Asphalt Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Asphalt Paving Mixtures and Blocks, Prepared Asphalt & Tar Roofing & Siding Products, Roofing Asphalts & Pitches, and Coatings & Cement), By Asphalt Type (Hot Mix Asphalt, Warm Mix Asphalt, and Cold Mix Asphalt), By Application (Roadways, Waterproofing, Recreation, and Others), By End User (Non-Residential, Residential, and Others) By Region Forecast 2019-2030.

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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

Asphalt Market Key Developments:

  • In March 2021, Huron Capital Partners LLC purchased ACE Asphalt of Arizona, Inc. with the intention of merging it with the industry-leading asphalt producer and paving solutions provider Sunland Asphalt & Construction, Inc. Companies will have the chance to broaden their service offerings to both public and private clients and diversify their markets thanks to the merger.
  • In February 2021, the engineered asphalt concrete, Viabase, was launched, according to Cemex UK. The product is appropriate for residential roads that will be subjected to traffic during construction and then paved after homes are constructed.
  • In January 2021, an asphalt facility was purchased by Sunrock Group, a supplier of building materials, from Curtis Contracting, Inc. Through the acquisition, Sunrock is now able to distribute aggregate and produce more asphalt in the Virginia region of the United States.

Asphalt Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

4.8%

Largest Market

Asia Pacific

Fastest Growing Market

Asia Pacific

Asphalt Market Dynamics

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.

Asphalt Market Segmentation

By Product Type

  • Asphalt Paving Mixtures and Blocks
  • Prepared Asphalt and Tar Roofing and Siding Products
  • Roofing Asphalts and Pitches
  • Coatings and Cement

By Asphalt Type

  • Hot Mix Asphalt
  • Warm Mix Asphalt
  • Cold Mix Asphalt

By Application

  • Roadways
  • Waterproofing
  • Recreation
  • Others

By End-User

  • Non-Residential
  • Residential
  • Others

Frequently Asked Questions

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.

Key Features of the Report

  • The asphalt market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
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 
  • Aggregate Industries Ltd.
  • Anglo American Plc
  • Atlas Roofing Corporation
  • BP Plc
  • Cemex
  • Chevron Corporation
  • Exxon Mobil Corporation
  • Imperial Oil Limited
  • Owens Corning
  • Petroleos de Venezuela S.A
  • Royal Dutch Shell plc
  • Shell International
  • Total SA

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