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Market Overview of Global Asphalt market:
According to our latest research, the global Asphalt market looks promising in the next 5 years. As of 2022, the global Asphalt market was estimated at USD 13451.8 million, and it's anticipated to reach USD 18028.0 million in 2028, with a CAGR of 5.0% during the forecast years.
Asphalt Products is based on matrix asphalt, adding a certain proportion of SBS modifier, and SBS is evenly dispersed in asphalt by shearing, stirring, etc. At the same time, a certain proportion of exclusive stabilizer is added to form SBS blend. The material is modified by the good physical properties of SBS.
Opportunities
Demand for asphalt will increase due to strong economic growth and increased construction activity as well as increased spending on road maintenance and repair applications in the United States. The demand for asphalt in road construction is expected to be driven by increased environmental funding, improved legislative pressure on infrastructure and growth in nonbuilding activities, especially in the highways and streets. Demand for paving asphalt on highways and streets has been increasing due to increased government funding and increased road and street construction activities.
The highly water resistance, viscosity and viscosity of the asphalt product itself and the growing demand for road expansion and new roads will help stimulate the growth of the asphalt market. Asphalt technology makes the road more safely and stable, and improves the service life. The specific functions include the improvement of water management by porous asphalt pavement and the conversion of advanced emulsified asphalt
Region Overview:
From 2023-2028, California is estimated to witness robust growth prospects.
Company Overview:
Marathon Petroleum Corporation is one of the major players operating in the Asphalt market, holding a share of 13.82% in 2018.
Marathon Petroleum Corporation is a producer and marketer of raw materials and petrochemicals. Marathon Petroleum Corporation manufactures and markets a wide range of industrial products, including specialty products and asphalt.
ExxonMobil is engaged in the exploration and production of crude oil and natural gas in the United States, Canada/Other Americas, Europe, Africa, Asia and Australia/Oceania. It operates through upstream, downstream and chemical segments. The company is also involved in the manufacture, trading, transportation and sale of crude oil, petroleum products and other specialty products; and manufactures and sells petrochemical products including olefins, polyolefins, aromatics and various other petrochemicals.
Segmentation Overview:
Among different product types, Asphaltic Cement segment is anticipated to contribute the largest market share in 2028.
Application Overview:
By application, the Other Road Paving segment occupied the biggest share from 2018 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Asphalt market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Asphalt Market Report:
Market Size Estimates: Asphalt market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Asphalt market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Asphalt market
Segment Market Analysis: Asphalt market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Asphalt market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Asphalt Market: Revenue and sales volume of major countries in each region
Asphalt Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Asphalt market in major regions.
Asphalt Industry Value Chain: Asphalt market raw materials & suppliers, manufacturing process, distributors, downstream customers
Asphalt Industry News, Policies & Regulations
Key players in the global Asphalt market are covered in Chapter 12:
Valero Energy Corporation
Marathon Petroleum Corporation
McCall Oil
Albina Asphalt
Calumet Specialty Products
Phillips 66 Company
Superior Asphalt
HollyFrontier
Idaho Asphalt
Suncor Energy
VSS (Valley Slurry Seal)
Exxonmobil
Western States Asphalt
Total S.A.
Ergon
Wright Asphalt
Cenex (CHS Inc.)
Peak Asphalt
Husky Energy
BP
Western Emulsions
In Chapter 2 and Chapter 15.1, based on types, the Asphalt market from 2018 to 2028 is primarily split into:
Asphaltic Cement
Polymer-Modified Asphalt
In Chapter 3 and Chapter 15.2, based on applications, the Asphalt market from 2018 to 2028 covers:
Highway Paving
Other Road Paving
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Asphalt market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028