Asphalt Market Size to Grow by 32.89 Million Tons through 2021-2025 | Forecast and Trend Analysis
Technavio has been monitoring the asphalt market and it is expected to grow by 32.89 million tons, accelerating at a CAGR of almost 5% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Asphalt Market: Emerging Trends to Impact Market Growth
The increasing investments in road and highway infrastructure projects will drive market growth. APAC has been recording a significant growth rate and is expected to offer several growth opportunities to market vendors. The growth of the construction industry will facilitate the asphalt market growth in APAC over the forecast period. 44% of the market growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for asphalt in the region. This report provides a detailed analysis of all the trends that are likely to influence the growth of individual segments within the market as well as the overall market in focus. This analysis will enable clients to assess their play in the market and plan for growth opportunities.
Asphalt Market: Vendor Analysis
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. BP Plc, CEMEX SAB de CV, Chevron Corp., China Petroleum and Chemical Corp., Exxon Mobil Corp., Marathon Petroleum Corp., Owens Corning, Royal Dutch Shell Plc, TotalEnergies SE, and United Refining Co. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio custom reports provide market insights at the global and regional level along with a pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.
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