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According to the latest research by SkyQuest Technology, the Global Asphalt Market was valued at USD 3.8 billion in 2021, and it is expected to reach a market size of USD 5.38 billion by 2028, at a CAGR of 5.1 % over the forecast period (2022–2028). The research provides up-to-date asphalt market analysis of the current market landscape, latest trends, drivers, and overall market environment.

Asphalt is a material that is used to construct and maintain a variety of surfaces, including parking lots, railroad tracks, port runways, play, and sports areas, and bicycle lanes. As aggregates in asphalt mixtures, you can use sand, gravel, crushed rock, or slags. Since some waste and byproducts, such as construction and demolition debris, are used as aggregates, asphalt is now more environmentally friendly. Average asphalt pavement is made up of pieces that are bonded and unbound by bituminous material and are located above the formation level. This permits the pavement to disperse the weight of the traffic before it reaches the formation level.

The rising urbanization of the world is one of the key factors driving the market’s rise. Because of the expanding population, asphalt shingles, which are used to weatherproof roofs, are in great demand. Additionally, asphalt provides a more practical and durable alternative to concrete, which is frequently used in the building industry. Additionally, the industry is growing as a result of the increased usage of recycled asphalt pavements (RAP) in parking lots, playground blacktops, schools, and roads. It is also used as an emulsion to restore worn-out pavements and road surfaces.

India, for instance, has a vast network of highways. India has 1,32,500 km of national highways, 1,81,531 km of state highways, 6,14,028 km of district roads, 44,04,404 km of rural roads, and 5,31,608 km of urban roads, and 3,46,505 km of project roads, according to figures from the Ministry of Transport for the year 2020. There are also 79 major NHSs, each with 500 branches and more than 48 various forms of transportation. Additionally, there are now much more expressways, with Uttar Pradesh, a state in northern India, taking the top spot with a length of 687 km. Numerous organizations and groups operating at various levels also provide highway planning, design, and implementation services.

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Read market research report, “Global Asphalt Market By Product Type (Hot Asphalt, Medium Curing (MC) Cold Mix Asphalt, and Unique Paving Materials (UPM) Asphalt), Application (Asphalt Cement, Emulsion, Paving, Roofing, and Others), End-Use (Residential and Non-Residential), and Region —Forecast And Analysis 2022–2028” By Skyquest

Paving materials accounted for the greatest portion of the global asphalt market in 2021. Paving is the industry’s largest section due to its quick rise in the construction sector, spurred by the growing need for safer roads to lower accident rates. It is anticipated that developing countries like China, India, and others would build more roads, which will accelerate the expansion of this industry. When it comes to traffic and weather conditions, bitumen performs well and delivers durability. It is used to pave the base courses for airports, bridges, tunnels, railroad lines, and other constructions.

For instance, the connectivity and improvement of the road sector have attracted a lot of attention in India thanks to numerous national initiatives like the Bharat Mala Project, the Pradhan Mantri Gram Sadak Yojana (PMGSY), the Mukhaya Mantri Gram Sadak Yojana (MMGSY), and the Special Accelerated Road Development Program in the North East. The PMGSY project constructed 47,447 km of roads in 2017–18 while utilising cold mix technology, recyclable materials, and green technologies to reduce carbon emissions. The Indian government has set a grandiose aim of constructing 10,000 km of NH by the conclusion of the current fiscal year, despite the fact that road length has grown since 2000. As a result, this industry has received a lot of investment.

The highway sector is the largest because of the growth of the construction industry. Rapid urbanisation and an increasing population are driving the rise of the worldwide asphalt market for highway applications. The chemical is used as a binding agent for roads and highways in order to bind the components together and provide lifespan and sturdiness. Due to the growing links between countries and regions, this sector is currently dominating the market. It is also used to waterproof roads and other structures. They protect both residential and non-residential buildings from inclement weather and avert mishaps. The building business is growing throughout a number of regions, which is helping this sector flourish.

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The prominent market players are constantly adopting various innovation and growth strategies to capture more market share. The key market players are CEMEX S.A.B. de C.V., China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Marathon Petroleum Corporation, Royal Dutch Shell, Total, United Refining Company, Boral, Valero Marketing and Supply Company, HEIDELBERG CEMENT AG among others.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about Asphalt Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.

What does this Report Deliver?

SkyQuest has Segmented the Global Asphalt Market based on Product Type, Application, and Region:

Key Players in the Global Asphalt Market

SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.

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