The global asphalt market is expected to see strong revenue growth with a Compound Annual Growth Rate (CAGR) of 5.1% between 2022 and 2030, driven by the increasing preference for low-cost and easily available asphalt in construction activities. Asphalt is used in various applications, including the construction of railway tracks, dams, highways, airports, and parking lots, and is extensively employed as a binder in the production of asphalt concrete.
However, volatility in crude oil prices and stringent environmental regulations regarding the emission of Volatile Organic Compounds (VOCs) during asphalt production may hamper the market's revenue growth.
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The global asphalt market is segmented based on type, application, and region. The hot mix asphalt segment is expected to register the highest revenue CAGR, followed by the cold mix asphalt segment, among the type segments. The roads highways application segment is expected to register the highest revenue CAGR, followed by the airport runways application segment, among the application segments.
The global asphalt market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa regions. Europe is expected to register significantly high revenue CAGR due to increased infrastructure development activities in the region, while North America is expected to account for a significantly large revenue share due to an increase in residential and commercial construction projects. The Asia Pacific market is expected to register the highest revenue growth rate due to government investments in infrastructure development activities and increasing population and urbanization.
CEMEX S.A.B de C.V., LafargeHolcim, Eurobitume, Colas SA, SAKRET Holding GmbH Co. KG, Amerindo Asphalt Corporation, and The Glendon Group, Inc. are among the major players operating in the global asphalt market. These players are engaged in various strategies such as mergers acquisitions, expansions, and joint ventures to increase their market share.
For example, in 2021, CEMEX S.A.B de C.V. acquired Grupo Concretos to expand its business in Mexico. In the same year, LafargeHolcim completed the expansion of its cement plant in Austria. In 2020, Eurobitume launched two new products for road construction applications, Elastoflex EB2P binder and Elastoflex EB3W binder, to improve the performance of asphalt pavements.
The market is segmented further based on type, application, and region, and the revenue forecast for the period 2019-2030 is provided for each segment.
Asphalt Market: Drive Factors
The global asphalt market is expected to experience a strong revenue compound annual growth rate (CAGR) of 5.1% between 2022 and 2030. This growth is driven by the increasing preference for asphalt in construction activities due to its low cost and easy availability. Additionally, the use of asphalt in the construction of railway tracks and dams due to its high resistance to heat, vibration, and water-resistant properties is expected to further drive revenue growth. Asphalt is also widely used as a binder in the production of asphalt concrete for various applications such as highways, airports, and parking lots.
However, some factors that could potentially hamper revenue growth in the asphalt market include volatility in crude oil prices and stringent environmental regulations regarding the emission of Volatile Organic Compounds (VOCs) during asphalt production.
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