The global Asphalt Market is expected to register a robust revenue CAGR of 5.1% between 2023 and 2030. Increasing preference for the product in construction activities owing to its low cost and easy availability is expected to drive market revenue growth. Use of asphalt is increasing for construction of railway tracks as it offers high resistance to heat and vibration. as well as in construction of dams owing to its water-resistant properties. In addition, it is extensively employed as a binder in the production of asphalt concrete, which is used in various applications including highways, airports, and parking lots.
Market Overview:
Over the last few years, the manufacturing and construction industry has consistently experienced a growth in revenue, and it is expected to continue this growth between 2021 and 2030 with a robust revenue CAGR. This can be attributed to factors such as the rapidly growing construction and building sector, the rapid growth of urbanization and industrialization across the globe, and advances in manufacturing techniques. Increasing awareness of environmental impacts and carbon emissions has led to an increase in the demand for green construction and energy efficient buildings over the past few years. During the forecast period, key factors are expected to boost global market growth, such as the rapid expansion of the global population, changing lifestyle preferences, high demand for smart buildings, the rising number of renovations and reconstructions in the world, and an increase in eco-friendly construction activities. In addition to increasing disposable income, government schemes, and private investments to support manufacturing and construction industries, as well as a high emphasis on aesthetics, other factors are expected to boost global market growth.
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Competitive Landscape:
Some of the major players operating in the global asphalt market include CEMEX S.A.B de C.V., LafargeHolcim, Eurobitume, Colas SA, SAKRET Holding GmbH Co. KG, Amerindo Asphalt Corporation, and The Glendon Group, Inc., among others. These players are engaged in various strategies, such as mergers acquisitions, expansions, and joint ventures to increase their market share.
- In 2021, CEMEX S.A.B de C.V. acquired Grupo Concretos, a Mexican company that produces and distributes ready-mix concrete, concrete blocks, pavers, and other concrete products. The acquisition is expected to help the company expand its business in Mexico.
- In 2021, LafargeHolcim completed the expansion of its cement plant in Mannersdorf, Austria. The expansion is expected to increase the plant's production capacity by 500,000 metric tons per year.
- In 2020, Eurobitume launched two new products for road construction applications, Elastoflex EB2P binder and Elastoflex EB3W binder. These products are designed to improve the performance of asphalt pavements.
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Asphalt Market Segmentation:
This report shows the revenue growth at a global, regional, and country-level to analyze the trends in every segment and sub-segment of the market from 2017 to 2030.
Type Outlook
- Hot Mix Asphalt
- Warm Mix Asphalt
- Cold Mix Asphalt
Application Outlook
- Roads Highways
- Airport Runways
- Parking Lots
- Railway Tracks
- Others
Regional Outlook
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East Africa
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