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Asphalt Concrete Market Size, Share, Trends & Outlook by 2033 | The Brainy Insights

Asphalt Concrete Market

Asphalt Concrete Market Size by Product (Prepared Asphalt and Tar Roofing and Siding Products, Asphalt Paving Mixtures and Blocks, Roofing Asphalts and Pitches, Coatings and Cement), Asphalt Type (Warm Mix Asphalt, Hot Mix Asphalt, Cold Mix Asphalt), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14034
  • Published Date: Jan, 2024
  • Pages: 237
  • Category: Chemicals & Materials
  • Format: PDF
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The global asphalt concrete market was valued at USD 4.68 Billion in 2023, which is anticipated to grow at a CAGR of 5.82% from 2024 to 2033. The market is anticipated to advance primarily due to the growing emphasis on road construction, rehabilitation projects, and sustainable urbanisation programmes. Furthermore, new construction methods and technological developments in asphalt concrete compositions are probably going to help the market grow. Throughout the forecast period, the market's expansion is anticipated to be further fueled by the increase in investments in transportation infrastructure and the growing requirement for high-performance, long-lasting pavements.

Market Introduction:

In order to construct and maintain roads, parking lots, railroad lines, ports, airport runways, bike paths, walkways, play spaces, and sports facilities, asphalt is a mixture of aggregates, binders, and fillers. Aggregates used in asphalt mixtures include crushed stone, sand, gravel, and slag. Asphalt's long-term durability is increased by the use of certain wastes and by-products as aggregates, such as construction and demolition debris. Europe is the primary producer and user of asphalt for building new roads and maintaining existing ones. Asphalt, also referred to as concrete, is a strong and adaptable substance that is mostly utilised in road building. When asphalt cools, its aggregates—gravel, sand, and crushed stone—combine to produce a solid, waterproof surface. The binder is a sticky petroleum-based substance. In order to create a smooth, level road surface, the hot mixture must be spread out across a prepared surface and then compacted. Because it is affordable and durable, asphalt is used for more than just roads. It is used for parking lots, driveways, airport runways, and racetracks. Its resilience to weathering, temperature changes, and high traffic volumes is one of its advantages. In addition, the black hue of asphalt retains and absorbs heat, which helps to melt snow and ice in the winter. Hot mix asphalt (HMA), warm mix asphalt (WMA), and cold mix asphalt (CMA) are three different forms of asphalt. The accelerating urbanisation and expanding infrastructure development have an impact on the asphalt market globally. The growing number of road development projects brought on by economic expansion and population growth further supports this. Furthermore, business is being driven towards innovation in materials and production processes by the growing demand for environmentally friendly and sustainable asphalt solutions. Accordingly, technological developments in asphalt mixtures and application techniques also contribute significantly to the market's expansion. Government efforts to upgrade transport infrastructure, such as road networks, also increase market demand. The market is expanding due to a number of other variables, including weather patterns, climatic fluctuations, and regulatory frameworks that address quality standards and environmental concerns.

Asphalt Concrete Market Size

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Recent Development
  • To bolster its limestone reserves, Cemex España purchased two additional quarries close to Madrid in August 2023.
  • Atlas Roofing Corporation purchased Arlington, Texas-based StarRFoam in February 2020 in order to benefit from the company's significant production footprint and experience.
  • In order to bolster AI's asphalt and surfacing operations—where it is a major participant on National Highways and local government contracts—AGGREGATE Industries bought OCL Regeneration Ltd in August 2023.

Market Dynamics:

