The research study covers the present scenario and growth prospects of the global asphalt market for 2017-2021. The analysts have presented the various facets of the market with a focus on identifying the key industry influencers.
The market is expected to witness consistent growth during the forecast period, backed by increasing growth in the paving and construction industry, especially in developing economies such as China, Brazil, and India. Based on application, the global asphalt market for roadways had the highest share of the overall market in 2016.
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Technavio chemicals and materials analysts highlight the following three factors that are contributing to the growth of the global asphalt market:
Furtherance of transport sector and infrastructural development
Several countries still face the problem of unpaved roads that stretch for sizeable distances. Unpaved roads account for about 4.3 million kilometers, globally, of which the US accounts for about 2 million kilometers. Countries such as China, Canada, India, Germany, and Switzerland also have large stretches of unpaved roads.
Chandrakumar Badala Jaganathan, a lead specialty chemicals research analyst at Technavio, says, “The growing infrastructural development in different countries, across the globe, demands an advancement of the transport sector to promote economic development. Population explosion is another important factor in the advancement of the transport sector.”
Growing demand for asphalt emulsions
An asphalt emulsion refers to the combination of asphalt cement, water, and emulsifying agent (surfactant). It is used to recycle old pavements with reduced time and cost. Its growing demand across countries (especially in the US) drives the global asphalt market. The demand for asphalt emulsions is expected to rise faster as compared with other asphalt components during the forecast period, driven by the increasing global demand for recycling of bridges and highways.
An upsurge in the use of reclaimed asphalt pavement
Government funding, coupled with an increase in the use of reclaimed asphalt pavement (RAP), drives the global asphalt market. RAP refers to the removal and reprocessing of pavement materials. Asphalt and its aggregates generated during the process of removal of pavements are used in the reconstruction or resurfacing.
The support rendered by governments and other agencies acts as a driving factor for potential vendors to enter the market and get a foothold in the business. For instance, the Federal Highway Administration (FHWA) actively assists and promotes the recycling of pavement materials to conserve nature, decrease waste, and employ cost-effective solutions for constructing highways in the country.
- Exxon Mobil
- Imperial Oil
- Royal Dutch Shell
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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