Asphalt is a complex black-brown mixture composed of hydrocarbons with different molecular weights and their non-metallic derivatives. It is a high-viscosity organic liquid and soluble in carbon disulfide. Asphalt is an organic cementitious material that is waterproof, moisture-proof, and corrosion-resistant, mainly used in industries such as coatings, plastics, rubber, and pavement. According to different sources, asphalt can usually be divided into two types: coal tar asphalt and petroleum asphalt. Among them, coal tar asphalt is a by-product of coking, while petroleum asphalt is the residue of crude oil distillation. According to our research data, the global market revenue of asphalt for road construction is expected to reach $46071 million in 2023, among which the estimated revenue from the petroleum asphalt market is $4201 million, with a market share of 91.17%, occupying a dominant position.

Global Asphalt for Road Construction Market Revenue and Share Forecast by Type in 2023

 

Source: www.globalmarketmonitor.com

Research shows that the Asia-Pacific region is the largest revenue market for the global road construction asphalt industry, with market revenue expected to reach $20765 million in 2023, accounting for an estimated 45.07% of the total global market revenue; North America is expected to rank second with a market revenue of $12228 million and a share of 26.54%.

Global Asphalt for Road Construction Market Revenue and Share Forecast by Region in 2023

Regions	Market Revenue (M USD)	Market Share
North America	12228	26.54%
Europe	8523	18.50%
Asia Pacific	20765	45.07%
South America	2553	5.54%
Middle East & Africa	2002	4.35%
Global	46071	100%

Source: www.globalmarketmonitor.com

China holds the main growth point of the asphalt market for road construction in the Asia-Pacific region. China is one of the world\'s largest producers and consumers of asphalt, and its asphalt market has developed rapidly in recent years. Nowadays, China\'s asphalt industry has entered a rapid development stage of scale and concentration.

With the continuous increase in infrastructure investment in China, the demand for asphalt is also increasing year by year. In addition, with the continuous increase in the number of cars, the demand for highway maintenance and repair is also gradually increasing, further promoting the development of the asphalt market. The supply of asphalt in China mainly comes from petrochemical enterprises, coal tar processing enterprises, and biomass energy enterprises. With the continuous expansion of petrochemical enterprises and the transformation and upgrading of coal tar processing enterprises, the supply capacity of asphalt has been continuously improved. In addition, the rise of biomass energy enterprises has also provided new sources of supply for the asphalt market. Overall, the prospects of China\'s asphalt market are very broad.