According to IMARC Group’s recent report, titled “Asphalt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global asphalt market reached a value of US$ 80.17 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026.
Also known as bitumen, asphalt is a brown or black petroleum-like material with a consistency ranging from glassy solid to viscous liquid. It is obtained from petroleum distillation residue and manufactured at around 150 to 180 degrees Celsius. It helps minimize fuel consumption and carbon emissions from vehicles. Moreover, as it is highly durable, crack-resistant and assists in binding crushed stone and aggregates into a firm, concrete surface, it finds extensive application in the construction of roads, parking areas and driveways across the globe.
The asphalt market is experiencing growth on account of the escalating demand for asphalt shingles that are utilized for waterproofing roofs. Moreover, the rising utilization of reclaimed asphalt pavements (RAP) in parking lots, schools and playground blacktops and residential and commercial driveways is strengthening the market growth. Apart from this, its increasing application in the oil and gas industry, along with the growing need for industrial modernization, is anticipated to drive the market further.
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Asphalt Market Competitive Analysis and Segmentation:
The competitive landscape of the global asphalt market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the global asphalt market on the basis of product, asphalt type, application, end-use sector and region.
Breakup by Product:
Breakup by Asphalt Type:
Breakup by Application:
Breakup by End-Use Sector:
Breakup by Region:
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Key highlights of the report:
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