According to IMARC Group’s latest report, titled “Asphalt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global market exhibited moderate growth during 2015-2020. Asphalt, or bitumen, is a sticky, black-colored, semi-solid binding form of fuel that is manufactured with a blend of slags, gravel, and crushed rocks. It is extensively utilized for constructing airport runways, bicycle lanes, sidewalks, tracks, ports, parking areas and railways. It is also used by farmers to line the bottom retention ponds to raise livestock and fish. Asphalt is currently available in different variants, such as mastic, hot, cut-back, cold, and warm mix.
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The widespread adoption of reclaimed asphalt pavements (RAP) in commercial and residential driveways, schools, playgrounds, blacktops and parking lots is one of the primary factors driving the global asphalt market. Additionally, the rising demand for various low-slope roofing commodities, such as mopping asphalt, modified bitumen membranes, and roll roofing, in the industrial sector is further propelling the market growth. Other than this, the escalating requirement of industrial modernization is further creating a positive outlook for the market across the globe. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Aggregate Industries Ltd.
- Anglo American Plc
- Atlas Roofing Corporation
- BP Plc
- Chevron Corporation
- Exxon Mobil Corporation
- Imperial Oil Limited
- Owens Corning
- Petroleos de Venezuela S.A
- Royal Dutch Shell plc
- Shell International
- Total SA
- United Refining Inc.
Key Market Segmentation:
The report has segmented the asphalt market based on product, asphalt type, application, end-use sector and region.
Breakup by Product:
- Asphalt Paving Mixtures and Blocks
- Prepared Asphalt and Tar Roofing and Siding Products
- Roofing Asphalts and Pitches, Coatings and Cement
Breakup by Asphalt Type:
- Hot Mix Asphalt
- Warm Mix Asphalt
- Cold Mix Asphalt
Breakup by Application:
Breakup by End-Use Sector:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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