The global asphalt market to grow at a CAGR of 4.12% during the period 2017-2021.
Global Asphalt Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market. To calculate the market size, the report considers the retail selling price as the average selling price for the product.
The latest trend gaining momentum in the market is modern pavement technologies. New technologies for paving highways and bridges are being introduced, where asphalt might find greater usage. The demand for porous asphalt is expected to increase as it not only channelizes water to flow in a desired way but has proven to be a cost-effective material. Another significant trend in the global asphalt market is the recycling of asphalt materials in highways for resurfacing.
According to the report, one of the major drivers for this market is furtherance of transport sector and infrastructural development. Several countries still face the problem of unpaved roads that stretch for sizeable distances. Unpaved roads account for about 4.3 million kilometers, globally, of which the US accounts for about 2 million kilometers. Countries such as China, Canada, India, Germany, and Switzerland also have large stretches of unpaved roads. Urbanization and industrialization leading to the need for paved roads would mean increased sale and consumption of asphalt.
Further, the report states that one of the major factors hindering the growth of this market is sustainability and environmental concerns. The chemical nature of asphalt causes it to stiffen immediately after application and form hydrogen bonds with different components. Reactive components combine to form larger molecules, thereby increasing the hardness of asphalt. Therefore, asphalt durability is reduced over time. The hardening of asphalt to a certain extent is necessary to withstand elevated temperatures; a balance is of foremost concern to minimize temperature susceptibility. This drawback of asphalt could result in the replacement of concrete for asphalt.