Asphalt is a petroleum-based binder that is widely used in road construction activities for paving surfaces and roofing purposes. It provides critical advantages like durability, ease of repairing, and ability to withstand heavy loads of vehicular traffic. The increasing investments in road infrastructure development across both developed and developing economies is driving the demand for asphalt on a large scale. The global asphalt market is estimated to be valued at US$ 246.59 Billion in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing investments in infrastructure development, transportation, and construction projects in emerging economies have accelerated the demand for asphalt in these regions. The governments of several countries like India, China, Indonesia, Mexico, and others are undertaking large road and highway construction programs to boost economic and industrial growth. For example, the Indian government's Bharatmala Pariyojana program aims to build 83,000 km of roads at an estimated cost of $93 billion between 2017 to 2022. Such widescale road development activities in developing nations are expected to drive the consumption of asphalt significantly over the forecast period.
Segment Analysis
The asphalt market is dominated by the roads and highways segment. This segment accounted for over 60% of the total market share in 2022. The high use of asphalt in road constructions, pavements and surfacing is driving the demand in this segment. The roads and highways require routine maintenance and repair works, which further boosts the consumption of asphalt in this segment.
Key Takeaways
The Global Asphalt Market Demand is expected to witness high growth.
Regional analysis: Asia Pacific region is projected to be the fastest growing as well as the largest market for asphalt during the forecast period. The rapidly growing construction and infrastructure development activities in various countries such as China and India are expected to drive the demand for asphalt in this region.
Key players related content comprises Key players operating in the asphalt market are Tesla, Duracell Power Center, Durapower Group, Contemporary Amperex Technology Co., Limited (CATL), and Toshiba Corporation.
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