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.
Information Source- https://www.fortunebusinessins....ights.com/asphalt-ma
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?
Drivers & Restraints-
Rising Need for Protecting Buildings from Harsh Weather to Drive Growth
The frequently changing climatic conditions are affecting the infrastructures. Hence, consumers are becoming more aware of the same. Apart from this, the rising concerns about global warming are starting to influence several consumers to use novel technologies for preventing the structures from extreme weather conditions. It is, in turn, resulting in the high demand for roofing to protect new and aging structures. Asphalt is nowadays increasingly utilized in applications such as waterproofing and recreation. Waterproofing is necessary for avoiding dampness, leakages, decay, molds, and mildew in buildings. However, many people are gradually inclining towards cement roadways from bitumen roads. It may hamper the asphalt market growth in the coming years.
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 asphalt 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.
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.
In 2019, North America, on the other hand, procured USD 65.43 million in terms of revenue. This growth is attributable to the rising trend of maintenance of highways and roadways, as well as the recreation of residential buildings. Coupled with these, favorable government policies, rising construction activities, and robust economic growth are anticipated to drive the demand for asphalt in this region.
Competitive Landscape-
Key Companies Focus on Bagging Orders from Other Enterprises to Surge Sales
The global market is highly fragmented with the presence of numerous big, medium, and small-sized companies globally. They are persistently adopting the strategies of investment, gaining new projects, mergers & acquisitions, collaborations, and others. Below is one of the most recent industry developments:
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