Global Asphalt Market Segmentation and Status: Market Growing at a CAGR of 5.01% from 2024 to 2029

Global Asphalt Market Overview

According to Global Market Monitor, the global asphalt market size will be $14.65 billion in 2024 with a CAGR of 5.01% from 2024 to 2029.

Asphalt products are 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 stabilizers is added to form the SBS blend. The material is modified by the good physical properties of SBS.

Market Drivers

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. 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 high 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.

Market Segmentation

The main application of asphalt is road construction, where it is mixed with aggregate elements to produce concrete. It is used in other paved parts, such as airport runways, sidewalks, and parking lots. In addition, the product is also used for asphalt waterproofing, including the production of roof felt and roof seals. Rapid urbanization and population growth are supporting market growth for road applications, where asphalt is used as an adhesive for roads and highways, binding materials together and providing durability and sturdiness. It is also used as a water repellent for roads and infrastructure, which can prevent accidents from occurring.

Regional Market

Asia Pacific is the largest market and is expected to see considerable growth due to the expansion of the construction industry, huge growth in infrastructure and innovation in the construction industry as well as industry consolidation driving the growth of the regional market. According to the American Asphalt Pavement Association, about 65 percent of the asphalt pavement market is publicly funded, mostly for highway projects, with non-residential and residential construction accounting for 35 percent. Due to the increasing use of residential buildings for recreation in the region, as well as the growing trend of road and highway maintenance. Strong economic growth and increasing construction activity, as well as favorable government regulations, will further significantly boost demand. There are approximately 3,500 asphalt mix production sites in the United States, and more than 350 million tons of asphalt pavement materials are produced annually.

By Type	Additives
	Mixtures
	Others
	The asphaltic cement segment contributes the largest market share.
By Application	Roadways
	Waterproofing
	Others
	The other road paving segment occupies the biggest share.