Global Asphalt Market 2020-2024| Increasing Adoption Of Modified Asphalt to Boost Growth| Technavio

Technavio has announced its latest market research report titled global asphalt market 2020-2024. (Graphic: Business Wire)

LONDON--()--The asphalt market size is poised to grow by 30.31 million tonnes during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report

The increasing demand for waterproofing will be a key factor behind the growth of the asphalt market during the forecast period. Waterproofing is an essential process in the construction industry as it helps to avoid mold, mildew, and decay; prevent leakages from walls and ceiling; prevent dampness and safeguard the structural integrity of the construction. Asphalt is commonly used to mend expansion joints and cracks. The use of asphalt in expansion joints helps in preventing water leakage, provides resistance to chemicals, ensures better adherence to uneven surfaces, and improves tensile strength.

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As per Technavio, the increasing adoption of modified asphalt will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.

Asphalt Market: Increasing Adoption of Modified Asphalt

Modified asphalt has gained significant popularity over the years due to its superior properties in comparison to other materials. It helps to increase the life span of construction structures by 10-20 years. The properties of asphalt are modified by adding materials such as styrene-butadiene-styrene, atactic polypropylene, crumb rubber, and natural rubber. These modifiers increase the strength of materials, besides improving elasticity. Therefore, the adoption of modified asphalt is expected to increase considerably, thereby driving the market growth during the forecast period.

“Factors such as the growing petroleum refining and the rising use of reclaimed asphalt products will have a positive impact on the growth of the asphalt market during the forecast period,” says a senior analyst at Technavio.

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Asphalt Market: Segmentation Analysis

This market research report segments the asphalt market by geography (APAC, Europe, MEA, North America, and South America), application (roadways, waterproofing, recreation, and others), and end-user (non-residential construction, residential construction, and others).

The APAC region held the largest share of the market in 2019, followed by North America, Europe, MEA, and South America, respectively. During the forecast period, APAC is expected to maintain its dominance and register the highest incremental growth owing to factors such as growing industrialization, rapid urbanization, and increasing infrastructure development in the region.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The asphalt market size is poised to grow by 30.31 million tonnes during the period 2020-2024, according to Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com