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The global asphalt concrete market was valued at USD 4.68 Billion in 2023, which is anticipated to grow at a CAGR of 5.82% from 2024 to 2033. The market is anticipated to advance primarily due to the growing emphasis on road construction, rehabilitation projects, and sustainable urbanisation programmes. Furthermore, new construction methods and technological developments in asphalt concrete compositions are probably going to help the market grow. Throughout the forecast period, the market's expansion is anticipated to be further fueled by the increase in investments in transportation infrastructure and the growing requirement for high-performance, long-lasting pavements.
In order to construct and maintain roads, parking lots, railroad lines, ports, airport runways, bike paths, walkways, play spaces, and sports facilities, asphalt is a mixture of aggregates, binders, and fillers. Aggregates used in asphalt mixtures include crushed stone, sand, gravel, and slag. Asphalt's long-term durability is increased by the use of certain wastes and by-products as aggregates, such as construction and demolition debris. Europe is the primary producer and user of asphalt for building new roads and maintaining existing ones. Asphalt, also referred to as concrete, is a strong and adaptable substance that is mostly utilised in road building. When asphalt cools, its aggregates—gravel, sand, and crushed stone—combine to produce a solid, waterproof surface. The binder is a sticky petroleum-based substance. In order to create a smooth, level road surface, the hot mixture must be spread out across a prepared surface and then compacted. Because it is affordable and durable, asphalt is used for more than just roads. It is used for parking lots, driveways, airport runways, and racetracks. Its resilience to weathering, temperature changes, and high traffic volumes is one of its advantages. In addition, the black hue of asphalt retains and absorbs heat, which helps to melt snow and ice in the winter. Hot mix asphalt (HMA), warm mix asphalt (WMA), and cold mix asphalt (CMA) are three different forms of asphalt. The accelerating urbanisation and expanding infrastructure development have an impact on the asphalt market globally. The growing number of road development projects brought on by economic expansion and population growth further supports this. Furthermore, business is being driven towards innovation in materials and production processes by the growing demand for environmentally friendly and sustainable asphalt solutions. Accordingly, technological developments in asphalt mixtures and application techniques also contribute significantly to the market's expansion. Government efforts to upgrade transport infrastructure, such as road networks, also increase market demand. The market is expanding due to a number of other variables, including weather patterns, climatic fluctuations, and regulatory frameworks that address quality standards and environmental concerns.
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Infrastructural development and urbanization- Rapid urbanisation and the continued boom in infrastructure projects have a significant impact on the worldwide asphalt business. The need for new roads, highways, and transportation networks grows as nations attempt to accommodate growing populations and support economic growth. The increase in building projects is directly responsible for the need for asphalt, which is essential to the paving of roads. Population migration to cities is a sign of urbanisation tendencies, which increases the need for a strong road infrastructure. Effective road networks are essential for accessibility and connection as cities grow. As a result, asphalt is essential to maintaining the basis of contemporary urban living. The interaction of urbanisation and infrastructure development generates a constant need for asphalt solutions, making this driver a key factor in forming the worldwide asphalt business. The trajectory of the global market is inextricably tied to economic expansion. Governments set aside large sums of money for building and expansion projects when economies grow, especially in the transport sector. The transportation of goods and services is made possible by roads and highways, which act as essential commercial corridors. Therefore, the creation and upkeep of a strong road system are essential to a thriving economy, and asphalt is one such substance. Road building and economic growth are correlated, which emphasises the steady demand for premium asphalt materials. In addition, economic expansion promotes urbanisation, which in turn increases the need for asphalt in order to provide improved transportation and accessibility in developing metropolitan areas. Increasing environmental awareness has fueled the adoption of sustainable techniques in many industries, including the production of asphalt. A paradigm shift towards environmentally friendly solutions is taking place in the global sector as a result of worries about carbon emissions and environmental effects. Warm-mix asphalt, which uses less energy during production, is one example of the environmentally friendly goods being made possible by innovations in asphalt formulations. Additionally, waste and resource consumption are reduced by investigating substitute materials such recycled asphalt pavement (RAP). This push for sustainability not only complies with legislative requirements but also meets the demands of customers who care about the environment. As a result, cutting-edge asphalt technology and sustainable business models are becoming more important forces influencing the direction of the global market.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most significant global asphalt concrete market, with a 38.75% market revenue share in 2023. The Asia Pacific region is experiencing a surge in demand for road building and maintenance due to the region's rapid urbanisation and infrastructure expansion. The demand for asphalt materials is driven by the need for strong transportation networks, which is a result of the rapid growth in both population and economy. Furthermore, the region's growing emphasis on sustainable practices has prompted the adoption of creative, energy- and environmentally-efficient paving solutions.
Asia Pacific Region Asphalt Concrete Market Share in 2023 - 38.75%
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The product segment is divided into prepared asphalt and tar roofing and siding products, asphalt paving mixtures and blocks, and roofing asphalts and pitches, coatings and cement. The asphalt paving mixtures and blocks segment dominated the market, with a market share of around 35.88% in 2023. The market for asphalt paving mixtures and blocks is driven by the growing need for reliable and efficient road infrastructure. The requirement for well-built roads increases along with urbanisation and population growth, which has a direct effect on the demand for asphalt paving blocks and mixtures. The development of high-performance mixtures with increased durability, resistance to wear and tear, and higher load-bearing capacities is made possible by technological breakthroughs in asphalt formulations. Moreover, the increasing focus on sustainability fosters innovation in this sector.
The asphalt type segment is divided into warm mix asphalt, hot mix asphalt, and cold mix asphalt. The hot mix asphalt segment dominated the market, with a market share of around 37.53% in 2023. The hot mix asphalt business is driven by multiple critical factors, such as the increase in urbanisation and infrastructure development. High-quality hot mix asphalt is required for paving projects as economies grow and people increase and the requirement for effective road networks grows. In keeping with this, economic expansion is important. Strong economies devote a significant amount of resources to building, especially in the field of transportation infrastructure, which increases the need for hot mix asphalt. Moreover, the growing focus on sustainable methods emphasises the need for eco-friendly paving solutions.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 4.68 Billion |
| Market size value in 2033 | USD 8.23 Billion |
| CAGR (2024 to 2033) | 5.82% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Product, Asphalt Type |
As per The Brainy Insights, the size of the asphalt concrete market was valued at USD 4.68 Billion in 2023 & USD 8.23 Billion by 2033.
Global asphalt concrete market is growing at a CAGR of 5.82% during the forecast period 2024-2033.
Asia Pacific region emerged as the largest market for the asphalt concrete.
Infrastructural development and urbanization are a significant driving factor for the growth of the asphalt concrete market.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global asphalt concrete market based on below mentioned segments:
Global Asphalt Concrete by Product:
Global Asphalt Concrete by Asphalt Type:
Global Asphalt Concrete by Region:
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