WPB: The U.S. asphalt market is projected to reach approximately 30 million tons by the end of 2025, with highway and street applications driving significant growth due to increased government funding.
The expansion of the transportation sector and advancements in infrastructure remain key factors fueling market growth. However, in many developing regions, the presence of extensive unpaved road networks continues to pose challenges. Globally, unpaved roads account for about 4.5 million kilometers, with the U.S. contributing over 2 million kilometers to this total.
Despite the market’s positive drivers, challenges such as sustainability and environmental concerns hinder growth. The chemical properties of asphalt cause it to harden rapidly after application, which reduces its long-term durability. While this hardening process minimizes temperature sensitivity to a certain extent, it can lead to a preference for concrete over asphalt, limiting market expansion.
Product Trends
Modernization of pavement technologies has become a notable trend in the asphalt market. Porous asphalt is gaining popularity due to its cost-effectiveness and ability to manage water flow efficiently. Paving products currently dominate the market, accounting for more than half of asphalt consumption, and are expected to maintain their leading position through the forecast period.
Demand for asphalt in roofing products is anticipated to grow moderately, driven by increased expenditures on construction activities. Roofing applications, such as asphalt shingles and modified bitumen products, play a significant role in this growth.
Application Overview
Asphalt is primarily used as a binder in road construction, combining with aggregate to form asphalt concrete. Other applications include the production of roofing felt and bituminous waterproofing products.
Global demand for asphalt is projected to grow steadily due to increased construction activities, particularly in emerging economies like China, India, and Brazil. Key contributors to this growth include paving products such as asphalt cement, emulsions, and cutback asphalt, as well as roofing products like shingles, membranes, and mopping asphalt.
End-User Insights
The residential construction sector is expected to experience rapid growth, as high demand for asphalt shingles in standalone housing projects drives this segment.
Additionally, the use of recycled asphalt pavement is anticipated to boost demand for asphalt emulsions. In the non-residential construction market, rising expenditures are expected to fuel demand for low-slope roofing products such as roll roofing and modified bitumen membranes.
Regional Analysis
North America is expected to lead the global asphalt market through the end of 2025, driven by the expansion of the transportation and construction sectors. The extensive road networks in the U.S. and Canada significantly contribute to this growth. Furthermore, rising use of asphalt in roofing applications is projected to support market expansion.
The U.S. alone accounts for more than 2 million kilometers of unpaved roads. Meanwhile, countries such as China, Canada, and India are experiencing increased demand for paved roads due to urbanization and industrialization, positively influencing global asphalt consumption.
Competitive Landscape
Prominent market players include Aggregate Industries, Akzo Nobel, Anglo American, Atlas Roofing, China Petrochemical Corporation (Sinopec), El Dorado Chemical, Inland Asphalt, and United Refining.
By WPB
Asphalt, Bitumen, Market, Petroleum
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