Asphalt Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Asphalt Paving Mixtures and Blocks, Prepared Asphalt & Tar Roofing & Siding Products, Roofing Asphalts & Pitches, and Coatings & Cement), By Asphalt Type (Hot Mix Asphalt, Warm Mix Asphalt, and Cold Mix Asphalt), By Application (Roadways, Waterproofing, Recreation, and Others), By End User (Non-Residential, Residential, and Others) By Region Forecast 2019-2030.

Asphalt Market size was valued at USD 256.4 million in 2023 and is poised to grow at a CAGR of 4.8% from 2024 to 2030. Asphalt is a black, viscous liquid or semi-solid petroleum product. It is a material that can be found in crude oil reserves naturally. When building a road, aggregate materials such as sand, gravel, or crushed stone are combined with asphalt to form asphalt concrete, also referred to as blacktop or asphalt pavement. To create a surface that is resilient to weather and high traffic, this mixture is applied in layers and compacted. The key factors fostering market growth include infrastructure development, urbanization, government initiatives, and technological advancements.

For instance, A McKinsey & Company analysis from 2022 estimates that the annual global infrastructure investment required to fulfill the demands of urbanization and growth are approximately $3.7 trillion. However, fluctuating raw materials, environmental regulations, and economic downturns are the limiting factors for market growth.  Furthermore, sustainable practices, emerging markets, and technological innovations are the prospects. In addition, recycling and reuse, warm mix asphalt, smart infrastructure, and sustainable initiatives are the market trends for asphalt market

Asphalt Market Key Developments:

• In March 2021, Huron Capital Partners LLC purchased ACE Asphalt of Arizona, Inc. with the intention of merging it with the industry-leading asphalt producer and paving solutions provider Sunland Asphalt & Construction, Inc. Companies will have the chance to broaden their service offerings to both public and private clients and diversify their markets thanks to the merger.
• In February 2021, the engineered asphalt concrete, Viabase, was launched, according to Cemex UK. The product is appropriate for residential roads that will be subjected to traffic during construction and then paved after homes are constructed.
• In January 2021, an asphalt facility was purchased by Sunrock Group, a supplier of building materials, from Curtis Contracting, Inc. Through the acquisition, Sunrock is now able to distribute aggregate and produce more asphalt in the Virginia region of the United States.