Drivers

Infrastructural development and urbanization- Rapid urbanisation and the continued boom in infrastructure projects have a significant impact on the worldwide asphalt business. The need for new roads, highways, and transportation networks grows as nations attempt to accommodate growing populations and support economic growth. The increase in building projects is directly responsible for the need for asphalt, which is essential to the paving of roads. Population migration to cities is a sign of urbanisation tendencies, which increases the need for a strong road infrastructure. Effective road networks are essential for accessibility and connection as cities grow. As a result, asphalt is essential to maintaining the basis of contemporary urban living. The interaction of urbanisation and infrastructure development generates a constant need for asphalt solutions, making this driver a key factor in forming the worldwide asphalt business. The trajectory of the global market is inextricably tied to economic expansion. Governments set aside large sums of money for building and expansion projects when economies grow, especially in the transport sector. The transportation of goods and services is made possible by roads and highways, which act as essential commercial corridors. Therefore, the creation and upkeep of a strong road system are essential to a thriving economy, and asphalt is one such substance. Road building and economic growth are correlated, which emphasises the steady demand for premium asphalt materials. In addition, economic expansion promotes urbanisation, which in turn increases the need for asphalt in order to provide improved transportation and accessibility in developing metropolitan areas. Increasing environmental awareness has fueled the adoption of sustainable techniques in many industries, including the production of asphalt. A paradigm shift towards environmentally friendly solutions is taking place in the global sector as a result of worries about carbon emissions and environmental effects. Warm-mix asphalt, which uses less energy during production, is one example of the environmentally friendly goods being made possible by innovations in asphalt formulations. Additionally, waste and resource consumption are reduced by investigating substitute materials such recycled asphalt pavement (RAP). This push for sustainability not only complies with legislative requirements but also meets the demands of customers who care about the environment. As a result, cutting-edge asphalt technology and sustainable business models are becoming more important forces influencing the direction of the global market.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most significant global asphalt concrete market, with a 38.75% market revenue share in 2023. The Asia Pacific region is experiencing a surge in demand for road building and maintenance due to the region's rapid urbanisation and infrastructure expansion. The demand for asphalt materials is driven by the need for strong transportation networks, which is a result of the rapid growth in both population and economy. Furthermore, the region's growing emphasis on sustainable practices has prompted the adoption of creative, energy- and environmentally-efficient paving solutions.

Asia Pacific Region Asphalt Concrete Market Share in 2023 - 38.75%

 

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Product Segment Analysis

The product segment is divided into prepared asphalt and tar roofing and siding products, asphalt paving mixtures and blocks, and roofing asphalts and pitches, coatings and cement. The asphalt paving mixtures and blocks segment dominated the market, with a market share of around 35.88% in 2023. The market for asphalt paving mixtures and blocks is driven by the growing need for reliable and efficient road infrastructure. The requirement for well-built roads increases along with urbanisation and population growth, which has a direct effect on the demand for asphalt paving blocks and mixtures. The development of high-performance mixtures with increased durability, resistance to wear and tear, and higher load-bearing capacities is made possible by technological breakthroughs in asphalt formulations. Moreover, the increasing focus on sustainability fosters innovation in this sector.

Asphalt Type Segment Analysis

The asphalt type segment is divided into warm mix asphalt, hot mix asphalt, and cold mix asphalt. The hot mix asphalt segment dominated the market, with a market share of around 37.53% in 2023. The hot mix asphalt business is driven by multiple critical factors, such as the increase in urbanisation and infrastructure development. High-quality hot mix asphalt is required for paving projects as economies grow and people increase and the requirement for effective road networks grows. In keeping with this, economic expansion is important. Strong economies devote a significant amount of resources to building, especially in the field of transportation infrastructure, which increases the need for hot mix asphalt. Moreover, the growing focus on sustainable methods emphasises the need for eco-friendly paving solutions.

Some of the Key Market Players:
  • 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

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 4.68 Billion
Market size value in 2033 USD 8.23 Billion
CAGR (2024 to 2033) 5.82%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product, Asphalt Type

Frequesntly Asked Questions

As per The Brainy Insights, the size of the asphalt concrete market was valued at USD 4.68 Billion in 2023 & USD 8.23 Billion by 2033.

Global asphalt concrete market is growing at a CAGR of 5.82% during the forecast period 2024-2033.

Asia Pacific region emerged as the largest market for the asphalt concrete.

Infrastructural development and urbanization are a significant driving factor for the growth of the asphalt concrete market.

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This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global asphalt concrete market based on below mentioned segments:

Global Asphalt Concrete by Product:

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

Global Asphalt Concrete by Asphalt Type:

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

Global Asphalt Concrete by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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