A key factor driving the market’s growth is the development of the roadways sector in China and India. The use of asphalt in the construction of roadways is the highest, therefore, the construction of roadways will drive the growth of the global asphalt market. The growth in automobile and freight movement has resulted in the demand for better road network in China and India, which augurs well for the global asphalt market.
This market research report on the global asphalt market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the emergence of new bitumen refinery plants as one of the key emerging trends in the global asphalt market:
Global asphalt market: Emergence of new bitumen refinery plants
There have been remarkable developments in the asphalt industry over the past few years. Many new bitumen refineries have been established and many more are in the pipeline. These refineries are being developed to cater to the high demand for asphalt in the market due to which vendors are increasing their investment in this market.
“There has been a shift toward the use of warm-mix asphalt technology instead of the hot-melt asphalt technology. This is because the warm-mix helps reduce the cost of paving, extends the paving season, improves asphalt compaction, and enables the mixture to be hauled for longer distances. It also reduces the labor forces’ exposure to fuel emissions, fumes, and odors, thereby resulting in better working conditions,” says a senior analyst at Technavio.
Global asphalt market: Segmentation analysis
This market research report segments the global asphalt market by application (roadways, waterproofing, recreation and others), end-user (non-residential construction, residential construction, and others), and key regions (the Americas, APAC, and EMEA).
APAC held the highest share of the global asphalt market in 2017, accounting for a market share of around 37%, followed by EMEA and the Americas. APAC is expected to witness a further increase of 1% in its market share over the forecast period while EMEA will witness a decline in its market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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