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Asphalt Market by Application, End-user, and Geography - Forecast and Analysis 2021-2025

  • Published: Jun 2021
  • Pages: 120
  • SKU: IRTNTR40833
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The asphalt market share is expected to increase by USD 32.89 million tons from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.78%.

This asphalt market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers asphalt market segmentations by end user (non-residential construction, residential construction, and others), application (roadways, waterproofing, recreation, and others), and Geographic (APAC, North America, Europe, MEA, and South America). The asphalt market report also offers information on several market vendors, including BP Plc, CEMEX SAB de CV, Chevron Corp., China Petroleum and Chemical Corp., Exxon Mobil Corp., Marathon Petroleum Corp., Owens Corning, Royal Dutch Shell Plc, TotalEnergies SE, and United Refining Co. among others.

What will the Asphalt Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Asphalt Market Size for the Forecast Period and Other Important Statistics

 

Asphalt Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing investments in road and highway infrastructure projects is notably driving the asphalt market growth, although factors such as volatility in raw material prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the asphalt industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Asphalt Market Driver

The increasing investments in road and highway infrastructure projects is one of the key factors driving the growth of the global asphalt market. Asphalt is preferred in road and highway construction owing to its significant strength and durability, thermoplastic nature, and waterproofing properties. Total global investment in new transport infrastructure and maintenance increased steadily during 2010-2015, growing at a CAGR of more than 9%. According to the data from the Organization for Economic Co-operation and Development (OECD), annual global investments in the transportation infrastructure industry were estimated at approximately $863 billion in 2015. In 2016, China alone invested nearly $506 billion in road infrastructure development. In 2017, the US spent nearly $84.5 billion on road infrastructure investment. During 2017-2018, the average national highway construction in India was recorded at a new record of approximately 27-28 kilometers per day. The increase in government funding for infrastructure development and highway construction is likely to increase the consumption of asphalt during the forecast period.

Key Asphalt Market Trend

The growing petroleum refining will fuel the global asphalt market growth. In the past few years, both of these industries have shown significant growth due to the increasing global population and energy demand. Asphalt is a derivative of crude oil and is generally produced during petroleum refining. Increasing petroleum refining ensures an uninterrupted supply of asphalt in the near future. According to the US Energy Information Administration (EIA), the global consumption of petroleum and other liquid fuels is estimated to reach 102.93 million barrels per day (mbpd) in 2020, which was 98.55 mbpd in 2017. The US is the global leader in terms of liquid fuel consumption (9.96 mbpd in 2017). Moreover, the global liquid fuel consumption grew at an annual rate of 1.58% during 2014-2018 and is expected to grow at a rapid rate during the forecast period. Crude oil supply has exceeded the demand over the past five years, with an average of more than 1.5 mbpd of surplus production during 2014-2018. Due to the rapid growth, the oil and gas industry is expected to drive the growth of the market during the forecast period.

Key Asphalt Market Challenge

The volatility in raw material prices is a major challenge for global asphalt market growth. The prices of raw materials used to manufacture asphalt are highly unpredictable, mainly due to their high dependence on crude oil prices. Crude oil is one of the major raw materials used to produce asphalt. Crude oil refining mainly produces liquid petroleum gas, gasoline, jet fuel, kerosene, diesel, heating oil, inland fuel oil, refinery fuel, asphalt, propylene, naphtha, aromatics, lubricants, coke, and others. Asphalt is a byproduct produced during the distillation and refining of crude oil. The price volatility of petroleum-based raw materials such as crude oil acts as a challenge for the growth of the global asphalt market. Such strong fluctuations in crude oil prices are caused by a systemic demand-supply imbalance in the global crude oil market. Fluctuations in raw material prices bring unpredictability in the market, affect production costs adversely, and reduce vendors’ profit margins. Therefore, the volatility in crude oil prices is expected to have a negative impact on the global asphalt market during the forecast period.

