Global Asphalt Market Is Estimated To Witness High Growth Owing To Increasing Demand for Road Construction
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Asphalt Market |
The
global asphalt market is estimated to be valued at USD 222.0 million in 2019
and is expected to reach a value of USD (insert market value for 2022) million
by 2022, growing at a CAGR of (insert CAGR)% during the forecast period,
according to a new report published by Coherent Market Insights.
A) Market Overview:
Asphalt, also known as bitumen, is a sticky, black, and highly viscous liquid
or semi-solid form of petroleum. It is primarily used in road construction and
paving applications due to its excellent binding and waterproofing properties.
Asphalt offers various advantages such as increased durability, enhanced skid
resistance, and reduced noise levels, making it an ideal choice for road
infrastructure.
B) Market Key Trends:
One key trend in the global Asphalt
Market is the increasing demand for road construction. Rapid
urbanization and industrialization, especially in emerging economies, have led
to a growing need for transportation infrastructure development. Governments
worldwide are investing heavily in the construction of new roads and highways
to enhance connectivity and promote economic growth. For instance, in 2018, the
Indian government announced the Bharatmala Pariyojana project, aiming to
construct 83,677 kilometers of national highways by 2022. Such initiatives are
driving the demand for asphalt in the construction industry.
C) PEST Analysis:
Political: Governments' infrastructure development initiatives and regulations
on road construction play a crucial role in shaping the asphalt market.
Political stability and favorable policies create a conducive environment for
market growth.
Economic: Economic growth, disposable income, and investment in infrastructure
projects are key economic factors influencing the demand for asphalt. Growing
economies and urbanization fuel the demand for road construction materials.
Social: Increasing urbanization, population growth, and rising vehicle
ownership contribute to the demand for better road infrastructure. Asphalt
provides a smooth and safe driving experience, fulfilling the social need for
efficient transportation systems.
Technological: Technological advancements in asphalt production and pavement
materials are driving market growth. The development of sustainable and
eco-friendly asphalt mixes, along with innovations in recycling techniques, are
gaining traction in the industry.
D) Key Takeaways:
1. The global asphalt market is expected to witness high growth, exhibiting a
CAGR of (insert CAGR) over the forecast period, due to increasing demand for
road construction. Governments' infrastructure development initiatives and the
need for efficient transportation systems are driving market growth.
2. Regional Analysis: Asia Pacific is expected to be the fastest-growing and
dominating region in the global asphalt market. Rapid urbanization,
industrialization, and government investments in transport infrastructure
projects are fueling the demand for asphalt in countries like China and India.
3. Key Players: Key players operating in the global asphalt market include BP
plc., Anglo American plc., Atlas Roofing Corporation, Aggregate Industries
Limited, CertainTeed Corporation, GAF Materials Corporation, CEMEX S.A.B. de
C.V., Colas Danmark A/S, Chevron Corporation, China National Offshore Oil Corporation,
Exxon Mobil Corporation, Hanson Asphalt Runcorn, Sinopec, SemGroup Corporation,
and Owens Corning. These companies focus on product development, strategic
partnerships, and mergers and acquisitions to strengthen their market position.
In conclusion, the global asphalt market is poised for significant growth due
to the increasing demand for road construction. The market is driven by
government investments in infrastructure projects and the need for efficient
transportation systems. Asia Pacific is expected to emerge as the
fastest-growing region in the market. Key players continue to innovate and
collaborate to meet the growing demand for asphalt globally.
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