Asphalt Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 - 2027

Asphalt is a refined residue left over from the distillation of some crude oils. It's mostly utilised as a glue or binder in road construction, and it's blended with aggregate particles to make asphalt concrete. Asphalt is also used in the manufacture of roofing felt, bituminous waterproofing materials, and the sealing of flat roofs, among other things. The rise of the construction industry, particularly in rising economies such as China, India, and Brazil, is driving up global Asphalt Market. Paving products such as asphalt cement, asphalt emulsions, and cutback asphalt, as well as roofing products such as asphalt shingles, modified bitumen, roofing membranes, mopping asphalts, and standard asphaltic roofing felts, are driving demand for asphalt.

Residential structures, new improvement and repair, and nonresidential buildings are the key construction market sectors in the worldwide asphalt market. Paving goods currently account for more than half of all asphalt usage and will continue to be the most common application in the coming years. Because of the increase in building construction expenditures, demand for asphalt in roofing products is likely to expand steadily. Significant increases in single-family construction completions will drive demand for asphalt shingles in the residential market, which will rise at the quickest rate.

In addition, as emulsions are blended with old pavements to reconstruct worn roadway surfaces and repair damaged highways, the demand for asphalt emulsions will rise. Increased construction spending in the nonresidential market will drive demand for low-slope roofing materials such as roll roofing, modified bitumen membranes, and cleaning asphalts. ExxonMobil, Imperial Oil, British Petroleum, and Shell Bitumen are among the major competitors in the worldwide asphalt business.

Bitumen is produced according to the end-use requirements, which can be accomplished by blending or refining. Sealing and insulating a number of building materials, such as carpet tile backing, pipe coatings, and paint, are some of the other applications.