Asphalt Concrete Market: Overview
Asphalt concrete consists of two primary ingredients: mineral aggregates and asphalt cement. Mineral aggregate is a hard, inert material such as sand, gravel, crushed stone, slag, or rock dust. Asphalt cement is a versatile, strong, chemical- and weather-resistant binding material that is used in a number of applications. It is mostly used to bind aggregate and crushed stone into a tough, firm surface. Asphalt concrete is most commonly used to surface parking lots, airports, surface roads, as well cores of embankment dams. In different regions, asphalt concrete is also known as asphalt, blacktop, bitumen macadam, or rolled asphalt. The terms asphalt concrete and bituminous concrete are generally only used in construction and engineering documents, which specify concrete as a composite material of mineral aggregates held with a binder.
Asphalt Concrete Market: Trends & Developments
Asphalt concrete is a by-product of the crude oil refining process. Oil wells supply crude petroleum to oil refineries, where it is separated into a number of components or fractions. The distilling of crude oil take place in an atmospheric distillation unit and then in a vacuum distillation unit. The residue from the vacuum distillation unit is asphalt, which is used for manufacturing asphalt concrete. The emulsifying of asphalt concrete is carried out to produce liquid asphalt, which can be easily pumped through pipes so that it can be mixed with the aggregate.
Asphalt concrete is 95% recyclable and is a widely reused construction material. Asphalt concrete recycling takes place on a large and small scale. In large scale recycling, a hot mix plant is used. In case of small scale recycling, the user separates the asphalt material into three categories: blacktop cookies, reclaimed asphalt pavement, (RAP) and asphalt millings.
Asphalt Concrete Market: Key Segments
The global asphalt concrete market can be segmented based on type, application, and region. Based on type, the asphalt concrete market can be classified into hot-mix asphalt concrete, warm-mix asphalt concrete, cold-mix asphalt concrete, and others. Hot-mix asphalt concrete is obtained by heating the asphalt binder in order to reduce its viscosity. The warm-mix type is produced by adding wax, zeolites, or sometimes even water. The cold-mix type is made by emulsifying the asphalt with soap in water before mixing with the aggregate.
In terms of application, the asphalt concrete market can be divided into roads & streets, airport runways, roofing, and others. Asphalt concrete is widely used for residential low slope roofing such as that for town houses, residential condominium complexes, etc..
Asphalt Concrete Market: Regional Outlook
Based on region, the global asphalt concrete market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is projected to lead the global market during the forecast period, followed by Europe. The market in Asia Pacific is anticipated to expand at a rapid pace. Developing countries such as India and China are expected to create lucrative opportunities for the market, due to a rise in infrastructure investment. Latin America and Middle East & Africa constitute a small share of the global market.
Asphalt Concrete Market: Key Players
Some of the key global players in asphalt concrete market are BP, CEMEX S.A.B. de C.V., Exxon Mobil Corporation., Imperial Oil Limited., Royal Dutch Shell Group, Aggregate Industries, Akzo Nobel N.V., Anglo American, Atlas Roofing Corporation, China Petroleum & Chemical Corporation., Inland Asphalt, and United Refining Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.