Global Asphalt Market 2017-2021
Asphalt (also known as bitumen) is a strong, versatile, weather-resistant, and chemical-resistant material, which adapts itself to a variety of uses. Asphalt binds gravel and crushed stone (commonly known as aggregate) into firm and tough surfaces for roads, streets, and airport runways.
Technavio’s analysts forecast the global asphalt market to grow at a CAGR of 4.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global asphalt market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price for the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Asphalt Market 2017-2021
Technavio recognizes the following companies as the key players in the global asphalt market: BP, CEMEX, Exxon Mobil, Imperial Oil, and Royal Dutch Shell.
Other Prominent Vendors in the market are: Aggregate Industries, Akzo Nobel, Anglo American, Atlas Roofing, China Petrochemical Corporation (Sinopec), El Dorado Chemical, Inland Asphalt, and United Refining.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is modern pavement technologies. New technologies for paving highways and bridges are being introduced, where asphalt might find greater usage. The demand for porous asphalt is expected to increase as it not only channelizes water to flow in a desired way but has proven to be a cost-effective material. Another significant trend in the global asphalt market is the recycling of asphalt materials in highways for resurfacing.”
According to the report, one of the major drivers for this market is furtherance of transport sector and infrastructural development. Several countries still face the problem of unpaved roads that stretch for sizeable distances. Unpaved roads account for about 4.3 million kilometers, globally, of which the US accounts for about 2 million kilometers. Countries such as China, Canada, India, Germany, and Switzerland also have large stretches of unpaved roads. Urbanization and industrialization leading to the need for paved roads would mean increased sale and consumption of asphalt.
Further, the report states that one of the major factors hindering the growth of this market is sustainability and environmental concerns. The chemical nature of asphalt causes it to stiffen immediately after application and form hydrogen bonds with different components. Reactive components combine to form larger molecules, thereby increasing the hardness of asphalt. Therefore, asphalt durability is reduced over time. The hardening of asphalt to a certain extent is necessary to withstand elevated temperatures; a balance is of foremost concern to minimize temperature susceptibility. This drawback of asphalt could result in the replacement of concrete for asphalt.
BP, CEMEX, Exxon Mobil, Imperial Oil, Royal Dutch Shell, Aggregate Industries, Akzo Nobel, Anglo American, Atlas Roofing, China Petrochemical Corporation (Sinopec), El Dorado Chemical, Inland Asphalt, and United Refining.