Radiant Insights, IncVarious governments are focusing on refining their highways or freeways to enhance efficiency of transportation industry. Growing implementation of government policies for road and infrastructural development by employing public private models across the world. This has increased the use of asphalt in road construction and maintenance industry
According to a report available on Radiant Insights, Inc.; the asphalt market is likely to expand progressively by 2023.
Rapid infrastructure development in emerging countries and high demand from transportation industry can propel the market over the forecast period (2018 to 2023).
Various governments are focusing on refining their highways or freeways to enhance efficiency of transportation industry. Growing implementation of government policies for road and infrastructural development by employing public private models across the world. This has increased the use of asphalt in road construction and maintenance industry. The product is also known as bitumen is considered as a key element in roadways applications due to its better strength, resilience, and durability. Concrete comprises a little amount of bitumen that act as a binder and improves its resistance abilities. This is anticipated to drive the product demand over the forecast period. The product can also be use in waterproofing, and insulation applications. Development of advanced construction systems, which includes waterproofed flat roofs are expected to drive the product demand in waterproofing applications over the forecast period. The product is also used in several applications including paints and coatings, inks and dyes.
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However, several issues regarding use of products such as high chemical fume emissions, shorter life span, and limited color and designs. This has increased the use of alternative materials such as concrete and bio-asphalts due to its bio-friendly and non-toxic characteristics. This is expected to hinder the market.
Worldwide asphalt market can be segmented on the basis of application, product, and region.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
North America is one of the major markets. The product is extensively used in the region for maintenance of roads, bridge, and highways. The product is extensively used in roofing applications and demand for these products is likely to increase with rise in expenditure for construction sector.
However, Asia Pacific region is expected to lead the market in the coming years due to growing construction industry in China, India, Vietnam, and Thailand. Presence of key market participants is also expected to boost the market in this region in the coming years. China is the major product consumer in this region due to increasing repairing and maintaining current roadways. Rapid infrastructure development in India is also expected to boost the product demand in the years to come.
Full Research Report On Global Asphalt Market Analysis available at: https://www.radiantinsights.com/research/global-asphalt-market-outlook-2018-2023
Europe is expected to grow on account of rise in government expenditure on the developments of roadways and repair activities.
Middle East and Africa is poised to show significant growth in the coming years due to rise in government expenditure for construction.
Prominent companies operating in the market include ExxonMobil, Shell Bitumen, and British Petroleum, and Total. Players in the market are adopting advanced technologies such as Warm Asphalt to reduce cost and enable easy operations. Several manufacturers are also focusing on production of asphalt, which is suitable for waterproofing and agriculture application. For instance, Indian Oil Corporation Limited has recently introduced an advanced bitumen called Durapave. The product can be used in construction and maintenance of roads. The Durapave emulsion is flowable at ambient temperature. This product can be suitable for highways, heavy duty and high traffic seaport roads, and traffic denser roads.
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