This asphalt market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global asphalt market as a part of the global construction materials market within the global materials market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the asphalt market during the forecast period.

Who are the Major Asphalt Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • BP Plc
  • CEMEX SAB de CV
  • Chevron Corp.
  • China Petroleum and Chemical Corp.
  • Exxon Mobil Corp.
  • Marathon Petroleum Corp.
  • Owens Corning
  • Royal Dutch Shell Plc
  • TotalEnergies SE
  • United Refining Co.

 

This statistical study of the asphalt market encompasses successful business strategies deployed by the key vendors. The asphalt market is fragmented and the vendors are deploying growth strategies such as extensive sales and distribution networks across the world to compete in the market.

Product Insights and News

  • BP Plc - The company offers asphalt under the brand name bp asphalt.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The asphalt market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Asphalt Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the asphalt market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global construction materials market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Asphalt Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the asphalt market in APAC. Market growth in this region will be faster than the growth of the market in regions.

The increasing investments in road and highway infrastructure projects will facilitate the asphalt market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020, the growth of the global non-residential construction segment declined by around 10%-13% in 2020 as compared to 2019, with the steepest decline in the commercial sector (13%-15%). Furthermore, the economic downturn, disruptions in supply chains, uncertainty in the growth of the construction industry, and delays or suspension of construction projects due to the implementation of lockdown measures across different countries during the first half of 2020 have negatively impacted the global non-residential construction activities. However, the gradual relaxation of regulations and the initiation of COVID-19 vaccination drives across several countries led to the resumption of several construction projects since the beginning of 2021. Therefore, the global asphalt market will rebound during 2022-2025 despite witnessing a short-term plunge in its growth in this segment during 2020-2021.

What are the Revenue-generating End-user Segments in the Asphalt Market?

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The asphalt market share growth in the roadways segment will be significant during the forecast period. Asphalt is one of the key materials used in the construction of pavement or roadways. It is predominantly used in new pavement construction, reconstruction, and maintenance of roads. In roadway construction, asphalt is mixed with binders, aggregates, and fillers to produce the basic mixture used for road pavement. Such factors will increase the market demand during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the asphalt market size and actionable market insights on post COVID-19 impact on each segment.

 

Asphalt Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.78%

Market growth 2021-2025

$32.89 million

Market structure

Fragmented

YoY growth (%)

4.06

Regional analysis

APAC, North America, Europe, MEA, South America, APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 44%

Key consumer countries

China, US, Japan, Germany, and India

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

BP Plc, CEMEX SAB de CV, Chevron Corp., China Petroleum and Chemical Corp., Exxon Mobil Corp., Marathon Petroleum Corp., Owens Corning, Royal Dutch Shell Plc, TotalEnergies SE, and United Refining Co.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Asphalt Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive asphalt market growth during the next five years
  • Precise estimation of the asphalt market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the asphalt industry across APAC, North America, Europe, MEA, South America, APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of asphalt market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis for construction materials

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 (million tons)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 15: Application - Market share 2020-2025 (%)
    • 5.2 Comparison by Application
      • Exhibit 16: Comparison by Application
    • 5.3 Roadways - Market size and forecast 2020-2025
      • Exhibit 17: Roadways - Market size and forecast 2020-2025 (million tons)
      • Exhibit 18: Roadways - Year-over-year growth 2020-2025 (%)
    • 5.4 Waterproofing - Market size and forecast 2020-2025
      • Exhibit 19: Waterproofing - Market size and forecast 2020-2025 (million tons)
      • Exhibit 20: Waterproofing - Year-over-year growth 2020-2025 (%)
    • 5.5 Recreation - Market size and forecast 2020-2025
      • Exhibit 21: Recreation - Market size and forecast 2020-2025 (million tons)
      • Exhibit 22: Recreation - Year-over-year growth 2020-2025 (%)
    • 5.6 Others - Market size and forecast 2020-2025
      • Exhibit 23: Others - Market size and forecast 2020-2025 (million tons)
      • Exhibit 24: Others - Year-over-year growth 2020-2025 (%)
    • 5.7 Market opportunity by Application
      • Exhibit 25: Market opportunity by Application

