Asphalt Concrete Market to Garner $8.23 Billion by 2033: The Brainy Insights

Asphalt concrete market size is anticipated to grow from USD 4.68 Billion to USD 8.23 Billion in 10 years. The market is supported by the expansion of infrastructure, quick urbanisation, rising road building, volatile crude oil prices, technical breakthroughs, and government initiatives.

Newark, Feb. 20, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 4.68 Billion in 2023 asphalt concrete market will reach USD 8.23 Billion by 2033. The increasing focus on road construction, rehabilitation projects, and sustainable urbanisation initiatives is expected to propel the market forward. Additionally, the market is likely to expand due to new building techniques and technological advancements in asphalt concrete compositions. The growing need for high-performance, long-lasting pavements and the rise in investments in transportation infrastructure are expected to drive the market’s growth throughout the forecast period.

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Key Insight of the Asphalt Concrete Market

Asia Pacific is anticipated to expand at the highest CAGR of 7.28% over the projection period.

Asia Pacific is expected to grow at the highest CAGR of 7.28% over the forecast period. Because the area is heavily dependent on oil imports, changes in the price of crude oil are a major factor in figuring out how much asphalt is produced. The market is growing as a result of government measures to improve infrastructure and technological improvements. The Asia Pacific region’s distinct climate and strict environmental laws also have a big impact on the selection of asphalt materials and application techniques.

The asphalt paving mixtures and blocks segment is expected to register the highest CAGR of 8.72% over the projected period in the asphalt concrete market.

The asphalt paving mixtures and blocks segment is anticipated to grow at the highest CAGR of 8.72% in the asphalt concrete market. Warm-mix asphalt is one of the green alternatives that manufacturers are actively investigating since it uses less energy during production and emits less greenhouse gases. As governments commit funds to enhancing transport networks, economic expansion and rising investment in infrastructure projects also play a major role. Changes in the price of crude oil, an essential component used to make asphalt, have an impact on production costs and, thus, the dynamics of this sector.

Over the projected period, the hot mix asphalt segment is expected to register the highest CAGR of 8.35% in the asphalt concrete market.

Over the forecasted period, the hot mix asphalt segment is anticipated to grow at the highest CAGR of 8.35% in the asphalt concrete market. Warm-mix asphalt is one example of a hot mix formulation innovation that lowers manufacturing energy and emissions while still being environmentally friendly. Additionally, as production techniques become more technologically advanced, hot mix asphalt performs better and has a higher quality, which increases its market attractiveness. Government programmes, regulatory assistance, and the continuous search for long-lasting and reasonably priced road solutions all work together to propel the hot mix asphalt market ahead.

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Market Dynamics

Driver: Infrastructural development and urbanization

The global business is significantly impacted by the ongoing boom in infrastructure projects and the rapid urbanisation that is occurring. As countries strive to accommodate expanding populations and foster economic progress, there is an increasing need for more roads, highways, and transportation networks. The need for asphalt, which is necessary for road paving, is directly related to the rise in construction projects. Urbanisation tendencies are shown by population migration to cities, which highlights the importance of having a robust transportation system. As cities expand, efficient road networks become increasingly important for connectivity and accessibility. Asphalt is therefore necessary to preserve the foundation of modern urban living. The global business is shaped in large part by the ongoing demand for asphalt solutions created by the interplay of infrastructure expansion and urbanisation. Economic growth is closely linked to the direction of the global market. When economies expand, governments set aside enormous amounts of money for construction and expansion projects, particularly in the transportation sector. Roads and highways serve as vital business corridors, facilitating the movement of products and services. Thus, a healthy economy depends on the construction and maintenance of a robust road network, of which asphalt is one type. The correlation between road construction and economic growth highlights the consistent need for high-quality asphalt materials. Furthermore, economic growth encourages urbanisation, which raises the demand for asphalt in expanding metropolises to improve accessibility and mobility. The use of sustainable practices has increased in numerous industries, including asphalt manufacture, as environmental awareness has grown. Concerns about carbon emissions and environmental repercussions are causing a paradigm change in the worldwide sector towards environmentally friendly alternatives. Innovations in asphalt formulations are enabling the manufacturing of environmentally friendly products such as warm-mix asphalt, which requires less energy throughout the process.

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Some of the major players operating in the asphalt concrete market are:

• Anglo American Plc
• BP Plc
• Chevron Corporation
• Imperial Oil Limited
• Petroleos de Venezuela S.A
• Royal Dutch Shell plc
• Total SA
• Aggregate Industries Ltd.
• Cemex
• Owens Corning
• United Refining Inc.
• Atlas Roofing Corporation
• Shell International
• Exxon Mobil Corporation

Key Segments cover in the market:

By Product:

• Prepared Asphalt and Tar Roofing and Siding Products
• Asphalt Paving Mixtures and Blocks
• Roofing Asphalts and Pitches, Coatings and Cement

By Asphalt Type:

• Warm Mix Asphalt
• Hot Mix Asphalt
• Cold Mix Asphalt

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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