Asphalt is the refined residue from the distillation process of specific crude oils. It is primarily used in road construction as a glue or binder and is mixed with aggregate particles for creating asphalt concrete. The other main applications of asphalt include production of roofing felt, bituminous waterproofing products and sealing flat roofs among others. The global demand for asphalt is increasing owing to the growth in the construction industry especially in the emerging economies such as China, India and Brazil. The application that are driving the demand for asphalt include paving products such as asphalt cement, asphalt emulsions and cutback asphalt, roofing products such as asphalt shingles, modified bitumen, roofing membranes, mopping asphalts and standard asphaltic roofing felts and among others.
The global asphalt market mainly comprises of construction market segments such as residential buildings, new improvement and repair and nonresidential buildings. At present, paving products account for more than half the consumption of asphalt and will remain the dominant application for asphalt in the coming years. The demand for asphalt in roofing products is expected to grow consistently owing to the rise in building construction expenditures. The residential market will record the fastest growth as substantial gains in single-family housing completions will trigger the demand for asphalt shingles. In addition, the rising use of recycled asphalt pavement (RAP) will result in growing demand for asphalt emulsions as emulsions are blended with old pavements to reconstruct worn highway surfaces and repair damaged highways. In the nonresidential market segment, increasing construction spending will spur the demand for low-slope roofing products like roll roofing, modified bitumen membranes and mopping asphalts. Some of the key players in the global asphalt market are ExxonMobil, Imperial Oil, British Petroleum and Shell Bitumen among others.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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