Global Asphalt Market 2018-2022 | Emergence of New Bitumen Refinery Plants to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 27, 2019--
The asphalt market size is expected to post a CAGR of over 4% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global asphalt market 2018-2022. (Graphic: Business Wire)
The use of asphalt in construction of roadways is the highest. Thus, any development in the roadways sector will have a positive impact on the global demand for asphalt. As per the India Brand Equity Foundation (IBEF), around 64.5% of all goods are transported through roads in India, along with 90% of the total passenger traffic which use the road network to commute. The government of India is planning to increase the length of national highways to 200,000 km. In addition, the Chinese government is also focusing on the connectivity of roads in rural and remote areas, which is still a major issue in the country. Such developments in the roadways sector in China and India will drive the asphalt market growth.
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As per Technavio, the emergence of new bitumen refinery plants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Asphalt Market: Emergence of New Bitumen Refinery Plants
In the past few years, there have been remarkable developments in the asphalt industry and this trend is expected to continue during the forecast period. Many new bitumen refineries have been established, and many are in the pipeline. Sohar Asphalt, an Oman-registered company, announced the physical construction of the bitumen refinery after obtaining the all-important environmental clearance from the Ministry of Environment and Climate Affairs (MECA). Similarly, many other agreements were signed for the establishment of new bitumen refinery plants in 2016-2017. This clearly indicates that the demand for asphalt is high, and vendors are increasing their investments to cater to this high demand,.
“Other factors such as the shift from hot-melt asphalt to warm-mix asphalt technology, and the growing popularity of recycling and restructuring practices will have a significant impact on the growth of the asphalt market value 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 application (roadways, waterproofing, recreation and others), end-user (non-residential construction, residential construction, and others), and key regions (Americas, APAC, and EMEA).
The APAC region led the asphalt market in 2017, followed by EMEA and Americas respectively. The growth of the asphalt market share in APAC can be attributed to several factors such as increasing use of modified asphalt emulsions by the construction industry, large size of the domestic market, and expanding manufacturing sector in the region.
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PUB: 11/27/2019 06:00 PM/DISC: 11/27/2019 06:01 PM