Asphalt Market Demand, Trends and Business Opportunities 2023-2028

Author: Elena Anderson

Marketing Manager

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Global Asphalt Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Asphalt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ," the global asphalt market reached a value of US$ 234.4 Million in 2022.

Asphalt is a sticky, black and semi-solid binding material that is obtained from natural deposits or refining the residue from the crude oil distillation process. Also known as bitumen, it is a highly viscous liquid or semi-solid form of petroleum that comprises hydrogen and carbon with minor proportions of sulfur, nitrogen, and oxygen.

It is extremely durable in nature with excellent resistance to crack and temperature variations. It is majorly used as a glue or binder with aggregate particles for creating asphalt concrete, which is widely used in the construction of roads, waterproofing and sealing flat roofs.

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Global Asphalt Market Trends:

The global market is primarily driven by considerable growth in the construction sector. With rapid urbanization and increasing population, there has been an escalating need for the construction of residential spaces as well as infrastructural development. Asphalt is commonly used for the construction of highways and pavements that provides vehicles with better grip and improved safety. It is also utilized as a preferred roofing material due to its affordable nature and exceptional waterproofing property, thereby providing an impetus to the market growth. The market is further driven by the favorable initiatives undertaken by the government of various countries to promote the usage of recycled asphalt pavement (RAP) across the residential and commercial segments. RAP involves the emulsion being blended with old pavements to be utilized for repairing damaged roads and the reconstruction of worn highway surfaces. Some of the other factors contributing to the market growth include the growing preference for sustainable construction and the rising popularity of polymerized asphalt cement for building activities.

On account of the aforementioned factors, the market is expected to reach a value of US$ 328.8 Million by 2028, expanding at a CAGR of 5.2% during 2023-2028.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/asphalt-market

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Key Market Segmentation

The research report includes the following segments:

Breakup by Product:

• Asphalt Paving Mixtures and Blocks

• Prepared Asphalt and Tar Roofing and Siding Products

• Roofing Asphalts and Pitches, Coatings and Cement

Breakup by Asphalt Type:

• Hot Mix Asphalt

• Warm Mix Asphalt

• Cold Mix Asphalt

Breakup by Application:

• Roadways

• Waterproofing

• Recreation

• Others

Breakup by End-Use Sector:

• Non-Residential

• Residential

• Others

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

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Competitive Landscape with Key Players:

• Aggregate Industries Ltd.

• Anglo American Plc

• Atlas Roofing Corporation

• BP Plc

• Cemex

• Chevron Corporation

• Exxon Mobil Corporation

• Imperial Oil Limited

• Owens Corning

• Petroleos de Venezuela S.A

• Royal Dutch Shell plc

• Shell International

• Total SA

• United Refining Inc.

1. What was the size of the global asphalt market in 2022?

2. What is the expected growth rate of the global asphalt market during 2023-2028?

3. What has been the impact of COVID-19 on the global asphalt market?

4. What are the key factors driving the global asphalt market?

5. What is the breakup of the global asphalt market based on the product?

6. What is the breakup of the global asphalt market based on the asphalt type?

7. What is the breakup of the global asphalt market based on the application?

8. What are the key regions in the global asphalt market?

9. Who are the key players/companies in the global asphalt market?

Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/asphalt-market/toc

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