Asphalt, a sustainable material for building pavements and roads, made from stones, sand, and gravel, held together by asphalt cement. Asphalt is also called Bitumen. It is smooth and quiet, enabling vehicles on the road to consume less fuel and produce lower emissions.
Asphalt Global Market Size
The global asphalt market was valued at $71.9 billion in 2017. Asia Pacific was the largest geographic region accounting for $30.6 billion or 42.6% of the global market. China was the largest country accounting for $10.7 billion or 14.9% of the global asphalt market.
Asphalt Global Market Trend
Polymer modified asphalt(PMA), which is variation of traditional asphalt has been gaining popularity as it can be fixed at comparatively low temperatures and retains surface granules better compared to standard granules. Asphalts are mixed with elastomers to produce PMA which has higher rutting resistance and durability. Styrene-butadiene-styrene (SBS) and Styrene-butadiene rubber (SBR) are the most commonly used elastomers to produce PMA. For instance, the global PMA market grew by 7% during 2015-22, thus indicating high demand for PMA.
The companies covered are BP plc, CEMEX S.A.B. de C.V., Exxon Mobil, Royal Dutch Shell, and Marathon Petroleum.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
Asphalt Global Market Segmentation
The asphalt market is segmented into Asphalt Paving Mixtures And Blocks; Prepared Asphalt And Tar Roofing And Siding Products; Roofing Asphalts And Pitches, Coatings And Cements.
Asphalt Paving Mixtures And Blocks includes establishments primarily engaged in manufacturing only asphalt paving mixtures and blocks.
Prepared Asphalt And Tar Roofing And Siding Productsincludes establishments primarily engaged in manufacturing only prepared asphalt and tar roofing and siding products..
Roofing Asphalts And Pitches, Coatings And Cements includes establishments primarily engaged in manufacturing only roffing asphalts and pitches, coatings and cements.