Growth Accelerated By Demand From Road Construction And Infrastructure Development

 

Asphalt Market

Asphalt is a basic material used in road construction and infrastructure development. It has high durability and strength properties that make it ideal for paving surfaces subjected to heavy traffic loads. Asphalt is produced by mixing specially processed petroleum tar with silica sand and gravel aggregates. The material undergoes heating and blending processes to produce either hot mix or cold asphalt for various construction applications. With the growing initiatives of governments around the world to upgrade road networks and build new transport infrastructure, the global asphalt market is witnessing strong demand dynamics. The global asphalt market is estimated to be valued at US$ 246.59 billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market key trends:

Polymer Modified Asphalt Gaining Traction

One of the key trends gaining momentum in the global asphalt market is the growing preference for polymer modified asphalt. Conventional asphalt has limitations in terms of resistance to increasing traffic loads, temperature fluctuations, and aging effects over long-term usage. The integration of polymer additives helps enhance the flexibility, strength, and lifespan of asphalt. Polymers such as styrene-butadiene-styrene (SBS), ethylene-vinyl acetate (EVA), and ground tire rubber are commonly used in the production of polymer modified asphalt, which exhibits superior high-temperature performance and durability against cracking. Leading highway construction agencies are promoting the use of polymer modified asphalt to build high-quality, long-lasting roads and reduce maintenance expenses.

Segment Analysis

The global asphalt market is dominated by the road construction segment. As asphalt is extensively used in the construction and maintenance of roads and highways worldwide. According to estimates, around 60% of the overall asphalt consumption is from the road construction segment. Owing to rapid urbanization and growing infrastructure development across regions, investment in road construction activities has been on the rise, consequently driving the demand for asphalt in this segment.

 

Key Takeaways

The Global Asphalt Market Size is expected to witness high growth over the forecast period owing to rising construction spending on road infrastructure development worldwide.

 

Regional analysis:

The Asia Pacific region currently dominates the global asphalt market and is expected to maintain its lead over the next decade as well. China and India constitute a major chunk of the regional market owing to ongoing infrastructure development projects. Growth accelerator programs aimed at upgrading transport infrastructure will further propel the demand for asphalt in the Asia Pacific region.

 

Key players:

Key players operating in the asphalt market are 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.
Get More Insights Here

https://www.newsstatix.com/asphalt-market-size-share-growth-outlook-2023/

Comments

Post a Comment

Popular posts from this blog

Uninterruptible Power Supply Market Poised for Significant Growth Accelerated by Adoption of Renewable Energy Sources

Image
  Uninterruptible Power Supply Market  An uninterruptible power supply (UPS) is a power supply system designed to provide emergency power to a load when the input power source fails. UPS systems provide transient voltage protection from power surges and spikes and consistent power even under brownout conditions. They are most commonly used in data centers, telecommunication systems, medical equipment, industrial processes that require continuous operation, and other critical applications where power disruptions cannot be tolerated. The global uninterruptible power supply market is estimated to be valued at US$ 9.95 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The uninterruptible power supply market is expected to witness significant growth over the forecast period. This is mainly attributed to the rising focus on improving power re...
Read more

Yacht Charter Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Recreational Boating

Image
  Yacht Charter Market Yacht charter is the business of renting or leasing yachts and sailing boats for pleasure and touring. Yachts are primarily used for entertainment of guests, luxury experience, and recreational enjoyment. Large yachts come equipped with various amenities such as ocean-view staterooms, gourmet galley kitchens, lavish lounges and sundecks. Some of the popular uses include dinners, parties, family trips, weekend getaways, and corporate events. The global yacht charter market is estimated to be valued at US$ 68809.83 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The global yacht charter market is witnessing high growth owing to the rising popularity of luxury yachts among high-net-worth individuals as a preferred leisure activity. Yacht charters allow individuals to experience the luxury lifestyle without the steep cos...
Read more

The Global Switchgear Market Growth Accelerated By Increased Demand For Switchgear From Renewable Energy Sector

Image
Switchgear Market   Switchgear equipment are devices consisting of circuit breakers, fuses or any other associated equipment used for operating, isolating, protecting and managing electricity distribution in an electrical power system. These equipment are used in transmission and distribution systems to control the flow of power and limit electrical currents. They protect circuits and equipment in the system by limiting electrical currents to safe levels in the event of a short circuit or any sudden overloading. The growing demand for ensured power supply across manufacturing industries and commercial spaces has been driving increased adoption of switchgear.   The global switchgear market is estimated to be valued at US$ 127.13 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: One of the key drivers for the growth of the switchgear...
Read more