The global asphalt market is expected to gain traction from the ongoing technological advancements taking place in the mixing plants. Besides, several manufacturers are focusing on developing state-of-the-art solutions to fulfill industry requirements and consumer demand worldwide. This information is given by Fortune Business Insights™ in a recently published report, titled, “Asphalt Market Size, Share & Industry Analysis, By Product (Paving, Roofing, and Others), By Application (Roadways, Waterproofing, Recreation, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the asphalt market size stood at USD 222.0 million in 2019 and is expected to reach USD 321.5 million by 2027, exhibiting a CAGR of 4.8% during the forecast period.
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Fortune Business Insights™ presents a list of all the asphalt manufacturers operating in the global market. They are as follows:
Drivers & Restraints-
Rising Need for Protecting Buildings from Harsh Weather to Drive Growth
The frequently changing climatic conditions are affecting the infrastructures. Hence, consumers are becoming more aware of the same. Apart from this, the rising concerns about global warming are starting to influence several consumers to use novel technologies for preventing the structures from extreme weather conditions. It is, in turn, resulting in the high demand for roofing to protect new and aging structures. Asphalt is nowadays increasingly utilized in applications such as waterproofing and recreation. Waterproofing is necessary for avoiding dampness, leakages, decay, molds, and mildew in buildings. However, many people are gradually inclining towards cement roadways from bitumen roads. It may hamper the asphalt market growth in the coming years.
Asphalt is also identified as bitumen, which is a black and sticky, highly viscous liquid, or a semi-solid formula of petroleum. It is found in the natural deposit or can be used as a refined product that is classed as a pitch. The major application of this substance is roadways construction, where it is used as a binder that is mixed with aggregate elements to produce concrete. It is used for other paved parts such as airport runways, footways, and car parks. Also, the product is used in bituminous waterproofing, which includes producing roofing felt and sealing of flat roofs. Bitumen production is according to the requirements of the end-use, which is achieved either by blending or refining. Some other applications include sealing and insulating for a variety of building materials, such as carpet tile backing, pipe coatings, and paint.