Siding Products |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Roofing Asphalts and Pitches |
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
5.4. Coatings and Cement |
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.4.3. Market Opportunity Analysis |
6.Global Asphalt Market By Asphalt Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
6.1. Hot Mix Asphalt |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Warm Mix Asphalt |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Cold Mix Asphalt |
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
7.Global Asphalt Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
7.1. Roadways |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Waterproofing |
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Recreation |
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Others |
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
8.Global Asphalt Market By End-User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
8.1. Non-Residential |
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Residential |
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Others |
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
9.Global Asphalt Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
9.1. North America |
9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.1.3. Market Opportunity Analysis |
9.2. Europe |
9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.2.3. Market Opportunity Analysis |
9.3. Asia Pacific (APAC) |
9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.3.3. Market Opportunity Analysis |
9.4. Middle East and Africa (MEA) |
9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.4.3. Market Opportunity Analysis |
9.5. Latin America |
9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.5.3. Market Opportunity Analysis |
10.North America Asphalt Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
10.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Asphalt Paving Mixtures and Blocks |
10.1.2.Prepared Asphalt and Tar Roofing and Siding Products |
10.1.3.Roofing Asphalts and Pitches |
10.1.4.Coatings and Cement |
10.2. Asphalt Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Hot Mix Asphalt |
10.2.2.Warm Mix Asphalt |
10.2.3.Cold Mix Asphalt |
10.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Roadways |
10.3.2.Waterproofing |
10.3.3.Recreation |
10.3.4.Others |
10.4. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Non-Residential |
10.4.2.Residential |
10.4.3.Others |
10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.5.1.United States of America (USA) |
10.5.2.Canada |
11.Europe Asphalt Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
11.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Asphalt Paving Mixtures and Blocks |
11.1.2.Prepared Asphalt and Tar Roofing and Siding Products |
11.1.3.Roofing Asphalts and Pitches |
11.1.4.Coatings and Cement |
11.2. Asphalt Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Hot Mix Asphalt |
11.2.2.Warm Mix Asphalt |
11.2.3.Cold Mix Asphalt |
11.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Roadways |
11.3.2.Waterproofing |
11.3.3.Recreation |
11.3.4.Others |
11.4. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.Non-Residential |
11.4.2.Residential |
11.4.3.Others |
11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.5.1.Germany |
11.5.2.France |
11.5.3.Italy |
11.5.4.United Kingdom (UK) |
11.5.5.Spain |
12.Asia Pacific (APAC) Asphalt Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
12.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Asphalt Paving Mixtures and Blocks |
12.1.2.Prepared Asphalt and Tar Roofing and Siding Products |
12.1.3.Roofing Asphalts and Pitches |
12.1.4.Coatings and Cement |
12.2. Asphalt Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Hot Mix Asphalt |
12.2.2.Warm Mix Asphalt |
12.2.3.Cold Mix Asphalt |
12.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Roadways |
12.3.2.Waterproofing |
12.3.3.Recreation |
12.3.4.Others |
12.4. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.Non-Residential |
12.4.2.Residential |
12.4.3.Others |
12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.5.1.China |
12.5.2.India |
12.5.3.Australia and New Zealand (ANZ) |
12.5.4.Japan |
12.5.5.Rest of APAC |
13.Middle East and Africa (MEA) Asphalt Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
13.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Asphalt Paving Mixtures and Blocks |
13.1.2.Prepared Asphalt and Tar Roofing and Siding Products |
13.1.3.Roofing Asphalts and Pitches |
13.1.4.Coatings and Cement |
13.2. Asphalt Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Hot Mix Asphalt |
13.2.2.Warm Mix Asphalt |
13.2.3.Cold Mix Asphalt |
13.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Roadways |
13.3.2.Waterproofing |
13.3.3.Recreation |
13.3.4.Others |
13.4. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Non-Residential |
13.4.2.Residential |
13.4.3.Others |
13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.5.1.GCC Countries |
13.5.2.South Africa |
13.5.3.Rest of MEA |
14.Latin America Asphalt Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
14.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.1.1.Asphalt Paving Mixtures and Blocks |
14.1.2.Prepared Asphalt and Tar Roofing and Siding Products |
14.1.3.Roofing Asphalts and Pitches |
14.1.4.Coatings and Cement |
14.2. Asphalt Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.2.1.Hot Mix Asphalt |
14.2.2.Warm Mix Asphalt |
14.2.3.Cold Mix Asphalt |
14.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.3.1.Roadways |
14.3.2.Waterproofing |
14.3.3.Recreation |
14.3.4.Others |
14.4. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.4.1.Non-Residential |
14.4.2.Residential |
14.4.3.Others |
14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.5.1.Brazil |
14.5.2.Mexico |
14.5.3.Rest of LA |
15. Competition Landscape |
15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
15.2.1.Aggregate Industries Ltd. |
15.2.2.Anglo American Plc |
15.2.3.Atlas Roofing Corporation |
15.2.4.BP Plc |
15.2.5.Cemex |
15.2.6.Chevron Corporation |
15.2.7.Exxon Mobil Corporation |
15.2.8.Imperial Oil Limited |
15.2.9.Owens Corning |
15.2.10.Petroleos de Venezuela S.A |
15.2.11.Royal Dutch Shell plc |
15.2.12.Shell International |
15.2.13.Total SA |
16. Research Methodology |
17. Appendix and Abbreviations |