Latest News- Asphalt Market: Hot mix asphalt is expected to lead the Product Type segment during 2025-2029

The Asphalt Market is being driven by Infrastructure development and road construction

The Asphalt Market is expected to grow at a CAGR of 5.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 17378 million. In the global asphalt market, there is a growing emphasis on sustainable production, driven by stringent environmental regulations, carbon reduction targets, and advanced construction methodologies. Asphalt producers are making substantial investments in innovative technologies and infrastructure to minimize emissions, conserve energy, and promote circularity in material usage. A significant stride in this direction was made by Tarmac in June 2024, with the launch of their state-of-the-art, sustainable asphalt plant in Trowse, Norwich, England. This facility incorporates underfloor heating systems, on-site wind turbines, and rail-delivered aggregates, thereby reducing carbon emissions throughout the production process. The plant manufactures eco-friendly asphalt products like UltiLayer and UltiPorous, specifically designed for roads, driveways, and other infrastructure projects. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • Hot mix asphalt
  • Warm mix asphalt
  • Cold mix asphalt
  • Others
• End-user
  • Non-residential construction
  • Residential construction
  • Others
• Application
  • Paving
  • Roofing
  • Waterproofing
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • Mexico
    • US
  • Europe
    • Germany
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Infrastructure development and road construction
• Urbanization and population growth
• Increased demand for waterproofing

However, the market also witnesses some limitations, which are as follows:

• Volatility in crude oil prices
• Competition from alternative materials
• Labor shortages and rising construction costs

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Market Scope in Asphalt Market Research Report

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Research Analysis Overview

The Asphalt Market encompasses various types of asphalt, including stone matrix asphalt, porous asphalt, open-graded asphalt, and rubberized asphalt. These asphalt types utilize additives like asphalt emulsion modifiers, anti-strip agents, and adhesion promoters for improved performance. Fiber reinforcement, recycled tire rubber, fly ash, and mineral filler are common additives. Compaction energy, rolling pattern, temperature control, moisture content, and durability index are essential factors influencing asphalt's fatigue life, creep resistance, water permeability, thermal stability, oxidation resistance, UV resistance, freeze-thaw resistance, long-term performance, service life, and life-cycle assessment.

Market Research Overview

The asphalt market is a significant segment of the larger global construction materials industry, encompassing manufacturers and suppliers of asphalt binders, polymer modified bitumen, recycled asphalt pavement, hot mix asphalt, and warm mix asphalt. The construction materials sector, which includes the production of sand, clay, gypsum, lime, aggregates, cement, concrete, bricks, and other materials, is a key contributor to the overall global construction materials market. Factors propelling growth in this market include the burgeoning building and construction industry, with the global sector experiencing robust expansion in recent years and projected to continue this trend. Key drivers in the building and construction sector include increasing urbanization, infrastructure development, and population growth. Within the asphalt market specifically, advancements in technologies such as the use of polymer modified bitumen and recycled asphalt pavement are expected to further fuel market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/