By 2017 the asphalt market is estimated to reach 126.3 million metric tons, with market growth predominantly driven by emerging markets of Asia-Pacific, Latin America, Middle East and Central & Eastern Europe.
In addition factors such as environmental regulations, construction activity, crude oil prices, and the economic recovery will encourage long-term growth in the asphalt market.
Asphalt is the sticky, black and highly viscous liquid or semi-solid present in most crude petroleums and in some natural deposits. It is a substance classed as a pitch. The primary use of asphalt is in road construction, where it is used as the glue or binder mixed with aggregate particles to create asphalt concrete.
Environmental concerns are one of the key factors influencing the asphalt market. Production of asphalt products and recycling are subject to strict regulations globally. Hence, asphalt products such as emulsions that are environmentally friendly are gaining popularity.
The majority of worldwide asphalt production and consumption is used for activities such as road paving activity, which represents the largest end-use market. However, demand for paving materials is expected to show drastic regional variations with less than average growth in developed countries and rapid gains in developing nations.
Roofing is expected to be the fastest growing end-use segment within the asphalt market, expanding at a CAGR of over 2.1% through to 2017. Asphalt demand for roofing stems primarily from Asia-Pacific, Europe and the US, which collectively account for a lion's share of global demand for asphalt in the roofing segment.
Europe comprises the largest region within the asphalt market. Both Europe and the US contribute a major share of worldwide asphalt production. Asia-Pacific, led by relentless growth from China, represents a high growth region and is forecast to race ahead at the overall highest rate of 3.4% through to 2017.
The asphalt market in the US was valued at 24.4 million metric tons in 2011 and demand for asphalt is forecast to increase 7.4 % annually through 2015.
For more information on the asphalt market, see the latest research: Asphalt Market Report
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