    6 Market Segmentation by End-user

    • 6.1 Market segments
      • Exhibit 26: End user - Market share 2020-2025 (%)
    • 6.2 Comparison by End user
      • Exhibit 27: Comparison by End user
    • 6.3 Non-residential construction - Market size and forecast 2020-2025
      • Exhibit 28: Non-residential construction - Market size and forecast 2020-2025 (million tons)
      • Exhibit 29: Non-residential construction - Year-over-year growth 2020-2025 (%)
    • 6.4 Residential construction - Market size and forecast 2020-2025
      • Exhibit 30: Residential construction - Market size and forecast 2020-2025 (million tons)
      • Exhibit 31: Residential construction - Year-over-year growth 2020-2025 (%)
    • 6.5 Others - Market size and forecast 2020-2025
      • 6.6 Market opportunity by End user
        • Exhibit 34: Market opportunity by End user

      7 Customer landscape

      8 Geographic Landscape

      • 8.1 Geographic segmentation
        • Exhibit 36: Market share by geography 2020-2025 (%)
      • 8.2 Geographic comparison
        • Exhibit 37: Geographic comparison
      • 8.3 APAC - Market size and forecast 2020-2025
        • Exhibit 38: APAC - Market size and forecast 2020-2025 (million tons)
        • Exhibit 39: APAC - Year-over-year growth 2020-2025 (%)
      • 8.4 North America - Market size and forecast 2020-2025
        • Exhibit 40: North America - Market size and forecast 2020-2025 (million tons)
        • Exhibit 41: North America - Year-over-year growth 2020-2025 (%)
      • 8.5 Europe - Market size and forecast 2020-2025
        • Exhibit 42: Europe - Market size and forecast 2020-2025 (million tons)
        • Exhibit 43: Europe - Year-over-year growth 2020-2025 (%)
      • 8.6 MEA - Market size and forecast 2020-2025
        • Exhibit 44: MEA - Market size and forecast 2020-2025 (million tons)
        • Exhibit 45: MEA - Year-over-year growth 2020-2025 (%)
      • 8.7 South America - Market size and forecast 2020-2025
        • Exhibit 46: South America - Market size and forecast 2020-2025 (million tons)
        • Exhibit 47: South America - Year-over-year growth 2020-2025 (%)
      • 8.8 Key leading countries
        • Exhibit 48: Key leading countries
      • 8.9 Market opportunity by geography
        • Exhibit 49: Market opportunity by geography (million tons)

      9 Drivers, Challenges, and Trends

      • 9.1 Market drivers
        • 9.2 Market challenges
          • Exhibit 50: Impact of drivers and challenges
        • 9.3 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 51: Vendor landscape
            • 10.3 Landscape disruption
              • Exhibit 52: Landscape disruption
              • Exhibit 53: Industry risks

