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The global asphalt market size is expected to reach USD 321.5 million by 2027. It is likely to gain momentum from the increasing usage of modifiers or additives for enhancing durability and aesthetic appeal. Fortune Business Insights™ provided this information in a recent 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 market stood at USD 222.0 million in 2019. However, it is set to exhibit a CAGR of 4.8% during the forecast period between 2020 to 2027.
Boral Introduces High-Performance Asphalt Named UltraPatch™
In February 2020, Boral Limited, a manufacturer and supplier of building and construction materials headquartered in Australia, introduced a premium-quality and ready-to-use asphalt named UltraPatch™. It would help in long-term repairs of patches and potholes in concrete and asphalt paving. It is very easy to handle and is non-toxic. The repairs can be immediately used after the application.
As per the company officials, damages to footpaths and paved roads are considered to be safety hazards to vehicles and people. If left untreated, they are capable of causing more damages and extensive repairs. This new product is equipped with an internationally recognized formulation called Macfix technology. The product is available in a variety of packages, as well as in bulk format.
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Expansion of Construction Industry to Accelerate Growth
Approximately 70% of the total produced asphalt is mainly utilized in the construction of roads. It is considered to be one of the most vital growth drivers. In addition to that, the advancements in non-building construction activities, such as street and highway would propel the asphalt market growth. Also, the increasing awareness programs regarding the upgradation of old infrastructures, favorable funding, and rising construction of paving asphalt are some of the other factors responsible for the growth of the market.
Furthermore, the revenue of the construction industry worldwide is projected to surge in the near future owing to the favorable economic conditions. The governments of numerous countries are investing huge sums in multiple projects, such as rehabilitation, construction of roads, roadway, or highway repair. Besides, the manufacturers are striving persistently to create novel solutions for keeping up with the industry requirements, as well as consumer demand. However, the fluctuating prices of raw materials may obstruct growth.
Key Players Engage in Research & Development Activities to Launch Novel Products
The companies present in the market are investing huge sums in the research and development activities to develop technologically advanced asphalt products. Many small, medium and large-scale companies are providing upgraded versions of their in-house products, as well as enhanced customer services.
Fortune Business Insights™ presents a list of all the bitumen manufacturers operating in the market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Million) and Volume (Kilo Tons)