The Global Market for Asphalt is Projected to Reach Nearly 192 Million Metric Tons by 2024
Focus
on Infrastructure and Steady Roofing Markets Drive Growth in the Asphalt
Market, According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, market size, and demand forecasts on the global Asphalt market. The global market for Asphalt
is projected to reach nearly 192 million metric tons by 2024, driven by focus on
infrastructure in developing markets as well as developing markets, as well
steady housing markets in developed economies.
Asphalt,
also known as bitumen, represents the strongest wear surface and base layer
material used in the construction of roads, pavements, pathways, roofs, and
parking lots, among others. More than 90% of the roads in developed countries
are asphalt based. Asphalt is a proven cure-all solution for several ecological
problems and is also used as waterproof liners for fish rearing ponds, and
water reservoirs. Water reservoir liners use open-graded and dense-graded
blends of asphalt. Open-graded asphalt layer prevents leakages in drinking
water reservoirs. Besides being used to pave bicycle, rail and other
recreational trails, asphalt is also used to surface runways in many
international airports, and military airfields.
By
2050, global population is projected to reach nearly 10 billion, rising from
about 7.4 billion in 2015. With the global population growing at a robust rate,
specifically in developing nations, demand for housing units and infrastructure
facilities continues to increase, thereby offering huge growth opportunities
for the building materials industry including asphalt. Another factor fueling
demand growth is the rapid urbanization trend, with an increasing
proportion of the population migrating to urban and semi-urban centers in
search of better prospects. While the proportion of urban population in the
overall global population stood at about 54% in 2017, this share is expected to
reach 66% by the year 2050. In line with the trend of rising population and
urbanization, infrastructure spending of countries is likely to witness
corresponding growth. The resultant global infrastructure expenditure is
expected to provide immense opportunities for suppliers of varied types of
building materials used in construction projects.
Worldwide,
the roadway network increased by roughly 12 million lane kilometers over the
last decade, with India and China accounting for over half of the additions to
paved lane-kilometers. The total paved kilometer lane across the world
increased by approximately 11 million lane-km during the same period. BRT (bus road transit), also known as trunk
corridors are an integral part of highways. However, BRT is specific
infrastructure to facilitate the movement of high-capacity buses in specific
lanes. With transit regarded a crucial infrastructure, a number of trunk
corridors have been planned worldwide with a few of them already under
construction. In addition, infrastructure in developed economies is also
crumbling owing to years of neglect. Governments in the developed world,
especially the US views infrastructure spending as essential as well as a tool
to sustain economic growth.
As
stated by the new market research report on Asphalt, Asia-Pacific represents
the largest as well as the fastest growing market worldwide with a CAGR of 7.8%
over the analysis period. Burgeoning population, increased urbanization, robust
pace of industrialization and the subsequent need for housing, paving as well
as transportation, among other infrastructures, represent factors promoting
demand growth in the region. Paving applications, the leading end-application
for asphalt, is expected to dominate demand for products including asphalt
cement, cutback asphalt and asphalt emulsions; while roofing applications are
expected to drive demand for modified bitumen, asphalt shingles, asphaltic
roofing felts, and roofing membranes among others. In addition, global market
for asphalt is also expected to be driven by expanding applications of the
material in airfields, vehicle testing facilities, motorsport facilities,
cycling facilities, hydraulic applications, speed humps, footways as well as
asphalt curbs, among others.
Major
players in the market include BP Plc, Exxon Mobil Corporation, Petroleos de
Venezuela SA, Royal Dutch Shell plc, Aggregate Industries Limited, Anglo
American Plc, Atlas Roofing Corporation, CEMEX UK Operations Limited,
CertainTeed Corporation, Colas Danmark A/S, CRH Plc, Oldcastle Materials, Inc.,
Dehtochema Bitumat, S.r.o., GAF Materials Corporation, Hanson Limited, Husky,
Nynas AB, Owens Corning, and Sinopec, among others.
The
research report titled "Asphalt: A Global Strategic
Business Report" announced by Global Industry Analysts Inc., analyzes a wealth of
data including technological trends, growth drivers and major challenges that
are shaping the global Asphalt market, as well as profiles of leading vendors,
mergers, acquisitions and other strategic industry activities. The report
provides market estimates and projections in thousand metric tons for major
geographic markets including the United States, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China,
India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America
(Brazil, and Rest of Latin America). End-use applications analyzed in the
report include Paving, Roofing, and Others.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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