세계의 아스팔트 시장 규모는 2022년에 27억 달러로 평가되며, 2023년 28억 달러에서 2031년에는 41억 6,000만 달러로 성장하며, 예측 기간(2024-2031년)의 CAGR은 5.1%로 성장할 전망입니다.
아스팔트 시장은 급속한 세계 도시화와 지속가능한 건설자재의 수요 증가에 의해 큰 성장을 달성하고 있습니다. 아스팔트는 골재, 결합재, 충전재의 혼합물로 보도, 도로, 공항 활주로 등 다양한 인프라에 필수적입니다. 아스팔트 제조는 건설 폐자재와 같은 재활용 재료를 사용함으로써 지속가능성을 더욱 높이고 있습니다. 인도에서는 정부의 구상에 힘입어 600만km가 넘는 광범위한 도로망이 아스팔트 수요를 증가시켜 2014-2020년까지 도로 건설 속도가 눈에 띄게 증가했으나, COVID-19 팬데믹으로 인해 공급망과 건설 일정에 차질이 생겼다, 많은 지방 정부가 도로 개발 프로젝트를 재조정하고 경제 안정을 보장하기 위해 노력함에 따라 업계는 점차 회복세를 보이고 있습니다.
Global Asphalt Market size was valued at USD 2.7 billion in 2022 and is poised to grow from USD 2.8 billion in 2023 to USD 4.16 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).
The asphalt market is experiencing significant growth driven by rapid global urbanization and increasing demand for sustainable construction materials. Asphalt, a blend of aggregates, binder, and filler, is essential for various infrastructures, including sidewalks, roads, and airport runways. The use of recycled materials, such as construction debris, is further enhancing the sustainability of asphalt production. In India, the extensive road network of over 6 million kilometers-supported by government initiatives-has boosted asphalt demand, with a noteworthy uptick in road construction rates observed between 2014 and 2020. Despite setbacks from the COVID-19 pandemic that disrupted supply chains and construction timelines, the industry is gradually recovering, with many local governments working to recalibrate road development projects and ensure economic stability.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Asphalt market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Asphalt Market Segmental Analysis
Global Asphalt Market is segmented by Type, by Product, by Application, by End User and by Region. Based on Type, the market is segmented into Hot Mix Asphalt, Warm Mix Asphalt, Cold Mix Asphalt. Based on Product, the market is segmented into Asphalt Paving Mixtures and Blocks, Prepared Asphalt and Tar Roofing and Siding Products, Roofing Asphalts and Pitches, Coatings and Cement. Based on Application, the market is segmented into Roadways, Waterproofing, Recreation, Others. Based on End User, the market is segmented into Non-Residential, Residential, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Driver of the Global Asphalt Market
The global asphalt market is primarily driven by the growing demand in road construction, which accounts for approximately 70% of bitumen usage. Increasing investments in asphalt paving, particularly in highway and street projects, significantly influence market dynamics. With governments committing substantial resources to infrastructure maintenance and development, favorable economic conditions lead to enhanced revenues in the construction sector. Additionally, advancements in technology for mixing facilities and manufacturers' focus on innovative solutions to meet customer needs further propel market growth. Increased awareness of infrastructure vulnerability to extreme weather conditions, driven by climate change, is prompting consumers to seek protective asphalt solutions for both new and existing buildings, thereby boosting roofing applications. The demand for waterproofing infrastructure to prevent moisture-related issues and ensure longevity is also contributing to the market's expansion.
Restraints in the Global Asphalt Market
The global asphalt market faces significant restraints primarily due to the fluctuating costs of raw materials, particularly petroleum and crude oil, which are essential for asphalt production. These prices, influenced by stock exchange trading, often lead to unpredictable and costly production processes. Such volatility in raw material costs can hinder industry growth by restricting supply and increasing operational expenses. Furthermore, the ongoing shift towards using cement for road construction in various regions poses an additional threat, potentially stalling the overall development of the asphalt market as alternative materials gain preference for infrastructure projects.
Market Trends of the Global Asphalt Market
The global asphalt market is experiencing a significant trend towards enhanced performance and durability through the adoption of asphalt additives and modifiers. Materials such as styrene-butadiene-styrene, crumb rubber, atactic polypropylene, and natural rubber are increasingly used to improve asphalt's strength, flexibility, and resistance to aging and abrasion. This shift not only bolsters the visual appeal and shelf life of asphalt but also significantly enhances the longevity and durability of roads and building structures. As modified asphalt gains traction-particularly in demanding roofing applications-its application is driving the growth of the bitumen industry, projected to continue expanding due to these advancements.