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 54: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 55: Market positioning of vendors
            • 11.3 BP Plc
              • Exhibit 56: BP Plc - Overview
              • Exhibit 57: BP Plc - Business segments
              • Exhibit 58: BP Plc – Key news
              • Exhibit 59: BP Plc - Key offerings
              • Exhibit 60: BP Plc - Segment focus
            • 11.4 CEMEX SAB de CV
              • Exhibit 61: CEMEX SAB de CV - Overview
              • Exhibit 62: CEMEX SAB de CV - Product and service
              • Exhibit 63: CEMEX SAB de CV – Key news
              • Exhibit 64: CEMEX SAB de CV - Key offerings
            • 11.5 Chevron Corp.
              • Exhibit 65: Chevron Corp. - Overview
              • Exhibit 66: Chevron Corp. - Business segments
              • Exhibit 67: Chevron Corp. – Key news
              • Exhibit 68: Chevron Corp. - Key offerings
              • Exhibit 69: Chevron Corp. - Segment focus
            • 11.6 China Petroleum and Chemical Corp.
              • Exhibit 70: China Petroleum and Chemical Corp. - Overview
              • Exhibit 71: China Petroleum and Chemical Corp. - Business segments
              • Exhibit 72: China Petroleum and Chemical Corp. - Key offerings
              • Exhibit 73: China Petroleum and Chemical Corp. - Segment focus
            • 11.7 Exxon Mobil Corp.
              • Exhibit 74: Exxon Mobil Corp. - Overview
              • Exhibit 75: Exxon Mobil Corp. - Business segments
              • Exhibit 76: Exxon Mobil Corp. – Key news
              • Exhibit 77: Exxon Mobil Corp. - Key offerings
              • Exhibit 78: Exxon Mobil Corp. - Segment focus
            • 11.8 Marathon Petroleum Corp.
              • Exhibit 79: Marathon Petroleum Corp. - Overview
              • Exhibit 80: Marathon Petroleum Corp. - Business segments
              • Exhibit 81: Marathon Petroleum Corp. – Key news
              • Exhibit 82: Marathon Petroleum Corp. - Key offerings
              • Exhibit 83: Marathon Petroleum Corp. - Segment focus
            • 11.9 Owens Corning
              • Exhibit 84: Owens Corning - Overview
              • Exhibit 85: Owens Corning - Business segments
              • Exhibit 86: Owens Corning – Key news
              • Exhibit 87: Owens Corning - Key offerings
              • Exhibit 88: Owens Corning - Segment focus
            • 11.10 Royal Dutch Shell Plc
              • Exhibit 89: Royal Dutch Shell Plc - Overview
              • Exhibit 90: Royal Dutch Shell Plc - Business segments
              • Exhibit 91: Royal Dutch Shell Plc – Key news
              • Exhibit 92: Royal Dutch Shell Plc - Key offerings
              • Exhibit 93: Royal Dutch Shell Plc - Segment focus
            • 11.11 TotalEnergies SE
              • Exhibit 94: TotalEnergies SE - Overview
              • Exhibit 95: TotalEnergies SE - Business segments
              • Exhibit 96: TotalEnergies SE – Key news
              • Exhibit 97: TotalEnergies SE - Key offerings
              • Exhibit 98: TotalEnergies SE - Segment focus
            • 11.12 United Refining Co.
              • Exhibit 99: United Refining Co. - Overview
              • Exhibit 100: United Refining Co. - Product and service
              • Exhibit 101: United Refining Co. - Key offerings

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Currency conversion rates for US$
                • Exhibit 102: Currency conversion rates for US$
              • 12.3 Research methodology
                • Exhibit 103: Research Methodology
                • Exhibit 104: Validation techniques employed for market sizing
                • Exhibit 105: Information sources
              • 12.4 List of abbreviations
                • Exhibit 106: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The asphalt market market growth will increase by $$32.89 million tons during 2022-2025.
              The asphalt market market is expected to grow at a CAGR of 4.78% during 2022-2025.
              Technavio has segmented the asphalt market market by end-user (non-residential construction, residential construction, and others) ,application (roadways, waterproofing, recreation, and others) , and geography (APAC, North America, Europe, MEA, and South America).
              BP Plc, CEMEX SAB de CV, Chevron Corp., China Petroleum and Chemical Corp., Exxon Mobil Corp., Marathon Petroleum Corp., Owens Corning, Royal Dutch Shell Plc, TotalEnergies SE, United Refining Co. are a few of the key vendors in the asphalt market market.
              APAC will register the highest growth rate of 44% among the other regions. Therefore, the asphalt market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              • China
              • US
              • Japan
              • Germany
              • India
              The key factors driving the asphalt market market growth are:
              • Increasing investments in road and highway infrastructure projects
              • Growth in petroleum refining capacities
              The asphalt market market vendors should focus on grabbing business opportunities from the non-residential construction segment as it accounted for the largest market share in the base year.
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