Asphalt's pivotal role in road construction and infrastructure lies in its ability to deliver smooth, durable, and cost-effective surfaces. Widely employed in the construction of highways, roads, bridges, and parking lots, asphalt pavements exhibit exceptional flexibility, enabling them to withstand the stress imposed by heavy traffic loads. The durability of asphalt surfaces ensures longevity, reducing the frequency of maintenance and repair, thereby contributing to cost-effectiveness. Its seamless integration into infrastructure development aligns with the need for robust and reliable transportation networks, essential for economic activities and societal connectivity.
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Data Bridge Market Research analyses the Saudi Arabia Asphalt Market is expected to reach the value of USD 1,62,164.88 thousand by the year 2029, which was USD 1,19,407.72 thousand in 2021, at a CAGR of 3.9% during the forecast period of 2022-2029. The surge in urbanization and population growth in Saudi Arabia fuels a heightened demand for residential and commercial infrastructure. This, in turn, propels the need for asphalt in constructing vital components such as roads, parking lots, and other essential infrastructure, acting as a significant driver for the growth of the Saudi Arabia asphalt market.
Key Findings of the Study
Expansion of Saudi Arabia's transportation sector is expected to drive the market's growth rate
The expansion of Saudi Arabia's transportation sector is a key driver for the asphalt market, fueled by ambitious infrastructure projects and Vision 2030 initiatives. Extensive road construction, including new highways and urban road networks, is essential to accommodate the growing transportation needs. The government's substantial investments in transportation infrastructure enhance connectivity, stimulate economic growth, and increase demand for asphalt in road construction and maintenance. As the transportation sector expands to support domestic and international trade, the demand for durable and high-quality asphalt materials remains consistently high, positioning the asphalt market as a crucial contributor to Saudi Arabia's infrastructure development and economic goals.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014- 2019)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Units, Pricing in USD
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Segments Covered
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Asphalt Type (Hot Mix, Warm Mix and Cold Mix), Product (Asphalt Paving Mixtures and Blocks, Prepared Asphalt and Tar Roofing and Siding Products, Roofing Asphalts and Pitches, Coatings and Cement), Additive (Polymeric Modifiers, Anti-Strip and Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt and Others), Application (Road Construction and Paving, Roofing, Airport Construction and Others), End-User (Residential and Non-Residential)
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Market Players Covered
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Al-Azizia Asphalt & Aggregates Manufacturers (Saudi Arabia), Red Sea Waterproofing Factory (Saudi Arabia), Nassir Hazza & Bros. (Saudi Arabia), Saudi Arabian Oil Co. (Saudi Aramco) (Saudi Arabia), Al Majwal Petrochemical & Bitumen Factory (Saudi Arabia), Duramax (A subsidiary company of PetroDeals) (U.S.), Al Rashed (Saudi Arabia), Passing Road Co. (Saudi Arabia)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The Saudi Arabia asphalt market is segmented based on asphalt type, product, additive, application and end-user.
- On the basis of asphalt type, the Saudi Arabia asphalt market is segmented into hot mix, warm mix and cold mix
- On the basis of product, the Saudi Arabia asphalt market is segmented into asphalt paving mixtures and blocks, prepared asphalt and tar roofing and siding products, roofing asphalts and pitches, coatings and cement
- On the basis of additive, the Saudi Arabia asphalt market is segmented into polymeric modifiers, anti-strip and adhesion promoters, emulsifiers, chemical modifiers, rejuvenators, fibers, flux oil, colored asphalt and others
- On the basis of application, the Saudi Arabia asphalt market is segmented into road construction and paving, roofing, airport construction and others
- On the basis of end-user, the Saudi Arabia asphalt market is segmented into residential and non-residential
Major Players
Data Bridge Market Research recognizes the following companies as the major Saudi Arabia asphalt market players in Saudi Arabia asphalt market are Al-Azizia Asphalt & Aggregates Manufacturers (Saudi Arabia), Red Sea Waterproofing Factory (Saudi Arabia), Nassir Hazza & Bros. (Saudi Arabia), Saudi Arabian Oil Co. (Saudi Aramco) (Saudi Arabia), Al Majwal Petrochemical & Bitumen Factory (Saudi Arabia)
Market Developments
- In August 2023, Cemex España took a strategic step to fortify its limestone reserves by acquiring two new quarries near Madrid. This move underscored the company's commitment to ensuring a robust supply chain and positioned it strategically in the construction materials industry, enhancing its capabilities to meet the growing demands of the market in the region
- In August 2023,AGGREGATE Industries making a notable move by acquiring OCL Regeneration Ltd. This strategic decision aimed at bolstering AGGREGATE Industries' asphalt and surfacing operations, where the company held a pivotal role in both National Highways and local authority contracts. The acquisition marked a commitment to enhancing operational efficiency and solidifying the company's position as a key player in critical infrastructure projects
- In July 2022, a significant collaboration between Shell USA, Inc. and Shell Midstream Partners, L.P., valued at an impressive $1.96 billion. This agreement outlined that Shell USA would pay $15.85 per Public Common Unit in cash for all the Common Units representing Limited Partner Interests in SHLX held by the Public. With 68.5 percent of SHLX common units owned by a subsidiary of Shell USA, this strategic maneuver underscored the company's commitment to optimizing its holdings and strengthening its market position
- In June 2022, Shell Retail and Convenience Operations LLC, a wholly-owned subsidiary of Shell Oil Products US, successfully acquired specific gasoline and convenience retail facilities from the Landmark group. The transaction includes supply contracts for independently operated convenience stores and gas stations. This aligns with Shell's Powering Progress strategy, advancing in three key ways: expanding retail presence, offering diverse fuel options (electric vehicle charging, hydrogen, biofuels, premium fuels), and enhancing non-fuel sales through improved convenience offerings, demonstrating Shell's commitment to evolving consumer preferences and environmental sustainability
- In February 2020, Atlas Roofing Corporation orchestrated a significant acquisition, absorbing StarRFoam based in Arlington, Texas. The move was driven by a desire to leverage StarRFoam's extensive manufacturing expertise and establish a stronger presence in the roofing industry. This acquisition was about expanding market share and about integrating knowledge and manufacturing capabilities to reinforce Atlas Roofing Corporation's standing in the market
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