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Asphalt Market Share, Industry Growth, Trends, Business Opportunities, Challenges, Growth Insights to 2026

 


The global Asphalt Market is expected to gain traction from the ongoing technological advancements taking place in the mixing plants. Besides, several manufacturers are focusing on developing state-of-the-art solutions to fulfill industry requirements and consumer demand worldwide. This information is given by Fortune Business Insights™ in a recently published report, titled, “Asphalt Market Size, Share & Industry Analysis, By Product (Paving, Roofing, and Others), By Application (Roadways, Waterproofing, Recreation, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the asphalt market size stood at USD 222.0 million in 2019 and is expected to reach USD 321.5 million by 2027, exhibiting a CAGR of 4.8% during the forecast period.


This Report Answers the Following Questions:



  • What are the significant market growth drivers and obstacles?

  • Which segment is set to lead the market in terms of share?

  • How will the companies cope up with the current outbreak of the coronavirus infection?

  • What are the crucial strategies adopted by companies to intensify competition?


Segment


Roadway Segment to Dominate Fueled by Expansion of Construction Industry


In terms of application, the market is segregated into recreation, waterproofing, roadways, and others. Amongst these, the recreation segment generated 17.4% in 2019 in terms of this market share. This growth is attributable to the rising population worldwide. The roadways segment is anticipated to dominate stoked by the expansion of the construction industry. However, owing to the present pandemic, the construction industry may decline in 2020, but start growing once again in the forthcoming years.


Browse Detailed Research Insights with Table of Content:   https://www.fortunebusinessinsights.com/asphalt-market-102998  


Fortune Business Insights™ presents a list of all the manufacturers operating in the global Asphalt Market. They are as follows:



  • CEMEX S.A.B. de C.V., Mexico

  • China Petroleum & Chemical Corporation, China

  • Exxon Mobil Corporation, the U.S.

  • Marathon Petroleum Corporation, the U.S.

  • Royal Dutch Shell, Netherlands

  • Total, France

  • United Refining Company, the U.S.

  • Boral, Australia

  • Valero Marketing and Supply Company, the U.S.

  • HEIDELBERGCEMENT AG, Germany

  • Other Key Players


Regional Analysis


Asia Pacific to Remain at the Forefront Stoked by Rapid Urbanization


Asia Pacific is set to grow considerably in the coming years because of the presence of a well-established construction sector in this region. The developing nations, such as India, China, and South Korea are the major contributors to growth. Industry consolidations and rapid urbanization in these countries would also affect the market positively. However, COVID-19 pandemic has reduced the growth rate. As per our research, Hong Kong’s construction industry recently laid off approximately 50,000 employees on account of the disruptions in the supply of labor and raw material from China.

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