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).

A combination of aggregates, binder, and filler called asphalt is used to build and maintain sidewalks, bicycle lanes, parking lots, railroad lines, ports, airport runways, and play and sports areas. Sand, gravel, crushed rock, or slags may all be used as aggregates in asphalt mixes. Asphalt is now more sustainable since some waste and byproducts, such as building and demolition debris, are utilized as aggregates. The road structure above the formation level, which comprises unbound and bituminous-bound elements, makes up an average asphalt pavement. In order to spread the weight of the traffic before it reaches the formation level, this allows the pavement.

One of the main reasons fueling the market expansion is the rapid urbanization of the world. Asphalt shingles, which are used to weatherproof roofs, are in high demand due to the growing population. In addition, asphalt offers a more practical and long-lasting substitute for concrete, which is typically employed in the building sector. Additionally, the market is expanding because of the rising use of recycled asphalt pavements (RAP) in driveways, parking lots, schools, and playground blacktops. In order to rebuild aged pavements and roadway surfaces, it is also utilized as an emulsion. For example, India has a huge network of roads. According to the Ministry of Transport's 2020 statistics, India has 1,32,500 km of national highways, 1,81,531 km of state highways, 6,14,028 km of district roads, and 44,04,404 km of rural roads, 5,31,608 km of urban roads, and 3,46,505 km of project roads. In addition, there are 79 main NHS, each of which has 500 branches and accommodates more than 48 different methods of transit. The number of expressways has also significantly increased, with Uttar Pradesh, a state in northern India, ranking first with a length of 687 km. Highway planning, design, and execution are also provided through a number of institutions and bodies at different levels. They are the Central Road Fund (CRF), the Indian Road Congress, and the Jayakar Committee (IRC). The Indian government's 20-year road plan has been effective in enhancing the country's road system. According to a survey, the planned NH road developed from the years 2014 to 2020 saw an improvement in the rate of road building, going from 55% to 70% in the previous five years.

Worldwide supply chain disruption and building project delays were caused by the COVID-19 pandemic. To stop the spread of the coronavirus, strict lockdowns and curfews were implemented in the majority of the countries. Construction was one of the most negatively hit industries as a result of the economic downturn because of a lack of manpower, raw supplies, and government regulations that forced the suspension of current projects. Although many local governments started steps to restart the development of roads, highways, and buildings in the third quarter of 2020. For example, in April 2020, with the government approving a partial lifting of the lockdown for some sectors in the effort to limit the Covid-19 epidemic, work on around 70% of the ongoing roadway projects has resumed. For the Delhi-National Capital Region (NCR), which continues to rank among the cities with the greatest number of positive cases, permissions to resume building have not yet been received. Construction work is still stuttering, despite having started in some regions, as the ministry of home affairs (MHA) cleared the way for the relaxation of restrictions on specific industries to get economic activity back on track.

US Asphalt Market is poised to grow at a sustainable CAGR for the next forecast year.