Asphalt Market Size, Share, Growth Analysis, By Product Type(Hot Asphalt, Medium Curing (MC) Cold Mix Asphalt, Unique Paving Materials (UPM) Asphalt), By Application(Asphalt Cement, Emulsion, Paving, Roofing), By End-use(Residential and Non-residential), By Region - Industry Forecast 2024-2031

Asphalt Market size was valued at USD 3.8 billion in 2019 and is poised to grow from USD 4 billion in 2023 to USD 5.67 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The global asphalt market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Exxon Mobil Corporation', 'Boral', 'Royal Dutch Shell PLC', 'BP PLC', 'Chevron Corporation', 'Total SE', 'Marathon Petroleum Corporation', 'Valero Energy Corporation', 'NuStar Energy L.P.', 'CNOOC Limited', 'Nynas AB', 'Puma Energy', 'SK Energy Co., Ltd.', 'Gazprom Neft', 'LOTOS Group', 'Indian Oil Corporation Ltd.', 'Tipco Asphalt Public Company Limited', 'SemGroup Corporation', 'PKN Orlen S.A.', 'Ergon, Inc.', 'HollyFrontier Corporation'

Road construction consumes roughly 70% of bitumen, which is expected to drive market growth. Rising asphalt paving construction and advantageous building projects such as highway and street segments are the main factors influencing the market trend. Furthermore, because many governments invest in infrastructure projects such as highway or roadway maintenance, road construction, and rehabilitation, good economic conditions would increase total income in the construction industry. Improved technology development in mixing facilities and manufacturers' efforts to provide creative solutions to meet customer demand would also fuel growth. Furthermore, they strive to meet industry standards.

Asphalt additives or modifiers are used to increase the product's performance as well as its durability, visual appeal, and shelf life. Styrene-butadiene-styrene, crumb rubber, atactic polypropylene, and natural rubber are a few of the modifiers that are employed. They are used with this material to increase its strength and flexibility. These modifiers also aid in improving aging and abrasion resistance. To increase the concrete's tenacity and longevity, several additives are employed. Crumb rubbers are utilized for roofing applications because they offer high-temperature resistance and deformations. The lifespan of building structures and roads is increasing due to the increased use of modified asphalt, which is anticipated to boost the expansion of the bitumen industry.

The largest share in the global asphalt market was held by the Asia Pacific due to growing construction sector. The increased demand from emerging markets like South Korea, China, and India is responsible for this expansion. Due to the region's growing urbanization and population, China is also the main customer. Regional market expansion is anticipated to be aided by significant infrastructure expansion, construction sector innovation, industry consolidations, and economic growth in the area. The building sector is preparing for slower economic development due to a rise in the coronavirus in the Asia Pacific region. For example, the Indian government set out Rs. 60,241 crores (US$ 8.28 billion) for road construction and Rs. 57,350 crores (US$ 7.88 billion) for national highways in the Union Budget 2021. By March 2022, the government intends to have 8,500 kilometers of road built. Furthermore, by March 2022, 11,000 km more of the National Highway routes will be finished. The Ministry of Road Transport and Highways would receive an investment of Rs. 118,101 crores (US$ 16.20 billion), according to the government. Additionally, the government received a project under the Bharatmala Pariyojana costing Rs. 5.35 lakh crore (US$ 73.37 billion), which included building more than 13,000 km of roads for Rs. 3.3 lakh crore (US$ 45.26 billion).