NEW YORK, July 5, 2021 /PRNewswire/ —
The asphalt market is expected to grow by 32.89 million tons during 2021-2025, according to the latest market research report by Technavio.
The growth of the construction industry is identified as one of the major factors driving the growth of the asphalt market. The rising demand for office spaces, commercial complexes, and residential buildings has been crucial in driving the growth of the global construction industry. This has increased the consumption and demand for various construction materials such as construction aggregates, metal products, and asphalt. Asphalt is widely used in applications such as roofing, flooring, and coating. Therefore, the growth of the construction industry will positively influence the growth of the market in focus during the forecast period.
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As per Technavio, the increasing investments in road and highway infrastructure projects will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Asphalt Market: Increasing Investments in road and highway infrastructure projects
Many developing and developed countries including China, India, Italy, Russia, Germany, and the US are making significant investments in road and highway construction projects. For instance, in October 2017, the Government of India approved the construction of over 51,500 miles of highway, expressway, and bridge projects under the Bharatmala Pariyojana program. Many such highway construction projects across the world are increasing the demand for asphalt, which is driving the growth of the market.
«Increased demand for waterproofing and rising focus on domestic manufacturing will further boost market growth during the forecast period», says a senior analyst at Technavio.
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Asphalt Market: Segmentation Analysis
This market research report segments the asphalt market by end-user (non-residential construction, residential construction, and others), application (roadways, waterproofing, recreation, and others), and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the asphalt market in 2021, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to industrialization, rapid urbanization, and increasing infrastructure development.
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Related Reports on Materials Include:
Global Cement Market – Global cement market is segmented by end-user (residential construction, non-residential construction, and infrastructure) and geography (APAC, North America, Europe, MEA, and South America).
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Global Construction Materials Market – Global construction materials market is segmented by product (cement, construction aggregate, concrete bricks, construction metals, and others) and geography (APAC, Europe, North America, MEA, and South America).
Download Exclusive Free Sample Report
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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