The asphalt market size is poised to grow by 30.31 million tonnes during the period 2020-2024, 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 2020-2024. (Graphic: Business Wire)
The increasing demand for waterproofing will be a key factor behind the growth of the asphalt market during the forecast period. Waterproofing is an essential process in the construction industry as it helps to avoid mold, mildew, and decay; prevent leakages from walls and ceiling; prevent dampness and safeguard the structural integrity of the construction. Asphalt is commonly used to mend expansion joints and cracks. The use of asphalt in expansion joints helps in preventing water leakage, provides resistance to chemicals, ensures better adherence to uneven surfaces, and improves tensile strength.
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As per Technavio, the increasing adoption of modified asphalt 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 2020-2024.
Asphalt Market: Increasing Adoption of Modified Asphalt
Modified asphalt has gained significant popularity over the years due to its superior properties in comparison to other materials. It helps to increase the life span of construction structures by 10-20 years. The properties of asphalt are modified by adding materials such as styrene-butadiene-styrene, atactic polypropylene, crumb rubber, and natural rubber. These modifiers increase the strength of materials, besides improving elasticity. Therefore, the adoption of modified asphalt is expected to increase considerably, thereby driving the market growth during the forecast period.
“Factors such as the growing petroleum refining and the rising use of reclaimed asphalt products will have a positive impact on the growth of the asphalt market 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 geography (APAC, Europe, MEA, North America, and South America), application (roadways, waterproofing, recreation, and others), and end-user (non-residential construction, residential construction, and others).
The APAC region held the largest share of the market in 2019, followed by North America, Europe, MEA, and South America, respectively. During the forecast period, APAC is expected to maintain its dominance and register the highest incremental growth owing to factors such as growing industrialization, rapid urbanization, and increasing infrastructure development in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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